The TFG Blog

The Department of the Treasury is steadily making progress on writing guidance for the Tax Cuts and Jobs Act and have announced a tentative release schedule: June/July for the passthrough deduction, late summer/early fall for the new limitations on interest expense, and December for the big international provisions (e.g. GILTI and BEAT).


In the meantime, the Committee on Ways and Means is contemplating a second round of tax cuts, or Tax Reform 2.0 as they like to call it. They are aiming to make permanent the new individual provisions as well as full expensing for businesses.
By Mike Miller  / May 21, 2018 / 0 Comments
The Bureau of Transportation Statistics (BTS) reported on May 17th that US scheduled passenger airlines employed 2.8 % more workers in March 2018 than a year ago. This was the highest monthly full-time equivelent (FTE) employment total (434,243 FTEs) since December 2004 (436,909) and the 53rd consecutive month of exceeding the same month of the previous year.
The first round of the Better Utilizing Investments to Leverage Development (BUILD) grant program will provide $1.5 billion for infrastructure projects – three times the amount available in most rounds of TIGER.  Notwithstanding this increase, one might caution would-be applicants to think about other words that could be used to fill out the BUILD acronym: Better Understand Impacts (of) Limited Dollars.  The Administration’s emphasis on rural projects and limits on awards per state, coupled with the perception of a major increase in awards by way of increased funding availability, could potentially – and beguilingly – result in more competition and tighter funding for urban projects.
Democrats Object To Policy Riders And Lack Of Budget Context
The bill includes $27.8 billion in discretionary appropriations for the Department of Transportation for fiscal year 2019 – $542 million more than enacted in FY 2018 and $11.7 billion above the President’s request.
By Mike Miller  / May 4, 2018 / 0 Comments

The Office of the Secretary of Transportation published a solicitation of applications for National Infrastructure Investments, known as BUILD Transportation Discretionary Grants in the April 27th edition of the Federal Register.  This document contained an incorrect deadline date. Applications must be submitted by 8:00 p.m. E.D.T. on July 19, 2018 – one day later than the initial published due date.  The correction is located here. The original NOFO is located here.


Automated vehicle technologies range from driver assistance applications to fully automated systems that do not require a human driver.  The report outlines FTA’s five year plan to explore the application of automation levels to bus operations, including:

  • automated shuttle services;
  • advanced driver assistance systems
  • maintenance, yard, and parking operations; 
  • mobility-on-demand service; and
  • automated bus rapid transit applications.
By Mike Miller  / May 2, 2018 / 0 Comments
Today the US Environmental Protection Agency (EPA) announced the award of nine Targeted Airshed Grants to projects in Alaska, California, and Utah.

After months of trading punches Director Mick Mulvaney of the White House’s Office of Management and Budget (OMB) and Treasury Secretary Steven Mnuchin released a memorandum of agreement (MOA) that creates a new framework for writing, reviewing, and implementing tax regulations.  In short, the MOA requires OMB’s Office of Information and Regulatory Affairs (OIRA) to review major tax regulations—just as it does major rulemakings from any other executive branch agency.  This is a fundamental change from a 1983 agreement, under which Treasury had hitherto operated, that exempted most tax regulations from review.

By Aindriu Colgan  / April 13, 2018 / 0 Comments
On Wednesday, the House Ways and Means Committee marked up and unanimously reported 12 bills to reform the IRS. The bipartisan packaged was sponsored by Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and Ranking Member John Lewis (D-GA) and is designed to modernize the IRS and improve customer service. The package requires the IRS to send Congress by September 30, 2020 a comprehensive written plan for reorganizing the agency, including priorities laid out by lawmakers.
The IRS ruled that taxpayers who prepaid their 2018 property taxes may still be able to deduct the entire amount from their 2017 federal taxes without regard to the $10,000 limit imposed by the Tax Cut and Jobs Act.
By Aindriu Colgan  / April 4, 2018 / 0 Comments
As you know, both corporate and individual tax rates were reduced in last year’s Tax Cuts and Jobs Act. Lower tax rates make tax-exempt vehicles like municipal bonds less attractive to both corporate and individual investors; with lower tax rates, they have less incentive to look for tax-exempt investments. Reduced demand for municipal bonds and other tax-exempt investment vehicles like private activity bonds (PABs) means that cities will have to increase the interest rates on new bond issues in order to attract investors.
By Aindriu Colgan  / March 23, 2018 / 0 Comments
With the omnibus having been passed by Congress, substantive legislative work will wind down until after the elections in November. There are, however, a few outstanding tax/financial issues to note.
By Aindriu Colgan  / March 22, 2018 / 0 Comments
Despite a strong last minute effort, Rep. Kristi Noem (R-SD) did not succeed in getting her Remote Transactions Parity Act (RTP) into the omnibus package passed today by the House and expected to be passed by the Senate by Friday.
Yesterday, the House Ways and Means Subcommittee on Tax Policy held a seven-hour, 4 panel hearing on the fate of tax extenders—temporary tax extenders like those for biofuels or short-line railroads. While they were just extended retroactively for 2017, they have again expired and currently are not available for 2018.
By Heidi Schott  / March 9, 2018 / 0 Comments
Today, the U.S. Department of Transportation (DOT) announced 41 recipients of nearly $500 million in discretionary grant funding through the Transportation Investment Generating Economic Recovery (TIGER) program. Learn more about the selected projects here.
By Aindriu Colgan  / February 5, 2018 / 0 Comments

As part of their ongoing implementation of the partnership audit system created by 2015's Balanced Budget Act, the IRS has again released guidance on how partnerships can pay adjustments after an audit.

The application period for the 2017 Fire Prevention & Safety (FP&S) Grants will open on February 12, 2018 and will close March 16, 2018. Now is the time to begin preparing your application!
By Aindriu Colgan  / January 23, 2018 / 0 Comments
As part of Monday’s deal to end the government shutdown, Congress delayed the Cadillac Tax by another two years.
By Aindriu Colgan  / December 20, 2017 / 0 Comments
Congress has officially passed H.R. 1, the Tax Cut and Jobs Act. After making a few last minute changes to accommodate Senate rules and procedures, Senate Republicans passed the bill Tuesday night along party lines, 51-48. Today, the House passed the bill with those changes by a vote of 224-201.

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