1. DOT and IRS Issue Clarification on SALT Deductions
On Monday, November 9, the U.S. Department of the Treasury and Internal Revenue Service (IRS) issued a press release and Notice 2020-75. This clarifies that the $10,000 cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act of 2017 does not apply to pass-through entities (PTEs).
NECA’s Look Ahead: The S-Corp association, of which NECA is a member, provided critical information in the impact of the SALT cap on PTEs. More details on the issues can be found here.
2. Joe Biden to Announce Secretary of Labor Appointee
As Joe Biden continues to prepare and move forward with his transition into office, a strong amount of speculation and political jockeying has centered on what is anticipated to be one of the more active roles in his administration: a new Secretary of Labor. Names ranging from former Obama-era appointees, current members of Congress, and big city mayors are all under consideration. While the final choice remains unclear, it is apparent the DOL will play a prominent role under a Biden administration. Preliminary reports show Mr. Biden’s interest in reforming independent contractor rights, safety standards, and prevailing wage practices.
NECA’s Look Ahead: NECA Government Affairs will continue to closely monitor the race for this key position and looks forward to working with whomever the Biden transition team believes is the best fit to lead the Department of Labor.
3. In Case You Missed It: 2020 Election Update with NECA Government Affairs
On Tuesday, November 10, NECA’s Government Affairs team provided an overview of the 2020 election results and their impact going forward, along with an analysis of NECAPAC’s investments in candidates this election cycle. The team examined the outlook of NECA’s policy priorities in the upcoming lame duck session and 117th Congress.
NECA’s Look Ahead: If you were unable to attend or would like to view this webinar again, please use the following link to access the recording.