A new podcast on the Thomson Reuters Institute Market Insights channel, we feature a conversation with tax expert Melissa Oaks, Senior Manager at Thomson Reuters, who speaks with us about tax policy in the wake of a new political administration.
We discuss the possibility of any portion of another COVID-19 stimulus package being passed before the end of the year and the impact if it is not. In looking ahead to 2021 and beyond, Oaks discussed the current state of the political landscape with the U.S. House of Representative remaining Democratic, and the U.S. Senate is undecided (Georgia’s two Senate race runoffs on Jan. 5 will be the key decider). We also explore the potential changes to tax policies that could happen if Republicans hold the Senate and how things will differ if it becomes Democrats are victorious.
You can listen to the full podcast with Melissa Oaks of Thomson Reuters on the Thomson Reuters Institute Market Insights channel here.
In additional, Oaks talks about how regulations and clarity around the 2017-enacted Taxes Cut and Jobs Act (TCJA) continues to unfold, and how having a new incoming presidential administration might impact part or all of the TCJA.
Further, state and local governments are required to have a balance budget, and many are facing a deficit, especially if they do not receive federal funding. Oaks outlines what they may have to consider and how they could be impacted.
Finally, Oaks discuss the upcoming tax season which very well could be one of the most difficult in recent years as accounting and finance teams have to navigate not only the standalone Paycheck Protection Program but how it may conflict with TCJA regulations.