BusinessPostCorner.com
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

IRS Spared As House Passes Temporary Funding Bill

November 15, 2023
in Tax
Reading Time: 3 mins read
A A
0
IRS Spared As House Passes Temporary Funding Bill
ShareShareShareShareShare

WASHINGTON, DC – NOVEMBER 14: U.S. Rep. Jamaal Bowman (D-NY) takes a phone call as he leaves the … [+] U.S. Capitol on November 14, 2023 in Washington, DC. The House of Representatives voted on a series of bills including an interim spending bill it passed to fund the government, which will now go to the Senate for consideration. (Photo by Kevin Dietsch/Getty Images)

Getty Images

That collective sigh you just heard? Despite weeks of posturing, the House passed legislation to keep the federal government’s lights on. The bill now moves to the Senate, days ahead of the deadline.

If it feels like deja vu all over again, you’re not wrong. Earlier this year, there were worries that the government would run out of money for the next fiscal year. The deadline at that time was Sept. 30, and without a compromise, the government would have shut down, meaning that all nonessential government functions would have stopped. However, a last-minute bill kicked the can down the road for another 90 days—that bill, framed as a continuing resolution, passed the House with a vote of 335-91.

Some on the Hill changed their vote for the latest short-term bill. The most recent count was 336-95, with ninety-three Republicans and two Democrats voting no—but that was enough. The bill was passed under a suspension of the rules, which means that only a two-thirds vote was required.

The House bill extends funding for government services at current spending levels. That means there were no spending cuts, including those targeted to the IRS. Earlier this year, House Speaker Mike Johnson (R-La.) introduced a supplemental appropriations package that would provide $14.3 billion in military assistance to Israel in exchange for slashing an equal amount of IRS funding.

The extensions are only temporary. Specifically, funds for military and veterans programs, agriculture and food agencies, as well the Departments of Transportation and Housing and Urban Development will now run out on Jan. 19, 2024. Money for the Department of State, as well as the Departments of Defense, Commerce, Labor, and Health and Human Services, will now run out on Feb. 2, 2024, unless additional measures pass.

The bill does not include funding for Israel and Ukraine, or money to shore up border security. Those issues—especially with the upcoming elections—were considered too charged to be considered in the current political climate. However, they will likely be significant discussion points next year.

With a few days to spare until the Nov. 17 deadline, the measure now moves to the Senate, where it is expected to pass. If it does, the White House has signaled that President Biden will sign the bill into law.

MORE FROM FORBESAs Government Shutdown Appears More Likely, Treasury Releases IRS Contingency PlanBy Kelly Phillips ErbMORE FROM FORBESNew House Speaker Mike Johnson Ties Funding For Israel To IRS Budget CutsBy Kelly Phillips Erb

Credit: Source link

ShareTweetSendPinShare
Previous Post

Biden and Xi meeting will take place at a historic country estate outside San Francisco featured in Jennifer Lopez’s ‘The Wedding Planner’

Next Post

In the blogs: Another one in the books 

Next Post
In the blogs: Another one in the books 

In the blogs: Another one in the books 

This CEO went from bagging groceries at Publix to founding a .4 billion cyber company—with little tech background 

This CEO went from bagging groceries at Publix to founding a $3.4 billion cyber company—with little tech background 

June 1, 2025
Sharplink Deal: Consensys Fuels 5M PIPE, Shares Rocket 468% on ETH Bet

Sharplink Deal: Consensys Fuels $425M PIPE, Shares Rocket 468% on ETH Bet

May 27, 2025
Morgan Stanley denies Dutch prosecutor’s tax evasion allegations

Morgan Stanley denies Dutch prosecutor’s tax evasion allegations

May 29, 2025
Turkey detains five mayors in latest crackdown on opposition

Turkey detains five mayors in latest crackdown on opposition

May 31, 2025
Greenland says it will turn to China if US and EU shun its mining sector

Greenland says it will turn to China if US and EU shun its mining sector

May 27, 2025
Post Office payouts ‘not by kangaroo court’, says oversight body

Post Office payouts ‘not by kangaroo court’, says oversight body

May 27, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Spike in steel tariffs could imperil Trump promise of lower grocery prices

Spike in steel tariffs could imperil Trump promise of lower grocery prices

June 1, 2025
Bitcoin Price Prediction: 4K – BTC Price Correction or Breakout Reloading?

Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

June 1, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!