Written by Caitlin Rieser, Esq.
The in-person 2024 Tax Law Conference hosted by the Federal Bar Association in Washington D.C. began with a panel discussion on the Tax Relief for American Families and Workers Act of 2024, an act that has been top of mind for many tax practitioners as of late. One of the first questions asked of the panel speakers, which consisted of representatives from both the Senate Finance Committee and the House Committee on Ways and Means, concerned retroactivity issues if the bill were to pass the Senate as written (for example, the act includes a provision ending the ERC program as of Jan. 31, 2024, a time limit we are already well over a month out from). The panelists did not appear concerned with the issue, and one stated in response that the IRS has said it is situated to “properly administer” the changes the act will bring about. (It should be noted that the panel began with a
disclaimer that the panelists were not speaking on behalf of their committees, nor the House or Senate, but in their individual capacities.)
One of the few issues brought up about the passing of the act had to do with the expansion of the child tax credit, with one panelist mentioning that, as written, it undermines the current work requirements of the credit. In sum, the panel seemed sure that the act will pass one way or another (one panelist kept repeating over and over that Congress would find a “consensus path forward”). But whether it passes with a few changes or several is
yet to be seen.
The conference also featured a keynote speaker in the form of IRS Commissioner Werfel. In my opinion, the speech was more high-level rather than offering anything of true substance. He ensured the attendees that the IRS doesn’t have a “crisis”, but rather an “opportunity”, and stated how, at least in terms of before and after the passage of the Inflation Reduction Act of 2022, the IRS now has greater accessibility and shorter wait times on the phone, more capacity for assessing complex returns and returns for large corporations, and is better situated to address tax scams and schemes. I don’t recall any discussion of the Tax Relief for American Families and Workers Act of 2024 nor some of its more important provisions, such as the ending of the ERC program. Speaking of which, the Commissioner also didn’t address how the IRS plans to process its backlog of legitimate ERC claims or
pwhether it intends to ever lift the moratorium.
At this point, only time will tell.
