Mark Martin and Thomas Bettge of KPMG in the US discuss enforcement-related proposals in US Treasury’s latest Green Book, and how they would change the tax compliance and enforcement landscape for large businesses.
On March 9, US Treasury released a report entitled “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals”. This is more commonly referred to as the Green Book. It provides detail on the tax legislation proposals in the Biden administration’s Fiscal Year 2024 budget. With a divided Congress, it is far from certain that these proposals will become law, but they are important for two reasons. For one thing, tax proposals that go unadopted in one year tend to attain a certain afterlife in later years’ proposals. Indeed, many of the substantive proposals in the Green Book hearken back to prior budgets and to the never-enacted Build Back Better Act.
