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Category Archives: Tax and Retirement

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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Energy Tax Reform On Wednesday, September 17, the Senate Finance Committee held a hearing titled “Reforming America’s Outdated Energy Tax Code.”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

FATCA IGA Agreements in Substance to be Treated as Agreements in Effect

Posted in Tax and Retirement

Legislative Activity Ways and Means Committee to Hold First Hearing on Tax Extenders; Finance Committee Passes Tax Extenders Bill On Tuesday, April 8, the House Ways and Means Committee will hold its first hearing on tax extenders to consider those expired provisions that should be made permanent or provided long-term extensions.  This will likely be… Continue Reading

IRS May Consider Transitional Relief for FATCA Harmonization Rules

Posted in Tax and Retirement

Legislative Activity Wyden, Camp to Take Next Steps on Tax Extenders On March 24, House Ways and Means Committee Chairman Dave Camp (R-MI) sent a memo to his Committee members regarding next steps on tax reform.  In the memo, Chairman Camp suggests that the Committee will: (1) continue its efforts to educate Members and stakeholders;… Continue Reading

Lew Before Taxwriting Committees on Presidents’ Budget Proposal

Posted in Tax and Retirement

Legislative Activity Lew Before Taxwriting Committees on Presidents’ Budget Proposal Following last week’s release of the President’s FY 2015 Budget Proposal, Treasury Secretary Lew appeared before the Senate Finance and House Ways and Means Committees to discuss the Administration’s proposal. In addition to addressing the Administration’s budget, Members discussed comprehensive tax reform, specifically focusing on… Continue Reading

Camp Releases Tax Reform Discussion Draft

Posted in Tax and Retirement

Legislative Activity Camp Releases Tax Reform Discussion Draft On February 26, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited plan for comprehensive tax reform.  The Patton Boggs analysis of Chairman Camp’s discussion draft is available here. This Week’s Hearings: Tuesday, March 4:  The House Judiciary Committee will hold a hearing titled, “Exploring Alternative Solutions… Continue Reading

IRS Issues Final FATCA Rules

Posted in Tax and Retirement

Legislative Activity Camp Expected to Release Tax Reform Discussion Draft This week, House Ways and Means Committee Chairman Dave Camp (R-MI) is expected to release his long-awaited plan for comprehensive tax reform.  It is anticipated that the proposal will be released in discussion draft form, rather than as introductions legislation. Patton Boggs will provide an… Continue Reading

Baucus Confirmed as Ambassador to China

Posted in Tax and Retirement

Legislative Activity Baucus Confirmed as Ambassador to China Last week, Senate Finance Committee Chairman Max Baucus (D-MT) was confirmed by the Senate to serve as the next U.S. ambassador to China.  Senator Ron Wyden (D-OR) will assume the committee chairmanship, with speculation that the empty committee seat will be filled by Mark Warner (D-VA), although… Continue Reading

Senate Finance Prepares for Baucus Departure

Posted in Tax and Retirement

Legislative Activity Senate Finance Prepares for Baucus Departure Following last week’s confirmation hearing, the Senate Foreign Relations Committee is scheduled to vote February 4 on Senate Finance Committee Chairman Max Baucus’ (D-MT) nomination to serve as the next U.S. ambassador to China.  A Senate floor vote will likely occur before the Senate recesses the week… Continue Reading