Republicans to Select Chair of Ways and Means, IRS to Discuss Proposed Regulations on MMFs

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 extend most of the expired provisions while making select provisions (such as the Research and Development Tax Credit) permanent. Given the fluid nature of discussions, it remains to be seen which approach will ultimately prevail.

House Republicans to Select Chair of Ways and Means

This week, the House Republican Steering Committee is set to select committee chairs for the 114^th Congress, including the Chairman of the Ways and Means Committee. While it is expected that Representative Paul Ryan (R-WI) will succeed current Chairman Dave Camp (R-MI), Representative Kevin Brady (R-TX) is also vying for the position.

This Week’s Hearings:

Tuesday, November 18: The Senate Finance Subcommittee on Taxation and IRS Oversight will hold a hearing titled “Tax Relief After Disaster: How Individuals, Small Businesses, and Communities Recover.”

Regulatory Activity

IRS to Discuss Proposed Regulations on MMFs, Advisory Council to Meet

On Wednesday, November 19, the IRS will hold a meeting to discuss proposed regulations to provide a simplified method of accounting for gains and losses on shares in money market funds (MMFs) that distribute, redeem, and repurchase their shares at prices that reflect market-based valuation of the MMFs’ portfolios and more precise rounding than has been previously required. Earlier that same day, the IRS Advisory Council will meet to discuss a myriad of topics, including the IRS’s need for sufficient funding to ensure that it is able to “operate efficiently and effectively, provide timely and useful guidance to taxpayers, and enforce current law.”

President Obama Announces Nominee for Undersecretary for Domestic Finance

Last week, President Obama announced the nomination of Antonio Weiss, head of global investment banking at Lazard Ltd., to be Treasury Undersecretary for Domestic Finance. Mr. Weiss would take over for Mary Miller, who stepped down in September. Presently, Matthew Rutherford serves as the Acting Treasury Undersecretary. Notably, following President Obama’s announcement of the nomination, Senator Elizabeth Warren (D-MA) made clear that she will oppose Mr. Weiss’ nomination due to “growing concerns with the Administration being loaded with so many appointees from Wall Street.”