TaxReformLaw.com
content top

IRS Commissioner: Congressional Action Required to Stop Inversions

As the Treasury Department considers additional steps it may take addressing corporate inversion transactions, IRS Commissioner John Koskinen is saying that, to a “substantial extent,” Congress would need to act if it wishes to prevent the transactions.  In a conversation with Bloomberg BNA Koskinen stated that, while the inversion issue is being carefully examined by the...

Senator Wyden Renews Push for Tax Extenders

The Congressional tax agenda for the end of 2014 is now clear: tax extenders and inversions.  Even as inversions dominate the news, Senate Finance Committee Chairman Ron Wyden (D-Ore.) is continuing his push to pass legislation which extends expired tax provisions.  On September 15, Senator Wyden issued a statement on the need to renew expired tax provisions, stating that the actions...

House Passes Bill to Make Bonus Depreciation Permanent

On July 11, 2014, the House of Representatives passed a bill to renew bonus depreciation and to make the provision permanent.  Bonus depreciation is one of several expired provisions that House Ways and Means Committee Chairman Dave Camp (R-Mich.) has made sought to make permanent. Bonus depreciation allows businesses to immediately deduct 50 percent of qualified purchased property and...

The House Ways and Means Committee Approves 6 Permanent Business Tax Extenders

On April 29, 2014, the House Ways and Means Committee approved six bills that would make several expired business tax provisions permanent. Included among the “tax extenders” that would become permanent are a simplified version of the research credit, the subpart F active financing exception, and the controlled foreign corporation look-through rule. Ways and Means Chairman...

Obama Administration Considers Using Executive Authority to Change Tax Policy

With comprehensive tax reform stalling in Congress, some are suggesting the Administration may take tax matters into its own hands. On January 21, Heather Zichal, President Barack Obama’s former top energy and climate aide, said that the Obama administration is considering using existing executive authority to make changes to tax policies with respect to renewable energy...

AICPA Opposes the Limitations on the Availability of Cash Method of Accounting under Baucus’s Proposal

On December 5, the American Institute for CPAs (“AICPA”) detailed their views on Senate Finance Committee Chairman Max Baucus’s (D-Mont.) tax reform discussion draft on tax accounting.  AICPA supports the expansion of the number of taxpayers that may use the cash method of accounting, and had concerns regarding Sen. Baucus’s proposal restricting the availability of the cash...

France and U.S. Sign FATCA IGA; Agreements Furthering U.S. Tax Transparency Initiatives Now at Double-Digits

A significant part of the global tax reform discussion has centered on global tax transparency and increased information sharing and the intergovernmental agreement (“IGA”) signed between the U.S. and France to implement the Foreign Account Tax Compliance Act (“FATCA”) furthers the tax transparency agenda.   The IGA with France marks the tenth IGA signed to date. Generally,...

Incremental Changes May Be Helpful for Large Scale Tax Reform

Bloomberg reports that Mark J. Mazur, the Treasury Department’s assistant secretary for tax policy, says that an agreement on limited modifications to tax law would help spur momentum for more significant tax reform.  Mazur believes that taking “some small steps that are confidence-building and that allow you to take bigger steps later” is the best course of action. Mazur says...

Republican Negotiator Supports Raising Revenue

According to Bloomberg, Representative Tom Cole (R-Okla.), one of the Republican negotiators in the upcoming House-Senate budget conference, said that he supports raising revenue as part of talks with Senate Democrats. Rep. Cole says that “a deal means everybody gives something up,” – likely meaning any willingness on the Republicans’ part to raise revenues would have to be...

New Fiscal Deal May Affect Tax Reform

While tax reform instructions were not included in yesterday’s deal to end the government shutdown and raise the debt limit, the legislation does create a House-Senate budget conference committee which could potentially address tax reform.  Tax reform instructions had been floated earlier in negotiations as potentially part of a fiscal deal (see prior post). However, addressing tax...

House Republicans See Tax Reform Instructions as Part of Broader Deal

As the government shutdown stretches into its second week and the deadline for raising the debt limit gets closer, some House Republicans are hoping to create a significant budget deal that would include tax reform instructions, according to Tax Notes.  According to House Ways and Means Committee Chairman Dave Camp (R-Mich.), House Republicans have discussed pursuing a broader...

Baucus: Tax Reform Will Fund Transportation

Senate Finance Committee Chairman Max Baucus (D-Mont.) believes tax reform is the best vehicle to ensure sustainable financing for America’s transportation infrastructure.  Speaking during an Environment and Public Works Committee hearing, Sen. Baucus noted that the federal government’s surface transportation programs largely depend on fuel excise taxes paid into the Highway...

Baucus: Tax Reform Will Be “Politically Popular”

Senate Finance Committee Chairman Max Baucus (D-Mont.) believes tax reform is “going to be politically popular,” and intends to get a plan through the Finance Committee this year. Speaking at an economic development summit in Montana, Sen. Baucus thinks the issue will resonate with the public: “Once the country starts to focus more on tax reform, Congress is going to start to...

Bloomberg: Tax Reform Will be Harder This Time Around

According to an analysis by Bloomberg, tax reform will have a tougher time succeeding today than the last major overhaul of the tax code in 1986.  Bloomberg attributes this increased difficulty to the disagreement over revenue neutrality.  In the 1986 reform, lawmakers maintained revenue neutrality by lowering top income tax rates, closing certain tax loopholes, and increasing...

Senate Races that Could Affect Reform

In politics, it’s never too early to think about the next election.  In particular, two upcoming Senate races could have an outsized effect on the prospects for comprehensive tax reform.  House Ways and Means Committee Chairman Dave Camp (R-MI) is reportedly considering the open-seat Senate race in Michigan. Rep. Camp is also pushing for Congress to pass comprehensive tax reform...

Page 1 of 212