Tag Archives: IRS

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

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

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

Tax Reform Working Groups to Accept Public Comments; Lawmakers Reintroduce MFA

Legislative Activity Tax Reform Working Groups to Accept Public Comments on Tax Reform Per prior coverage, the Senate Finance Committee has formed five Working Groups to “spur congressional comprehensive tax reform efforts in the 114th Congress,” including groups focused on: (1) Individual Income Tax; (2) Business Income Tax; (3) International Tax; (4) Savings and Investment; … 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

Finance Democrats Write Letter on Tax Reform; Lawmakers to Consider Infrastructure Funding, Tax Extenders

Legislative Activity President Obama to Unveil FY 2016 Budget Later today, President Obama is set to unveil his FY 2016 Budget (Budget). We anticipate that the Budget will include various proposals previewed in President Obama’s State of the Union Address. Squire Patton Boggs will release a comprehensive Budget analysis in the days following. Senate Finance … Continue Reading

Baucus Confirmed as Ambassador to China

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
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