Archive for March 2025

This Week in Congress   Both the House and the Senate were in session this week, following a week-long recess. Congress will be in session for the next three weeks, before breaking from April 12-27th. The House voted on the University Foreign Gift Disclosures Act (H.R. 1048), which would require federally funded colleges and universities to…

Budget Reconciliation Update!   Just before recessing, Congress passed a continuing resolution to fund the federal government through the end of fiscal year 2025. Republican leaders will spend the next three weeks trying to negotiate a compromise budget resolution and pass it in one or both chambers. Leadership faces several foundational disputes to resolve, including…

FY26? The upcoming battle is over the President’s budget for FY26, expected in April. Without a spending cap deal, the President may propose significant cuts to foreign aid and domestic programs. However, passing appropriations in the Senate requires 60 votes. Due to backlash from approving the continuing resolution (CR), Democrats, including Minority Leader Schumer, are…

Debt Limit Update The Congressional Budget Office (CBO) will announce its debt-limit “x-date” this week. Speaker Johnson (R-LA) prefers to raise the debt limit within a reconciliation bill. If Congress doesn’t approve this before the x-date, they must address the debt limit separately. Return to the ASAtoday page to read more articles

Interim Final Rule on the Corporate Transparency Act?   On March 21st, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) published an interim final rule (the “March 21 Rule”) that: Narrows the beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”); and Extends the CTA’s BOI reporting deadline by 30 days.…

This Week in Congress Congress is in recess this week and we’ll return on Monday, March 24th. When the Senate returns next week, the chamber will consider nomination votes for John Phelan to be secretary of the Navy, Michael Kratsios to be director of the Office of Science and Technology Policy, Jay Bhattacharya to be…

ICE’s Budget – $2Billion Short? The agency charged with carrying out President Trump’s mass deportation promises has warned Congress it is short $2 billion for this fiscal year. Congress will send Immigration and Customs Enforcement (ICE) an extra $500 million in the stop-gap spending bill that passed last week, but that will not come close…

Section 199A Update Section 199A has ensured that small businesses received similar benefits to large, multinational companies that saw the corporate tax rate reduced, permanently, in 2017. This deduction has strengthened American businesses, created jobs, and boosted local economies. Letting Section 199A expire will raise taxes on small businesses and this puts those businesses at…

Ernst Provides Small Businesses Opportunity to Compete in Federal Marketplace Releases new survey to identify hurdles for small businesses.   WASHINGTON – Today, U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) is building on her work to boost small business involvement and provide greater opportunity in the federal marketplace by identifying…

This Week in Congress Averting a government shutdown on Friday night was high on Congress’s agenda this week. The House voted on a Congressional Review Act resolution (H.J. Res. 25) to overturn an IRS crypto reporting rule and a bill (H.R. 1156) to extend the statute of limitations for fraud under certain pandemic-era unemployment programs. …