On October 12, 2020, the OECD’s (Organisation for Economic Co-operation and Development) Inclusive Framework on BEPS (base erosion and profit shifting) announced its plans for tackling digitalization related tax challenges going into middle of 2021 and likely beyond. The analysis below summarizes the work plan’s “two pillars”, next steps in the process and potential risk … Continue Reading
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
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
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
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
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
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
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
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
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
