As the work of the new Congress gets under way , there is general agreement that business tax reform is one of a handful of issues that may be achievable in the closing two years of the Obama Administration, and, in fact,...more
UK WILL IMPOSE CAPITAL GAINS TAX ON NON-UK RESIDENTS -
The UK government aims to go ahead with plans to impose capital gains tax on sales of residential property from April 2015.
The government has published...more
Last week the Republican party surprised many observers by securing substantial gains in the 2014 mid-term elections at multiple levels of government. Republicans won control of the US Senate and increased their majority in...more
While some aspects of the agenda for the incoming Republican-controlled 114th Congress are still in formulation, there is no question that tax reform will be a top priority. Both the expected new Senate Majority Leader Mitch...more
House Ways and Means Committee Chairman Dave Camp (R-Michigan) this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
The key principles in the draft are:
Yesterday, House Ways and Means Committee Chairman Dave Camp (R-Michigan) unveiled his comprehensive tax reform proposal. Released as draft legislation, the Camp proposal calls for the most fundamental reform of the tax code...more
House Ways and Means Committee Chairman Dave Camp (R-MI) is on the verge of releasing a detailed proposal for comprehensive tax reform.
The Camp proposal, which may be released in the form of a discussion draft and...more
A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments submitted to the committee by a number of industry groups. If enacted in their...more
CAYMAN ISLANDS AND US SIGN FATCA AGREEMENT -
The United States and the Cayman Islands have signed a so-called Model 1 intergovernmental agreement.
The IGA is the first step in bring the Cayman fund industry...more
The tax deduction for advertising expenses has clearly become a target for Congressional tax reformers. Under current law, advertising costs are fully deductible as an ordinary business expense. Both the House and Senate Tax...more
Although the chairmen of the tax writing committees, Representative Dave Camp (R-Michigan) and Senator Max Baucus (D-Montana), are thoroughly committed to enacting comprehensive tax reform and are devoting the considerable...more
Taxes will be a major part of the budget discussions now under way in Washington. Is this an opening for comprehensive reform?
Earlier this year, the House and Senate passed very different proposals for the federal...more
The next two days in Congress will be characterized by fast-moving developments on the government shutdown/debt ceiling issues.
As of this morning the situation is as follows...more