TaxReformLaw.com
content top

President Obama Says Deal Possible on Tax Reform

Even as a veto threat derailed a large tax extenders deal, President Obama is holding out hope that Congress can move forward on tax reform.  Addressing corporate CEOs at a Business Roundtable meeting on December 3rd, the President said there was “definitely a deal to be done.”  He told the corporate leaders he may be willing to accept the short-term tax break extensions (which...

FATCA Enforcement Relaxed Until 2016

Like the Rolling Stones, those facing FATCA obligations are saying “Time is On My Side.”  Withholding agents, foreign financial institutions (FFIs), and other entities making “good faith efforts to comply with the new regulations, forms, and other requirements of [the Foreign Account Tax Compliance Act]” will only face light enforcement for two years, the IRS said in...

OECD Releases Digital Economy Discussion Draft: Few Surprises–No Conclusions

On March 24th, the Organisation for Economic Cooperation and Development (OECD) released its discussion draft on e-commerce, as part of its base erosion and profit shifting (BEPS) project.  The draft is a result of BEPS Action 1: address the tax challenges of the digital economy. After 58 pages describing the digital economy and the tax challenges it presents, the discussion draft...

Wyden Hoping to Revive Tax Code “Carcass”

No one can accuse Ron Wyden (D-Ore.) of lacking creative metaphors.  The new Senate Finance Committee Chairman described the Internal Revenue Code as a “dysfunctional, rotting mess of a carcass,” while discussing his tax reform agenda on February 7 at the Conference on Growing Income Inequality in Los Angeles.  Sen. Wyden stressed his desire for a tax code “where everybody has a...

Republican Party Platform: Ditch FATCA

Apparently, the reporting requirements of foreign financial institutions have now become partisan red meat. On Friday, the Republican National Committee made repeal of the Foreign Account Tax Compliance Act (FATCA) part of its party platform. A resolution passed by voice vote at the RNC’s annual winter meeting in Washington, D.C., establishing a party position on the anti-tax-evasion...

IRS Nominee: Keep It Simple

John Koskinen, nominated to be the new commissioner of the IRS, stated at his confirmation hearing on December 11 that he would support simplification of the tax code.  Senate Finance Committee Chairman Max Baucus (D-Mont.) criticized the complexity of the tax code and asked Mr. Koskinen to share his opinion on tax reform.  Mr. Koskinen replied that he is a “fan of tax...

Senate Finance Discussion Draft Topics: Tax Administration; International Taxation; Cost-Recovery Accounting

The Senate Finance Committee discussion drafts on tax reform will cover international tax rules, tax administration, and cost-recovery accounting, according to Tax Analysts.  Details are sparse, but Tax Analysts reports that the international draft will include a “round tripping” rule regarding asset transfers to avoid taxes, a dividends received deduction, a mandatory repatriation...

CBO Director Talks Spurring Innovation Through Tax Policy

Congressional Budget Office (CBO) Director Douglas Elmendorf outlined possible policy approaches for increasing innovation at a September 27 presentation.  Among the policy options were: Increasing the research and development (R&D) tax credit, Decreasing taxes on U.S. multinational corporations, and Improving science, technology, engineering, and math education. Mr. Elmendorf...

House GOP Ties Tax Reform to Debt Ceiling

Tax reform and the debt ceiling may soon become entwined.  House Majority Leader Eric Cantor (R-Va.) declared yesterday that House Republicans will unveil a plan to tie tax reform to upcoming debt ceiling legislation.  The plan will “focus on a path forward on tax reform” and include “measures designed to . . . simplify our tax system.”  House GOP members hope to force...

Page 1 of 11