The Fiscal Responsibility Act of 2023

Jeffrey M. Sklarz
Jeffrey M. Sklarz
Green & Sklarz, LLC

Jeff’s practice is focused on representing businesses and individuals with complex financial litigation needs including: bankruptcy/bankruptcy litigation, creditor/debtor litigation, tax litigation, and commercial litigation.

Robert Day
Robert Day
Green & Sklarz, LLC

Robert has more than a decade of experience counseling clients on state and local tax matters.

On-Demand: June 26, 2023
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Program Summary

On May 31, 2023, President Biden signed into law the Fiscal Responsibility Act of 2023 (FRA). The passage of this bill averted a U.S. government debt default, which would likely have caused great damage to the world economy. While the FRA is a fairly vanilla bill, it does contain important provisions effecting taxpayers, and the IRS in particular, as it reduces the $80 billion allocated to IRS modernization to $60 billion (over 10 years). Further, the FRA expresses certain policy preferences, such as clawing back unspent COVID relief funds. This program will discuss what the FRA contains, and how it will affect tax professionals and their clients.

Key topics to be discussed:

  • The debt ceiling, why it exists and how it is managed
  • Accounting and tax changes
  • Impact on IRS restructuring and improvement
  • Winners and losers

Date / Time: July 14, 2023

Closed-captioning available

Speakers

Jeffrey-M.-Sklarz,-Esq._Green-&-Sklarz,-LLC_myLawCLEJeffrey M. Sklarz | Green & Sklarz, LLC

Jeff’s practice is focused on representing businesses and individuals with complex financial litigation needs including: bankruptcy/bankruptcy litigation, creditor/debtor litigation, tax litigation, and commercial litigation. He regularly tries cases and appeals before Connecticut’s state and federal courts. Jeff has particular experience regarding the interplay between bankruptcy and tax law.

Jeffrey M. Sklarz was named the Best Lawyers® 2022 Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law “Lawyer of the Year” in New Haven and was included in the 2021 Edition of The Best Lawyers in America© for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law. He is a Fellow of the American College of Tax Counsel (ACTC). Jeff is a 2005 recipient of the Connecticut Law Tribune’s New Leaders of the Law Award (Overall Achievement, Fairfield County) and has been listed by New England Super Lawyer® as a Super Lawyer (Business Litigation) since 2010 (Rising Star 2010-2013) and was named a Fellow of the American Bar Association, Business Law Section (2011 – 2013).

 

Robert Day_Green & Sklarz, LLC_myLawCLERobert Day | Green & Sklarz, LLC

Robert has more than a decade of experience counseling clients on state and local tax matters. His experience includes, but is not limited to, tax planning and optimization, compliance advice, domicile advice, and audit defense services for various tax types. Robert regularly provides clients with advice concerning state income, sales and use, and gross receipts taxes. Robert also has deals with less frequently encountered Connecticut taxes such as the controlling interest transfer tax and various taxes imposed on certain sectors such as petroleum and utilities.

Robert has worked with a broad range of clients such as individuals, tax exempt organizations and businesses ranging from new small businesses, family owned enterprises and Fortune 100 companies. His clients are in many industries and geographic areas. He has extensive experience with state tax issues unique to manufacturing, broadcasting, and financial services businesses, and he has assisted clients with financial statement reporting issues.

Robert is a member of the American Bar Association, the Connecticut Bar Association, and the Connecticut Society of Certified Public Accountants. Robert received a bachelor’s degree in business management from the University of Vermont and a juris doctor from the University of Connecticut. He is admitted to the bar in Connecticut and Massachusetts.

Agenda

I. The debt ceiling, why it exists and how it is managed | 2:00pm – 2:20pm

II. Accounting and tax changes | 2:20pm – 2:40pm

III. Impact on IRS restructuring and improvement (Part I) | 2:40pm – 3:00pm

Break | 3:00pm – 3:10pm

IV. Impact on IRS restructuring and improvement (Part II) | 3:10pm – 3:25pm

V. Winners and losers | 3:25pm – 3:40pm

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