Tax Notes Talk 2025 U.S. Tax Legislation Forecast
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Jan 3, 2025 Jeremy Scott, Tax Analysts Chief Operating Officer, shares his expert insights into the evolving landscape of U.S. tax legislation. He discusses the limited changes anticipated in 2024 due to a divided government and how IRS funding challenges may impact operations. Scott delves into the future of the bipartisan direct file program and the expected tax policies under a potential Trump administration, highlighting significant implications for IRS scrutiny and taxpayer litigation opportunities. These insights paint a vivid picture of the complexities ahead for U.S. taxation.
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2024 Tax Policy Overview
- Significant U.S. tax policy changes were minimal in 2024 due to divided government.
- Developments focused on tax administration, particularly IRS activity and funding disputes.
Direct File Program Controversy
- The IRS's Direct File program aimed to simplify filing for taxpayers with W-2 income, bypassing third-party software.
- Republicans opposed it, citing privacy concerns and potential IRS overreach.
ERC Fraud and Backlog
- The IRS paused Employee Retention Credits (ERCs) due to fraud, causing a backlog and Republican criticism.
- Ironically, the IRS lost the only criminal case it brought against alleged ERC fraudsters.