Finance, investment and tax-related legislation

The Internal Revenue Service is giving financial institutions a break when it comes to notifying owners of individual retirement accounts about taking their required minimum distributions after a new law increased the age for taking RMDs from 70½ to 72.

A drafting error in the Tax Cuts and Jobs Act inadvertently removed Qualified Improvement Property from bonus eligible property. This was a mistake and a technical correction was expected. However, none was ever made.

Global TaxUpdate, a Lisbon, Portugal-based global tax information provider, has introduced GTU OnDemand, an e-commerce service that provides access to an online store of translated tax legislation.

As the number of taxing jurisdictions putting vaping tax laws in place continues to rise, discrepancies will become even more pronounced.

The two appropriations bills extend government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes.

The legislation extends a number of credits, and kills some Affordable Care Act taxes.

Congressional spending bills are expected to permanently repeal the “Cadillac tax” and other taxes funding the Affordable Care Act, raise the tobacco purchasing age to 21, and extend the U.S. Export-Import Bank for seven years, according to a senior House Democratic aide familiar with the talks.

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in the House this week, but it’s headed into a brick wall in the Senate.

House Democrats are making a last-ditch bid to reverse the $10,000 cap on state and local tax deductions before year’s end. But they’ll likely need to renew their efforts in 2020 — or beyond — because the legislation has no chance of becoming law this year.

The legislation from the House Judiciary Committee would decriminalize marijuana at the federal level and reassess pot convictions.

The GREEN Act aims to deal with climate change by offering a range of tax incentives for use of renewable energy.

Democratic representatives are working on legislation that would nearly double the top individual U.S. tax rate on the highest incomes.

The bill would raise the federal corporate income tax rate on companies that pay their CEO more than 50 times as much as their average employee.

Three senators have reintroduced a bill that would exempt small broker-dealers from the expanded audit requirements of the Dodd-Frank Act of 2010 and reinstate looser auditing requirements.

With two of the leading presidential candidates competing to promote sweeping tax hikes on the ultra-wealthy, two other Democrats are advancing a more modest surtax on high incomes that supporters say has a better chance of actually becoming law.

The ranking Democrat on the Senate Finance Committee wants to create two new tax incentives to help small businesses owned by women to hire and grow and get access to capital.

Big-time college athletes could find themselves with a tax bill after a rule change that will allow student players to accept endorsement deals, according to Republican Senator Richard Burr.

Rep. Jimmy Gomez, D-Calif., introduced legislation Friday modeled after the estate tax bill sponsored in the Senate by Sen. Bernie Sanders, I-Vt.

The House Ways and Means Committee approved legislation that would tax e-cigarettes, such as vaping devices, the same as tobacco products.

The Senate rejected a Democratic proposal that sought to give states leeway to help residents avoid the $10,000 limit on deductions for state and local tax payments.