Baucus Issues Tax Reform Discussion Draft on Tax Administration
Senate Finance Committee Chairman Max Baucus (D-Mont.) unveiled a tax reform discussion draft aimed at modernizing tax administration while minimizing compliance burden, reducing tax-related identity...
View ArticleMoving On Up to the Means Side? Ryan Seeks Ways and Means Chairmanship
In the wake of brokering a bipartisan budget deal with Senator Patty Murry (D-Wash.), Representative Paul Ryan (R-Wis.), current chair of the Budget Committee, already has set his sights on a new...
View ArticleWyden-ing his Reach: From Energy Chair to Finance Chair
Senator Ron Wyden (D-Ore.) is likely to become busier in 2014, as his ascension to Chair of the Senate Finance Committee is all but confirmed. In recent days, speculation has shifted from if Sen....
View ArticleThe Fading Blueprint
U.S. House Speaker Paul Ryan’s tax reform blueprint is facing opposition within the Republican ranks. Both the Whitehouse and the Senate Republicans are preparing alternative plans, with the latter...
View ArticleBorder Adjustment Tax May Affect Discount Retailers’ Profit Margins
Dollar Tree, and similar discount retailers, rely on imports from countries like China that manufacture inexpensive products and sell at low prices. If the House Republicans impose the border...
View ArticleTax Reform Timeline in Doubt; Unlikely by August Says Sec. Mnuchin
The Trump administration had previously stated that they wished to pass tax reform legislation by August of this year. However, Treasury Secretary Mnuchin has recently stated that the August deadline...
View ArticleWays and Means to Hold Tax Reform Hearings
The House Ways and Means Committee will conduct hearings on tax reform in the coming weeks, working toward the goal of passing tax reform by the end of the year. Rep. Peter Roskam (R-Ill.), Chairman of...
View ArticleFormer Trump Advisors Urge Piecemeal Approach to Tax Reform
Former Trump campaign advisors, Steve Forbes, Larry Kudlow, Arthur B. Laffer, and Stephen Moore, urged the Trump Administration and the Republican Party to not attempt to overhaul the entire tax code...
View ArticleTrump Announces Tax Cut Details Will Be Released Next Week
President Trump announced that his tax reform plan will be released next week. He promised a “massive tax cut” to businesses and individuals that could end up larger “than any tax cut ever.” He did not...
View ArticleTrump Administration Releases Tax Plan Outline
The Trump administration released an outline of their tax reform plan today, which sets out the key initiatives they will pursue. Their proposals include lowering the corporate tax rate to 15%,...
View ArticleIRS Releases Guidance on the Transition Tax Provision
Last week, the IRS released Notice 2018-07 (the “Notice”), which provides guidance on calculating the so-called “transition tax” of the Tax Cuts and Jobs Act. While the Notice itself does not contain...
View ArticleNew York Challenges Federal Government’s Tax Reform Bill as Unconstitutional...
In his recent speech before the state legislature, New York Governor Andrew M. Cuomo stated that the reduction in the state and local tax deduction reflected in the new tax reform bill is...
View ArticleCalifornia Proposes Bill to Permit Donations Instead of State Taxes as...
The California legislature has introduced a bill that permits residents to donate to a state “public purpose” fund and receive a dollar-for-dollar tax credit on their returns. This donation is intended...
View ArticleBroad Scope of “Cash” for Tax on Deferred Foreign Income Impacts Financial...
The new provision requiring that U.S. companies pay a 15.5 percent tax on deferred foreign earnings to the extent of cash and cash equivalents and a 8 percent tax on additional untaxed foreign earnings...
View ArticleSpeaker Ryan Foresees only Technical Corrections to the Tax Reform Bill,...
In an interview with C-SPAN, House Speaker Paul Ryan stated that the bill previously known as the Tax Cuts and Jobs Act would require some technical corrections, such as in the area of international...
View ArticleIRS Modifies Notice 1036 Withholding Tables Incorporating Changes to the...
The IRS recently released an updated version of Notice 1036 (includes income tax withholding tables for employers) which integrates the changes made by the recently passed tax legislation. The notice...
View ArticleIRS is Prioritizing Certain Guidance Related to Pass-through Entities
As the IRS continues to work on guidance for the new tax legislation (formerly known as the Tax Cuts and Jobs Act), the agency is prioritizing certain complex provisions that relate to pass-through...
View ArticleChamber of Commerce Provides Feedback on Notice 2018-07
The U.S. Chamber of Commerce recently released recommendations for further guidance in response to Notice 2018-07, which provides guidance related to section 965 (the transition tax on deferred foreign...
View ArticleEversheds Sutherland Releases Videocast Providing a Basic Overview of...
Eversheds Sutherland (US) LLP recently released a videocast which provides a brief overview of the impact of international tax provisions. This short video provides a concise overview of various...
View ArticleIRS Releases Revenue Procedure Limiting Changes to Annual Accounting Periods
The IRS has restricted the ability of taxpayers to make certain changes in accounting periods, through the issuance of Revenue Procedure 2018-17. The revenue procedure modifies Revenue Procedure...
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