In the final act of the 113th Congress, the Senate passed and sent to President Barack Obama for his signature the Tax Increase Prevention Act of 2014, extending through the end of 2014 numerous familiar deduction and credit...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
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
BASE EROSION PROFIT SHIFTING PROJECT RECOMMENDATIONS TO COMBAT TAX AVOIDANCE BY MULTINATIONALS -
At the request of the G20 Leaders, the Organisation for Economic Co-Operation and Development (OECD) has been considering...more
Yesterday, following a summer during which a number of major American companies announced plans to invert (i.e., shift their tax domiciles overseas following cross-border mergers), the US Treasury Department issued a notice...more
Over the next two weeks as Congress prepares for its long summer recess, major decisions will be made affecting the legislative tax agenda for the rest of this session of Congress and, in the case of tax reform, for...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
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
Senate Finance Committee Chairman Max Baucus (D-Montana) has released the first of a coming series of detailed tax reform proposals, this one on international tax.
Today, Baucus also released proposals on 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
Congressional sources indicate, however, that a deal might not come together politically until very close to the October 17 - 18 deadline at which Treasury Secretary Jack Lew has warned Congress that, absent additional...more
The federal government shutdown, now in its fourth day, appears likely to continue a while longer as the list of issues under discussion between the President and Congressional leaders, and within the Congress, becomes longer...more
Amid the intense dispute over federal spending and debt, the chairmen of the tax writing committees in the US Senate and the House of Representatives continue their efforts to build a consensus among their members for tax...more
Although the political world in Washington is focused almost entirely on the impending October 1 deadline for an agreement over spending for fiscal year 2014 and the mid-October deadline for the President’s requested increase...more