Tax Reform

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IRS Releases Fact Sheet on Tax Reform Changes for Businesses

October 11, 2018

IRS Releases Fact Sheet on Tax Reform Changes for Businesses

The IRS released a fact sheet summarizing changes from the Tax Cuts and Jobs Act that affect business taxpayers.

IRS Proposes New Rules Regarding Pass-Through Entities

September 4, 2018

IRS Proposes New Rules Regarding Pass-Through Entities

In early August the Trump Administration proposed regulations that would implement and interpret the new rules governing pass-through entities pursuant to the comprehensive tax reform law that was enacted last year. As a general matter, section 199A of the tax reform law allows taxpayers other than corporations a deduction of 20 percent of qualified business income earned in a qualified trade or business, subject to certain limitations.

NATSO Summary and Analysis of Tax Reform Legislation for Truckstops and Travel Plazas

December 22, 2017

NATSO Summary and Analysis of Tax Reform Legislation for Truckstops and Travel Plazas

In late December, 2017, Congress passed the most comprehensive rewrite of the U.S. tax code in more than 20 years. The legislation contains a litany of substantial policy changes that will have direct implications for travel plaza and truckstop businesses. NATSO has provided for its members this detailed summary and analysis of this legislation and the affect it could have on their businesses.

NATSO ANALYSIS: Treatment of Pass-Through Entities Subject to Debate as Tax Reform Legislation Enters Final Stretch

December 11, 2017

NATSO ANALYSIS: Treatment of Pass-Through Entities Subject to Debate as Tax Reform Legislation Enters Final Stretch

Determining how to treat businesses organized as pass-throughs has been one of the more controversial components of the tax reform legislation that congressional negotiators are attempting to finalize before Congress breaks for Christmas.

House Republicans Introduce Tax Reform Measure

November 3, 2017

House Republicans Introduce Tax Reform Measure

The House Ways and Means Committee on Nov. 2 released the Tax Cuts and Jobs Act to overhaul major aspects of the U.S. Tax system. The bill will be the subject of Committee consideration next week, kicking off formal tax committee action on the first such overhaul of the U.S. tax system in more than 30 years. Senate Finance Committee Chairman Orrin Hatch (R-UT) announced that he plans to release a Senate Republican version of a tax reform bill after the Ways and Means Committee completes its work, as soon as November 9. The Senate Finance Committee could consider its own plan at the same time the full House votes on its plan in an effort to make as much progress as possible on the legislation prior to Thanksgiving.

Treasury Department Withdraws Regulations Increasing Estate Tax Burden on Family Businesses

October 6, 2017

Treasury Department Withdraws Regulations Increasing Estate Tax Burden on Family Businesses

In a positive development for NATSO members and family businesses throughout the country, the Treasury Department has formally announced that it will withdraw the so-called "Section 2704 regulations" on family business valuation. These regulations would have increased the estate tax (aka "death tax") burden on family businesses.

NATSO Joins Coalition in Opposing Border Adjustment Tax

February 9, 2017

NATSO Joins Coalition in Opposing Border Adjustment Tax

NATSO joined a coalition of more than 120 retailers and trade associations representing millions of jobs in opposing the border-adjustment tax (BAT) proposal in the House Republican’s tax reform plan.

NATSO, Family Business Coalition Urge Repeal of Death Tax

February 6, 2017

NATSO, Family Business Coalition Urge Repeal of Death Tax

NATSO joined more than 132 small business and advocacy organizations across the United States in supporting the Death Tax Repeal Act of 2017, which would end the federal estate tax.

NATSO Opposes Changes to Estate Tax

November 5, 2016

NATSO Opposes Changes to Estate Tax

NATSO has been working with the Family Business Coalition to oppose the Department of Treasury's proposed changes to estate and gift tax valuation discounts. As a practical matter, the proposed changes -- which are still be evaluated and have not been finalized -- will significantly change family businesses' succession plans and make it harder for family owned businesses to transition to the next generation.

NATSO Urges Congress to Maintain LIFO as Acceptable Accounting Method

April 8, 2016

NATSO Urges Congress to Maintain LIFO as Acceptable Accounting Method

NATSO urged members of the House Ways and Means Committee to recognize the severe economic consequences that could result from repealing or modifying the last-in, first-out (LIFO) accounting method and maintain it as an acceptable inventory accounting method.

IRS Proposes Updates to Highway Vehicle Excise Tax Rules

April 1, 2016

IRS Proposes Updates to Highway Vehicle Excise Tax Rules

The IRS on March 31 issued proposed regulations intended to update highway vehicle excise tax rules in light of legislative changes and court decisions in recent years.

NATSO Urges Senate Vote on Death Tax Repeal

March 24, 2016

NATSO Urges Senate Vote on Death Tax Repeal

NATSO joined more than 112 associations representing small businesses across the United States in urging the Senate to vote on the House passed Death Tax Repeal Act of 2015 (H.R. 1105), which would end the federal estate tax.

Potential Tax Code Changes of Importance to Truckstops and Travel Plazas

March 20, 2016

Potential Tax Code Changes of Importance to Truckstops and Travel Plazas

In the coming years, Congress will begin considering a comprehensive overhaul of the U.S. tax code, including potential revisions to a variety of tax previsions that are critical to NATSO members’ operations.

December 2015 Tax Changes: What Is of Importance to Truckstops and Travel Plazas

March 20, 2016

December 2015 Tax Changes: What Is of Importance to Truckstops and Travel Plazas

In December 2015, President Obama signed into law a series of tax changes that are important to NATSO members.

Heavy Highway Vehicle Tax Payments Due Aug. 31

August 24, 2015

Heavy Highway Vehicle Tax Payments Due Aug. 31

Owners of heavy highway vehicles are reminded to file their next federal highway use tax return with the Internal Revenue Service (IRS) by Aug. 31.

 Sen. Roberts Introduces Bill to Make Bonus Depreciation Permanent

June 25, 2015

Sen. Roberts Introduces Bill to Make Bonus Depreciation Permanent

U.S. Senator Pat Roberts (R-Kan.) on June 24 introduced legislation that seeks to amend the U.S. tax code to indefinitely renew the expired tax break known as bonus depreciation.

Rep. Boustany Opposes Using International Tax Reform for Highways

June 4, 2015

Rep. Boustany Opposes Using International Tax Reform for Highways

A key Republican working on a plan to rewrite the international tax code, said he would oppose any efforts to use his plan to help financing a highway funding package, Politico reported.

Senate Bill Seeks Infrastructure Tax Credit

May 6, 2015

Senate Bill Seeks Infrastructure Tax Credit

Sens. Ron Wyden (D-Ore.) and John Hoeven (R-N.D.) on May 3 introduced a measure that would expand the use of tax-exempt bonds and create a new tax credit aimed at increasing private investment in public infrastructure projects.

Virginia Pilot Urges Elected Officials to Increase Federal Fuel Tax

May 1, 2015

Virginia Pilot Urges Elected Officials to Increase Federal Fuel Tax

If Congress and the President are serious about repairing the nation's deteriorating infrastructure and laying a foundation for long-term growth, they need to raise the federal gas tax, the Virginia Pilot Editorial Board recently wrote.

House T&I Chairman Reaffirms Opposition to Fuel Tax Increase

March 20, 2015

House T&I Chairman Reaffirms Opposition to Fuel Tax Increase

House Transportation and Infrastructure Committee Chairman Bill Shuster (R-Pa.) reaffirmed his opposition to increasing the motor fuels tax as a means of funding surface transportation, but said lawmakers must identify a funding mechanism by Easter recess if they want to pass a long-term bill before current law expires May 31.

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