The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs holds a hearing today on Offshore Profit Shifting and the U.S. Tax Code:

The Subcommittee will examine the shifting of profits offshore by U.S. multinational corporations and how such activities are affected by the Internal Revenue Code and related regulations.

Panel #1:

• Reuven Avi-Yonah (University of Michigan School of Law)
• Jack T. Ciesielski (President, R.G. Associates)
• Stehen E. Shay (Harvard Law School)

Panel #2:

• Bill Sample (Corporate Vice President for Worldwide Tax, Microsoft)

Panel #3:

• Bett Carr (Partner, International Tax Services, Ernst & Young)
• Lester Ezrati (Senior Vice President and Tax Director. Hewlett-Packard)
• John N. Mullen (Senior Vice President and Treasurer, Hewlett-Packard)

Panel #4:

• Susan M. Cosper (Technical Director, Financial Accounting Standards Board)
• Michael Danilack (Deputy Commissioner (International), Large Business and International Division, IRS)
• William J. Wilkins (Chief Counsel, IRS)

• Bloomberg, Microsoft Avoided Billions in U.S. Tax, Senate Memo Says
• Politico, Carl Levin Targets Microsoft, HP Tax Strategies
• Reuters, Microsoft, HP Skirted Taxes Via Offshore Units: Senate Panel