Senate rejects initial supplemental appropriations bill
On Dec. 6, the Senate rejected a procedural motion to proceed to a supplemental appropriations bill that would provide $106 billion in funding for Israel, Taiwan and Ukraine, as well as $14 billion to bolster U.S. border security. The motion failed after lawmakers were not able to reach agreement regarding immigration policy changes to accompany the increased border security funding. Despite weeks of negotiations, consensus has not emerged regarding the scope of eligibility under U.S. asylum laws and humanitarian parole programs aimed at strengthening border security. In the wake of the failed procedural vote, negotiations among senators are expected to resume to forge a bipartisan agreement regarding the immigration provisions. The Senate and House remain far apart on provisions for this legislation but hope to finalize the package by the end of the year.
House expels one of its own as McCarthy announces year-end departure
On Dec. 1, the House voted to expel Rep. George Santos (R-N.Y.). Santos was only the sixth member of Congress in history to be expelled. In the resolution to expel Santos, members of the House cited a bipartisan House Ethics Committee report detailing allegations that he had deceived his donors, filed false campaign statements and used campaign money to fund his lavish lifestyle. Santos also recently pled not guilty to 23 federal counts of fraud. Further narrowing the Republican House majority, former speaker Kevin McCarthy (R-Calif.) announced this week he would resign from Congress at the end of the year.
NRCA joins Coffee Conversations discussion “Navigating EPA Roofing Regulations”
On Nov. 1, NRCA joined Coffee Conversations for a panel discussion, “Navigating EPA Roofing Regulations.” NRCA Director of Federal Affairs Deb Mazol; Jason Stanley of NRCA member IB Roof Systems; NRCA General Counsel Trent Cotney of Adams & Reese; and Tammy Hall of NRCA member CFS Roofing provided an overview of current federal Environmental Protection Agency regulations, possible additional rules on the horizon and best practices for compliance. Topics included regulations for volatile organic compounds used in coatings and sealants, regulations for lead and asbestos, the potential for EPA to classify PVC as a hazardous waste, and EPA’s standards for hazardous air pollutants. Watch the webinar or read the transcript.
IRS further delays implementation of $600 annual reporting threshold for 1099-K income
On Nov. 21, the IRS issued Notice 2023-74, which delays for another year implementation of the $600 annual reporting threshold for 1099-K income enacted by the American Rescue Plan Act. The move extends the current compliance moratorium for 2023 but notes the agency plans to implement a partial phase-in that would set a $5,000 threshold reporting amount for 2024. Form 1099-K is a report of payments you received for goods or services during the year from payment cards such as gift cards or payment apps such as Venmo. For tax year 2023 (and previous tax years), payment apps and online marketplaces are required to file a 1099-K for personal or business accounts that receive over $20,000 in payments from more than 200 transactions for goods or services.
Since enactment in early 2021, the new reporting threshold has been a point of concern at the IRS and among taxpayers about its workability and potential for confusion among new recipients of the 1099-K reports, which are sent from third-party processors to the IRS and millions of taxpayers. Earlier this year, the House Ways and Means Committee passed a bill that includes a provision to raise the 1099-K reporting threshold (and adjust it annually for inflation), but it has been stalled for months as modifications are negotiated to ensure its passage.
