Congress Passed a Bipartisan Tax Bill

Last week, the Senate unanimously and unexpectedly passed the IRS Math Act (H.R. 998). Since the House had already approved the bill by voice vote in April, it now awaits the President's signature. This measure authorizes the IRS to adjust tax assessments for mathematical or clerical errors, mandates clear explanations of such mistakes to taxpayers, and outlines procedures for requesting tax abatement. This development suggests that other pending tax administration bills might also advance in the Senate, especially given the current slowdown in work due to the shutdown. Additionally, there is ongoing discussion about the possibility of passing a tax extenders package at the end of the year, provided there is a legislative vehicle to support it. This package could include expiring tax provisions not addressed in the One Big Beautiful Bill Act, such as the Work Opportunity Tax Credit, and potentially corrections to tax provisions in that statute, including a reversal of the scaled-back gambling deduction.