Eversheds Sutherland Tax Reform Law Blog
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Energy Tax Reform: Current Updates And What It Means For Companies In The Energy Sector

Energy tax reform has been the subject of three recent, and very significant, administrative and legislative proposals: The President’s 2015 budget, released on March 4, 2014; The comprehensive tax reform plan released on February 26, 2014, by Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee; and The energy tax discussion draft released on December 18,...

OECD’s BEPS Hybrid Draft Tells Rest of Europe to be More Like Germany

The OECD’s Base Erosion and Profit Shifting (BEPS) project continues apace, and information on the direction of the project is getting out.  On February 10, Tax Analysts’ Lee Sheppard reported on a leaked draft report dealing with hybrid entities (entities which are treated as separate entities in one jurisdiction but are disregarded as separate entities or treated as pass-through...

Secretary Lew Comments on Tax Reform

Following last month’s Administration proposals on corporate tax reform, Treasury Secretary Jacob Lew still thinks a corporate-tax first approach is most likely to move in Congress.  Speaking at the Economic Club of Washington on September 17, Secretary Lew said that President Obama’s suggestion to first attack corporate tax reform was an effort “to breathe a little life into the tax...

Small Business Groups Release Study on Effective Rates

The National Federation of Independent Business (NFIB) and the S Corporation Association (S-CORP) released a study showing that S corporations average higher effective tax rates than other business entities.  According to the study, S corporations and partnerships have the highest average effective tax rates, at 31.6% and 29.4%, respectively, with C corporations (17.8%) and non-farm...

Coalition of Private Companies Holds Second Meeting with Congressional Members on Tax Reform

On July 11, the Private Companies for Tax Fairness (PCTF), a tax reform coalition comprised of large and middle market privately-held and family-owned companies, met with members of Congress to lobby for tax reform.  This was the PCTF’s second meeting with Congressional lawmakers.  In April, the PCTF met with Vern Buchanan (R-FL) and Allyson Schwartz (D-PA), who co-chair the House Ways...

“Death Tax” Rises in Reform Discussions

Senator John Thune (R-S.D.) and Representative Kevin Brady (R-Tex.) introduced the “Death Tax Repeal Act of 2013,” which would permanently repeal the federal estate tax and lower the gift tax to 35% with a $5 million exemption.  This proposal differs from the White House’s proposed fiscal 2014 budget, which would return the estate tax to a 45% rate with a $3.5 million exemption not...

Former JCT Chief of Staff Recommends Restricting Subchapter C Taxation to Only Public Companies

Former Joint Committee on Taxation Chief of Staff George Yin wrote a letter to House Ways and Means Committee Chairman Dave Camp on June 5 in response to Camp’s discussion draft on changing small business taxes.  The discussion draft proposed two options for reforming the tax rules for small businesses organized as partnerships and S corporations.  One option is revising the...

House Ways and Means Committee Holds Hearing on Unified Pass-through Regime

The House of Representatives Ways and Means Committee held a hearing May 15th on a proposal to alter the taxation of small business and pass-through entities, such as partnerships and S corps. In March, Dave Camp, the chairman of Ways and Means, released a draft proposal with two alternatives in changing the tax treatment of small businesses. While one alternative, Option 1, consisted...