Tax Policy Update - April 14, 2015

NUMBER OF THE WEEK: $1.4 Trillion.  The estimated total of individual income taxes the Internal Revenue Service is expecting to collect on April 15. The U.S. House of Representatives has returned from recess and is planning to vote this week on a package of tax bills aimed toward reforming the Internal Revenue Service – a timely effort to mark tax week! The package includes the "Taxpayer Bill of Rights Act" (H.R. 1058), as well as legislation that would modify the 501(c)(4) application process and allow organizations to appeal decisions on their nonprofit status. Copies of the IRS reform bills can be found here.

LEGISLATIVE LANDSCAPE

Estate Tax Repeal, Permanent Sales Tax Deduction Up for Debate. In addition to the six IRS reform bills up for floor consideration this week, House members will also begin debate on two controversial measures to repeal the estate tax (H.R. 1105) and to make permanent the deduction for state and local sales tax (H.R.622). Under the