Former President Trump regains the presidency; Republican trifecta looks imminent
Former President Donald Trump won the presidency this week, securing the electoral college and the popular vote and ushering in what looks to be a red wave in Congress. President Trump made gains in nearly every demographic as voters stated their No. 1 issue was the economy. Although numerous races remain uncalled, the Senate has flipped to a Republican majority by winning races in Montana, Ohio and West Virginia. Races in Arizona, Nevada and Pennsylvania remain uncalled in the Senate. The race for the House majority is quite close, but it appears Republicans will maintain their majority with a slim margin. NRCA congratulates President-elect Trump and the incoming 119th Congress.
Want to learn more? We hope you can join NRCA for a webinar Nov. 19 at noon CST to discuss the 2024 Election and 2025 Legislative and Political Outlook.
Support ROOFPAC during NRCA’s Fall Committee Meetings in Austin, Texas
Join your NRCA friends at the elegant Roosevelt Room, Austin’s award-winning cocktail bar, for a fun and unique cocktail reception in support of ROOFPAC Wednesday, Nov. 13, from 5:30-7 p.m. ($175 person/$225 per couple). Members of NRCA’s Political Insiders Council and Capitol Hill Club are invited to attend complimentary as a benefit of their membership. We thank Holcim Building Envelope—whose portfolio includes Elevate Commercial Roofing Systems, Duro-Last, Malarkey, GenFlex, Gaco and Enverge—for sponsoring this event. To RSVP or for more information, please visit nrca.net/roofpac-fall-event. Questions? Contact NRCA Director of Political Affairs Teri Dorn at tdorn@ncra.net or (202) 510-0920.
FinCEN provides beneficial ownership information reporting relief to victims of recent natural disasters
On Oct. 29, the Department of Treasury Financial Crimes Enforcement Network announced certain victims of recent hurricanes “will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports.” FinCEN has issued five notices extending the filing deadlines for reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is designated by the Federal Emergency Management Agency as qualifying for individual or public assistance and by the IRS as eligible for tax filing relief. Please refer to specific information regarding Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl and Hurricane Francine.
IRS announces new focus on compliance of pass-through businesses
On Oct. 22, the IRS announced it has formally launched a new unit within its Large Business and International Division focused on tax compliance of pass-through businesses of all types and sizes. This new unit follows priorities outlined in a 2023 Strategic Operating Plan to implement a 10-year funding increase passed in the Inflation Reduction Act. The IRS has stated it hopes to increase audit rates of these entities. The IRS says it already has opened examinations of 76 of the largest partnerships with average assets exceeding $10 billion.
NRCA joins comments regarding Freedom to Invest in Tomorrow’s Workforce Act
On Oct. 23, NRCA joined with industry partners within the Professional Certification Coalition in comments to support the inclusion of the Freedom to Invest in Tomorrow’s Workforce Act in any upcoming tax reform package. The bipartisan and bicameral Freedom to Invest in Tomorrow’s Workforce Act is a top NRCA priority and would allow beneficiaries of 529 savings plans to use tax-exempt funds to pay for worker training, as well as expenses associated with obtaining and maintaining postsecondary credentials, including professional certifications such as NRCA’s PROCertification.®
