Tag Archives: Department of the Treasury

COVID-19: US & EU Developments – Implementation and Oversight of CARES Act – May 28, 2020

With the country having passed a grim milestone Wednesday with the 100,000th death from coronavirus, the US House of Representatives will vote today on bipartisan legislation to provide additional flexibility under the March 27 CARES Act’s Paycheck Protection Program (PPP) for businesses reeling from the economic shutdown. For perhaps the first time since the pandemic … Continue Reading

Tax-Writers, Treasury Talk Tax Reform

Legislative Activity Pressing Forward with Tax Reform Prior to last week’s Memorial Day recess, both the House Ways & Means and Senate Finance Committees held hearings, which focused on the state of tax reform. First, in their hearings reviewing the President’s FY 2018 Budget Proposal, tax-writers focused on various issues, including: (1) the timing and … Continue Reading

Brady’s BAT Battle; Trump Takes on Tax Reform

Legislative Activity Brady May Be Open to “Significant Modifications” on BAT as the Trump Administration Takes More Active Role in the Tax Reform Debate As the health care reform debate continues to unfold, congressional tax-writers are preparing to move forward swiftly with their tax reform efforts. Though House Ways and Means Committee Chairman Kevin Brady (R-TX) has … 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

Senate Banking Focuses on China, Iran; CFPB Takes on Mandatory Arbitration Clauses as the Administration Focuses on Financial Transparency

Legislative Activity Senate Banking Sets Its Sights Overseas In the coming weeks, the Senate Banking Committee will turn its focus to a number of international-related financial services issues. First, on Tuesday, May 10, the Committee will hold a hearing to evaluate the financial risks of China. Additionally, toward the end of the month, the Committee … 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

Tax Extenders, Tax Reform Remain in Focus; IRS, Treasury Preparing Additional Guidance

Legislative Activity Ways and Means Votes to Permanently Extend Seven Tax Extenders, Finance Zeroes in on Getting to Tax Reform On Wednesday, February 3, the House Ways and Means Committee held a markup of seven bills to permanently extend certain tax provisions, including section 179 business expensing and various charitable provisions. During the 113th Congress, … Continue Reading

Lawmakers to Focus on Tax Extenders; Administration May Issues More Guidance on Inversions

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

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

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

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