Divided government: Impact on federal and state tax policy

LIVE WEBCAST | November 21, 2022

Event Overview

The prospect of a divided government beginning in January with the 118th Congress helps clarify how federal and state tax policy might take shape for the remainder of 2022 and through the next two years. Surprisingly tight margins will likely usher in a period of political gridlock and less-than-ambitious tax legislative accomplishments. Important decisions will need to be made by lawmakers, both in the coming weeks and over the next several years. Join our tax policy team as we break down the dynamics and consider the legislative landscape awaiting businesses in the new year.

Our discussion focused on:

• Likelihood of a year-end tax bill that could include TCJA-related cliffs such as the treatment of R&E costs under section 174, the interest deduction limitation under section 163(j) and 100% business expensing
• Possible strategic priorities of a newly formulated Congress in 2023, and potential pressure points ahead 
• Implications of the midterms on the IRS’ new funding and emerging focus on audit and enforcement
• How the new state legislative and gubernatorial landscape will affect state tax policy and legislation

Presenters

• Dave Kautter, | Partner | RSM US
  
  Dave Kautter, RSM’s federal specialty tax leader, oversees?the firm’s?federal?specialty tax services?in collaboration with regional and national practice leaders?and?fellow members of?the firm’s tax leadership team.
  
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• Fred Gordon, | Senior Director | RSM US
  
  Fred Gordon is senior tax policy leader in the national tax practice of RSM US LLP.
  
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• Gretchen Valentine, | Partner | RSM US
  
  Gretchen Valentine is a partner at RSM US LLP with over 30 years of experience addressing the business and tax needs of public and private businesses and their owners.
  
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• Mo Bell-Jacobs, | Senior Manager | RSM US
  
  Mo Bell-Jacobs is a senior manager specializing in state and local taxes in RSM US LLP’s Washington National Tax practice.
  
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• Patti Burquest, | Retired Principal | RSM US
  
  Patti Burquest retired from RSM in April of 2023 after 12 years with the firm. She was a principal in the tax controversy group and led RSM’s Washington National Tax team from 2017- 2022.
  
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Recording and slides

Download webcast slides

Learning objectives

After attending this webcast, participants will be able to:

• Explain the midterm election results
• State how the top federal and state tax legislation efforts will be affected
• Describe the impact on middle market businesses

CPE credits

Session may qualify for verifiable CPE for American CPAs. RSM US LLP is pleased to offer 1.0 CPE credits for attending each webcast. To qualify, you must log in to the webcast and provide your first name, last name and email address. You must remain logged in for a minimum of 50 minutes and answer 75 percent of the polling questions to receive credit. Group CPE is not available. For more information regarding administrative policies, such as refunds, cancellations and complaints, please contact us.

RSM US LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Advance preparation: None | Program level: Basic | Prerequisites: None | Delivery method: Group internet-based | Field of study: Taxes | CPE: 1.0 credits per webcast

Event details

Date and time

Recorded, watch anytime

Intended audience

Chief financial officers, finance and tax professionals

Duration

60 minutes

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This article was written by RSM US LLP and originally appeared on Nov 21, 2022.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/events/2022-events/Divided-government-Impact-on-federal-and-state-tax-policy.html

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

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