Archives: Tax and Retirement

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Tax-Writers Focused, Looking Toward 2017 for Large-Scale Reforms; Treasury Set to Move on Section 385 Regulations

Legislative Activity Lawmakers Look at Specific Tax Policy Priorities with an Eye Toward Tax Reform in 2017 With the House last week having passed various targeted pieces of tax legislation, it is clear that much of the rest of this Congress will be devoted to more narrow asks, though continued efforts in anticipation of tax … Continue Reading

Many Tax Policy Priorities Remain as Retirement and Pension in Focus for Finance; Treasury Full Steam Ahead on Section 385

Legislative Activity Many Tax Policy Priorities Outstanding as Congress Looks to Home Stretch With Congress back in Washington for several weeks of work before adjourning in advance of the November Election, tax-writers have much work in store – though the lack of legislative days, coupled with the complex and divisive nature of some of the … Continue Reading

Tax Reform Efforts Continue; Section 385, BEPS Implementation Dominate Regulatory Agenda

Legislative Activity The Long March to Tax Reform Continues On June 24, House Ways and Means Committee Chairman Kevin Brady (R-TX) released the House GOP’s Task Force on Tax Reform’s long-awaited tax reform “Blueprint,” which lays out the GOP’s tax policy agenda for 2017. Specifically, and as we discuss in greater detail in our alert, … Continue Reading

Tax-Writers Gear Up to Release Proposals; Treasury Response to Concerns Over Section 385 Regs Unclear

Legislative Activity Coming Soon: The GOP’s Tax Reform “Blueprint” With House Republicans expected to roll out their comprehensive tax “blueprint” this month – and lawmakers set to leave Washington on Friday, June 24 – it is likely that we will see the proposal released this week. It is quite possible, however, that the final product may … Continue Reading

Congressional Tax Reform Efforts Carry On, as Section 385 and BEPS Issues in Focus for the Administration

Legislative Activity Tax Reform Discussions Persist, Proposals Due Out This Month House Ways and Means Committee Chairman Kevin Brady (R-TX) remains focused on efforts to overhaul the U.S. tax Code and is expected to release his tax reform “blueprint” this month. He recently stated that he anticipates continuing to concentrate efforts on the blueprint “through … Continue Reading

Tax-Writers Press on with Tax Reform Proposals; Treasury to Have “Intense” Comment Period on Section 385 Regulations

Legislative Activity As June Nears, Tax-Writers Press Forward with Tax Reform Proposals Following last week’s Senate Finance Committee hearing to discuss Chairman Orrin Hatch’s (R-UT) “corporate integration” proposal as relates to the pros and cons of a dividends paid deduction regime, this week, on Tuesday, May 24, the Committee will hold its second in a … Continue Reading

Tax-Writers Continue Examining Tax Reform Proposals as the Administration and Regulators Focus on International Issues

Legislative Activity Congressional Tax-Writers Press on With Tax Reform Proposals This week, the House Ways and Means Subcommittee on Tax Policy, chaired by Representative Charles Boustany (R-LA), will hold a hearing to examine Member proposals to improve the current U.S. tax system. This hearing is part of a series of hearings on tax reform and … Continue Reading

Senate Takes on Business Tax Reform; Treasury to Have “Intense Comment Period” for Inversion Regulations

Legislative Activity Senate to Consider Business Tax Reform Proposals Following multiple hearings on tax reform thus far this year in the House Ways and Means Committee, this week the Senate Finance Committee will hold a hearing on business tax reform. During the hearing, the difference between Republican and Democrat approaches to taxing corporate income, including … Continue Reading

Comprehensive Tax Proposal Expected by June; Inversions, CbyCR on Horizon for Regulators

Legislative Activity Tax –Writers Plan to Put Out Comprehensive Blueprint by June Last Friday, April 15 (i.e., Tax Day), House Ways and Means Committee Chairman Kevin Brady (R-TX) confirmed that the Tax Reform Task Force (set up earlier in the year by Speaker Paul Ryan (R-WI)) plans to release a comprehensive tax reform “blueprint” by … Continue Reading

Tax-Writers to Examine Tax Reform Proposals, May Move on Tax Extenders

Legislative Activity House Tax-Writers Continue Moving Forward with Work on Tax Reform This week, on Wednesday, April 13, the House Ways and Means Subcommittee on Tax Policy will hold a hearing to continue the Committee’s efforts to examine “fundamental tax reform proposals.” In March, Ways and Means Committee members examined legislative proposals related to cash-flow … Continue Reading

Tax-Writers Continue Debate on International Tax Reform, Inversions; Global Efforts on CbyCR Implementation Move Forward

Legislative Activity International Tax Reform v. Inversions Following up on Senate Finance Committee Chairman Orrin Hatch’s (R-UT) recent acknowledgment that his “corporate integration” proposal has been delayed, at least by “a few weeks,” it now appears that the House Ways and Means Committee may miss its self-imposed goal of March 31 by which to release … Continue Reading

Hatch’s “Corporate Integration” Plan Delayed; Treasury Expected to Release Final CbyCR Regulations by July

Legislative Activity “Corporate Integration” Proposal Delayed As the House Ways and Means Committee continues moving forward with its international tax reform proposal, last week the Senate Finance Committee indicated that its “corporate integration” proposal has been delayed. The proposal, which would lower the effective rate for corporations by eliminating a double layer of taxation, is … Continue Reading

Tax-Writers Debate International Tax Reform, Inversions; OECD Releases “Inclusive” BEPS Framework

Legislative Activity Democratic Tax-Writers Remain Focused on Inversions, Despite Push for International Tax Reform Last week, the House Ways and Means Committee held its first hearing on international tax reform this session. During the hearing, Members and witnesses discussed the need for tax reform, the benefits and challenges that come from doing international tax reform … Continue Reading

International Tax Reform Takes Center Stage; IRS Holds Meeting on Special Enrollment Examination User Fees

Legislative Activity House to Continue Push for International Tax Reform As part of House Ways and Means Committee Chairman Kevin Brady’s (R-TX) continued commitment to moving forward with international tax reform – at least to some extent – this Congress, on Wednesday, February 24, the Committee will hold a hearing to discuss international tax reform. The … Continue Reading

Tax-Writers to Scrutinize Obama’s Budget; IRS to Hold Meeting on Transfers of Property to Foreign Corporations

Legislative Activity Tax-Writers to Scrutinize Obama’s Budget With President Obama set to release his FY 2017 Budget Proposal on the morning of Tuesday, February 9, House and Senate tax-writers this week have scheduled numerous hearings to review the tax and revenue portions of the Budget. The proposals – at least some of which are sure … Continue Reading

Tax-Writers Ponder Path Forward for 2016; U.S., EU Move Forward with BEPS Implementation

Legislative Activity House Tax Writers to Hold Retreat as Senator Hatch Hatches His Own Plan for Reform After being delayed due to winter weather, the House Ways and Means Committee is set to hold its retreat this week. As expected, the retreat will afford Republican tax-writers an opportunity to flesh out their agenda for the … Continue Reading

International Tax Reform Remains a Priority for Tax-Writers, BEPS Begins to Take Center Stage; Treasury Still Focused on Inversions

Legislative Activity With Tax Extenders (Mostly) Behind Them, Tax-Writers Likely to Focus on International Tax Reform With Congress (somewhat unexpectedly) having enacted permanent tax extender legislation prior to adjourning the first session of the 114th Congress, tax-writers are now expected to move forward with their efforts on international tax reform – though the substance and … Continue Reading

Tax-Writers May Move on Tax Extenders, IRS Delays Dividend Equivalent Rules

Legislative Activity Lawmakers Moving Toward Resolution on Tax Extenders With potentially only five legislative days remaining before Congress is scheduled to adjourn for the year, tax-writers and congressional leaders are continuing their work to finalize a tax extenders package, with the House having scheduled time to vote on potential legislation this week. Thus far, Republicans … Continue Reading

Tax-Writers Take On BEPS, Tax Extenders

Legislative Activity Tax-Writers Begin to Focus on BEPS, Tax Extenders Still Remain Though international tax reform negotiations may have fallen apart for 2015, tax-writers this week will hold their first hearings to address efforts by the Organisation for Economic Co-operation and Development (OECD) to counter corporate tax avoidance as part of more than two years … Continue Reading

Lawmakers to Finish Highway Funding, Turn to Extenders; IRS Advisory Council to Discuss Operational Funding

Legislative Activity Lawmakers Conference Highway Bills as Tax-Writers Turn to Extenders With highway funding authorization set to expire on Friday, November 20, House and Senate lawmakers this week will be tasked with conferencing their versions of highway funding legislation. In addition to differences in the transportation provisions, there still remains a key difference between the … Continue Reading

House Ways and Means Committee to Receive New Chair; Lawmakers Continue Work on Highway Funding

Legislative Activity House Republicans May Select New Ways and Means Committee Chair With Speaker of the House Paul Ryan (R-OH) having now officially resigned from his post as Chairman of the Ways and Means Committee, this week it is expected that House Republicans will elect a new leader of the tax-writing committee. Presently, the race … Continue Reading

Tax-Writers Still Tasked With Highway Funding; IRS to Hold Two Meetings

Legislative Activity House to Take Up Short-Term Highway Extension as Lawmakers Work on Tax Title for Longer-Term Bill This week, House lawmakers are set to take up a short-term extension of the Highway Trust Fund, extending the program’s authorization through November 20 in hopes that the House and Senate can come together on a longer-term … Continue Reading

House Ways and Means Tasked With Funding Highway Bill; Treasury Moves Forward With BEPS Implementation

Legislative Activity House Lawmakers Schedule Markup of Transportation Bill Without Revenue Provisions Last week, on Friday, October 16, the House Transportation and Infrastructure Committee released a six-year, $325 billion highway funding bill (the Surface Transportation Reauthorization and Reform Act of 2015); a markup of the legislation is scheduled for Thursday, October 22. Notably, while the … Continue Reading

International Tax Reform-Highway Funding Negotiations Stall; OECD to Release BEPS Proposals

Legislative Activity International Tax Reform-Highway Funding Negotiations Stall Following months of coordination between House Ways and Means Committee Chairman Paul Ryan (R-WI) and senior Senate Finance Committee member Chuck Schumer (D-NY) regarding tying international tax reform to highway funding, aides for the two lawmakers last week announced that negotiations had stalled as a result of … Continue Reading