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Category Archives: Tax and Retirement

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Lawmakers Hoping to Move Forward on Highway Bill, IRS Proposes Regulations on “Disguised Payments”

Posted in Tax and Retirement

Legislative Activity Tax-Writers Running Out of Time on Highway Bill Following the passage last week of the House’s $8 billion five-month highway patch, the Senate continues to remain focused on moving forward with its own bill, which provides for a six year highway reauthorization and three years’ worth of funding (more than $47 billion), with… Continue Reading

Tax-Writers Move on Highway Funding, Tax Extenders

Posted in Tax and Retirement

Legislative Activity Tax-Writers Running Out of Time on Highway Bill Last week, the House of Representatives passed by a vote of 312-119 an $8 billion five-month highway patch that includes various tax compliance-related pay-fors, which themselves raise nearly $5 billion. If the House is successful in getting the Senate to agree to its short-term extension… Continue Reading

Tax-Writers Likely to Debate Highway Funding, Vote on Inversions-Related Amendment

Posted in Tax and Retirement

Legislative Activity Senate Finance Committee Tax Reform Working Groups Release Reports Last week, on Tuesday, July 8, the Senate Finance Committee released the long-awaited reports from its five bipartisan Tax Reform Working Groups, which were formed to “spur congressional comprehensive tax reform efforts in the 114th Congress.” The groups focused on: (1) Individual Income Tax;… Continue Reading

Finance Working Groups Set to Release Proposals As Tax-Writers Continue to Focus on International Tax Reform

Posted in Tax and Retirement

Legislative Activity Deadline for Senate Finance Committee Working Groups’ Proposals Nears, Talk of International Tax Reform Continues After being delayed for a second time, the Senate Finance Committee Tax Reform Working Groups are expected to submit their reports to the full Committee on Tuesday, July 7. Presently, it is unclear the extent to which (if… Continue Reading

Tax Reform Working Groups Ready Recommendations; Highway Funding in Focus

Posted in Tax and Retirement

Legislative Activity Senate Finance Committee Working Groups to Submit Tax Reform Proposals After having been provided additional time to finalize their proposals for consideration by the full Committee, the Senate Finance Committee Tax Reform Working Groups are due to submit their proposals by this Friday, June 26. The Working Group that appears to have made… Continue Reading

BEPS and International Tax Reform, Highway Funding in Focus for Tax-Writers

Posted in Tax and Retirement

Legislative Activity Congress Concerned with BEPS, International Tax Reform Moves Forward Last week, G-7 leaders (i.e., finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) met in Germany to renew their commitment to coming together on a “feasible” proposal to address base erosion and profit… Continue Reading

Tax-Writers to Take Up Medical Device Tax Repeal, Moving Forward on International Tax Reform

Posted in Tax and Retirement

Legislative Activity House to Vote on Repealing Medical Device Tax House Majority Leader Kevin McCarthy (R-CA) announced last week that the House plans to take up legislation to eliminate the excise tax on medical devices during the week of June 15. The Protect Medical Innovation Act (H.R. 160), which was introduced by Representative Erik Paulsen… Continue Reading

Returning to the Debate on Long-Term Highway Funding

Posted in Tax and Retirement

Legislative Activity Finding a Way to Fund the Nation’s Highways…The Debate Continues Prior to adjourning for the Memorial Day recess, lawmakers passed legislation that extended highway funding authority for a two-month period through July 31. Now, with Congress set to return to Washington this week, lawmakers will yet again be tasked within finding a way to… Continue Reading

House, Senate Set to Move on Short-Term Highway Funding Extension

Posted in Tax and Retirement

Legislative Activity House, Senate Set to Move on Short-Term Highway Funding Extension As tax-writers continue their push for tax reform this Congress, the focus this week will shift to providing a short-term extension of funding for the Highway Trust Fund. In the Senate, Finance Committee Chairman Orrin Hatch (R-UT) and Environmental and Public Works Committee… Continue Reading

Lawmakers Press Onward with Tax Reform Efforts; IRS Issues Regulations, Guidance

Posted in Tax and Retirement

Legislative Activity Lawmakers Press Onward with Tax Reform Efforts; Tax Extenders, Highway Funding Coming Into Focus With tax-writers having moved trade legislation out of their respective committees, the Senate Finance Committee’s Tax Reform Working Groups have begun to hold roundtables to brief their colleagues on the status of their work and to receive initial feedback…. Continue Reading

New Member of Ways and Means Appointed; Talk of Tax Reform Continues

Posted in Tax and Retirement

Legislative Activity Representative Dold Appointed to Ways and Means While his selection has not yet been formally approved, it was announced that Representative Bob Dold (R-IL) will fill the seat on the House Ways and Means Committee that was vacated when former Representative Aaron Schock (R-IL) stepped down last month. Representative Dold, who was originally… Continue Reading

Republicans Focus on Small Businesses, Democrats Target Tax “Loopholes”; Lawmakers Introduce Highway Funding Proposals

Posted in Tax and Retirement

Legislative Activity Republicans Focus on Small Businesses, Democrats Target Tax “Loopholes” Following a busy week for tax-writers – which included several hearings on “Tax Day” to address tax reform and the potential impact on small businesses – there is growing discussion about the possibility of pursuing business-only tax reform. To that end, Senate Finance Committee… Continue Reading

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