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Category Archives: Tax and Retirement

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House, Senate to Vote on FY 2016 Budget Resolutions; Ways and Means Committee to Hold Markup

Posted in Tax and Retirement

Legislative Activity House, Senate to Vote on FY 2016 Budget Resolutions Last week, both the House and Senate Budget Committees approved their respective FY 2016 Budget Resolutions. On the House side, Republicans are using their FY 2016 Budget Resolution to push for comprehensive tax reform that reduces individual and corporate tax rates and eliminates the… Continue Reading

Tax Reform Working Groups to Accept Public Comments; Lawmakers Reintroduce MFA

Posted in Tax and Retirement

Legislative Activity Tax Reform Working Groups to Accept Public Comments on Tax Reform Per prior coverage, the Senate Finance Committee has formed five Working Groups to “spur congressional comprehensive tax reform efforts in the 114th Congress,” including groups focused on: (1) Individual Income Tax; (2) Business Income Tax; (3) International Tax; (4) Savings and Investment;… Continue Reading

Congress to Focus on Budget, Economic Report; Lawmakers to Discuss Fairness in the tax Code

Posted in Tax and Retirement

Legislative Activity President’s Budget, Economic Report in Focus This week, Treasury Secretary Jack Lew is scheduled to testify before the House and Senate Appropriations Committees about President Obama’s FY 2016 Budget Request. On Tuesday, March 3, Secretary Lew, along with Internal Revenue Service (IRS) Commissioner John Koskinen and Treasury Inspector General for Tax Administration Russell… Continue Reading

Lawmakers Consider Tax Policy’s Impact on the Economy; Treasury May Release Anti-Inversion Guidance in 2015

Posted in Tax and Retirement

Legislative Activity White House Sends Economic Report to Congress On February 19, the White House released the Economic Report of the President, together with the Annual Report of the Council of Economic Advisors. In the report, the Administration weighs the merits of various approaches to tax reform, including repealing the corporate income tax, cutting the… Continue Reading

Tax Extenders, Tax Reform Remain in Focus; IRS, Treasury Preparing Additional Guidance

Posted in Tax and Retirement

Legislative Activity Ways and Means Votes to Permanently Extend Seven Tax Extenders, Finance Zeroes in on Getting to Tax Reform On Wednesday, February 3, the House Ways and Means Committee held a markup of seven bills to permanently extend certain tax provisions, including section 179 business expensing and various charitable provisions. During the 113th Congress,… Continue Reading

President’s FY 2016 Budget Proposal Detailed Analysis of the Tax and Revenue Implications

Posted in Tax and Retirement

As was previewed in the President’s State of the Union Address, the Administration’s FY 2016 Budget includes approximately US$640 billion in proposed new revenue raisers, aimed largely at investment income, large financial institutions, and offshore income. This additional revenue would “invest in helping working families make their paychecks go further, preparing hardworking Americans to earn… Continue Reading

Finance Democrats Write Letter on Tax Reform; Lawmakers to Consider Infrastructure Funding, Tax Extenders

Posted in Tax and Retirement

Legislative Activity President Obama to Unveil FY 2016 Budget Later today, President Obama is set to unveil his FY 2016 Budget (Budget). We anticipate that the Budget will include various proposals previewed in President Obama’s State of the Union Address. Squire Patton Boggs will release a comprehensive Budget analysis in the days following. Senate Finance… Continue Reading

Administration, Congress Focus on Tax Reform, Corporate Inversions

Posted in Tax and Retirement

Legislative Activity President Obama, Secretary Lew Outline Tax Reform Proposals As mentioned in previous coverage of the State of the Union Address, President Obama has proposed approximately $320 billion in new taxes, aimed largely at investment income and large financial institutions, with revenues raised from these proposals to be dedicated principally to a new or… Continue Reading

Hatch, Ryan Announce Priorities for Tax Writing Committees

Posted in Tax and Retirement

Legislative Activity Hatch, Ryan Announce Priorities for Tax Writing Committees Last week, Senate Finance Committee Chairman Orrin Hatch (R-UT) and House Ways and Means Committee Chairman Paul Ryan (R-WI) announced their committees’ priorities for the 114th Congress. With respect to tax reform, Chairman Hatch indicated that any overhaul of the tax Code must make it… Continue Reading

Early Outlook for Tax Activity in Congress; House Leadership Releases Proposal to Require Dynamic Scoring

Posted in Tax and Retirement

Legislative Activity Early Outlook for Tax Activity in Congress As Congress returns to Washington, tax writers will prepare to move forward on several different fronts.  As anticipated in our prior coverage, lawmakers were able to pass tax extenders legislation before the 113th Congress adjourned. The legislation, however, only provided a one-year retroactive extension of the… Continue Reading

Lawmakers Near Deal on Tax Extenders

Posted in Tax and Retirement

Legislative Activity Lawmakers Near Deal on Tax Extenders After a nearly year-long process, on Wednesday, December 3, the House voted 378-46 to approve H.R. 5771, the Tax Increase Prevention Act of 2014 – a $41.6 billion tax extenders package. At the same time, the House also passed H.R. 647, the Achieving a Better Life Experience… Continue Reading

Republicans to Select Chair of Ways and Means, IRS to Discuss Proposed Regulations on MMFs

Posted in Tax and Retirement

Legislative Activity Lawmakers to Continue Debate on Tax Extenders As previously reported, lawmakers are expected to continue debate on tax extenders legislation. While many suspect that the end result will be  a short-term extension (one or two years) of the expired tax provisions, there continues to be discussion of a blended approach, which would temporarily… Continue Reading

Lawmakers to Focus on Tax Extenders; Administration May Issues More Guidance on Inversions

Posted in Tax and Retirement

Legislative Activity Lawmakers to Focus on Tax Extenders As Congress returns to Washington, tax extenders legislation remains on the relatively short list of “must pass” items in the lame duck session. While the House and Senate have thus far taken different approaches on extenders, it is likely that lawmakers will finalize a proposal before adjourning… Continue Reading

Lawmakers Consider Energy Tax Reform; Administration to Act ‘Very, Very Soon’ on Inversions

Posted in Tax and Retirement

Legislative Activity Lawmakers Consider Energy Tax Reform On Wednesday, September 17, the Senate Finance Committee held a hearing titled “Reforming America’s Outdated Energy Tax Code.” During the hearing, discussion centered on how to best address certain energy-related provisions within the U.S. Tax Code. Lawmakers discussed taking a technology neutral, “performance-based” approach, rather than considering the… Continue Reading

Lawmakers to Focus on Elements of Tax Reform; Administration Likely to Move on Corporate Inversions

Posted in Tax and Retirement

Legislative Activity Lawmakers to Focus on Certain Elements of Tax Reform This week, lawmakers are set to focus on various aspects of tax reform. On the Senate side, the Finance Committee will hold a hearing on reforming the retirement savings system, as well as a hearing on reforming energy tax incentives. In the House, Members… Continue Reading

Senate to Vote on Highway funding bill; IRS Issues Rules on Money Market Funds

Posted in Tax and Retirement

Legislative Activity Senate to Vote on Highway Funding Bill This week, the Senate is expected to vote on H.R. 5021, the Highway and Transportation Funding Act of 2014, which recently passed the House by a vote of 367-55. The bill would patch and reauthorize the Highway Trust Fund (HTF) through May 2015 by using transfers… Continue Reading

House Passes Highway Funding Bill, Senate Prepares to Vote on Legislation

Posted in Tax and Retirement

Legislative Activity House Passes Highway Funding Bill, Senate Prepares to Vote on Legislation Last week, the House voted 367-55 to pass H.R. 5021, the Highway and Transportation Funding Act of 2014. The bill would patch and reauthorize the Highway Trust Fund (HTF) through May 2015 by using transfers from the General Fund and the Leaking Underground Storage… Continue Reading

Senate Finance Committee Aims to Markup Highway Funding Bill

Posted in Tax and Retirement

Legislative Activity Senate Finance Committee Aims to Markup Highway Funding Bill While not yet noticed, the Senate Finance Committee is expected to markup a short-term highway funding bill before the week-long July 4 holiday recess; however, it is possible that the markup will slip until Congress returns the week of July 7. While disagreements remain… Continue Reading

Reid, Paul Working on Repatriation Bill to Fund Transportation Infrastructure

Posted in Tax and Retirement

Legislative Activity Reid, Paul Working on Repatriation Bill to Fund Transportation Infrastructure On June 10, Senate Majority Leader Harry Reid (D-NV) and Senator Rand Paul (R-KY) indicated that they are working on legislation that would allow corporations to repatriate foreign earnings at lower rates, suggesting that this revenue could be used to fund improvements to… Continue Reading

Senate Finance Committee Outlines Path Forward on Tax Reform

Posted in Tax and Retirement

Legislative Activity Senate Finance Committee Outlines Path Forward on Tax Reform On June 5, Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) announced the Committee’s next steps with regard to comprehensive tax reform. As part of its efforts, the Committee will hold three hearings during June and July focused on:… Continue Reading

Ways and Means Marks Up Six More Tax Bills, Expected to Continue Work on Extenders Through Summer

Posted in Tax and Retirement

Legislative Activity Ways and Means Marks Up Six More Tax Bills, Expected to Continue Work on Extenders Through Summer On May 29, the House Ways and Means Committee held a markup of six bills (four extenders and two new provisions) seeking to make the following tax provisions permanent: (1) conservation contributions; (2) IRA distributions; (3)… Continue Reading

Senate to Take up Temporary Rax Extenders Package; House Takes Different Approach

Posted in Tax and Retirement

Legislative Activity Senate to Take Up Temporary Tax Extenders Package; House Takes Different Approach During the week of May 12, the Senate is expected to take up the EXPIRE Act (S. 2260), which provides a two-year extension for certain tax extenders, which expired on January 1. The Senate’s approach for dealing with tax extenders differs… Continue Reading