Archives: Tax and Retirement

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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

International Tax Reform May Still Be a Possibility; Treasury Focused on FATCA, PTPs

Legislative Activity Tax Reform Still in Ryan’s Sights Despite Boehner’s Departure Last week, following the sudden announcement by House Speaker John Boehner (R-OH) that he would be stepping down from Congress at the end of October, House Ways and Means Committee Chairman Paul Ryan (R-WI) and various other Committee members quickly confirmed that the Committee … Continue Reading

Tax-Writers Again Facing Highway Funding Dilemma, Unsure on International Tax Reform

Legislative Activity Tax-Writers May Punt Highway Bill…Again On July 29, just prior to adjourning, the House overwhelmingly approved a three-month compromise highway spending bill. This three-month extension, which also costs $8 billion and expires on October 29, was passed with hopes that both chambers will now have sufficient time to negotiate a compromise on tax … Continue Reading

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

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

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

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

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

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

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

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

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

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

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

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

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
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