Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Senate Staffers Hold Meeting Today on Taxing Private Equity
Staff of the House Ways & Means Committee, Joint Committee on Taxation, and Senate Finance Committee are holding a closed-door meeting today on the taxation of private equity fund managers. Among the academics and practitioner invited to attend is Victor Fleischer (Illinois), author of Two and Twenty: Taxing Partnership Profits in Private Equity Funds, 83
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Senate Holds Hearing Today on Offshore Tax Evasion
The Senate Finance Committee holds a hearing today on Offshore Tax Evasion: Stashing Cash Overseas. Here are the witnesses scheduled to testify, along with links to their written testimony: John Harrington (Acting International Tax Counsel, Treasury Department) Jeffrey Owens (Director, Centre for Tax Policy and Administration, Organization for Economic Co-operation and Development, Paris, France) Reuven
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Thomas, Brill Join Buchanan Ingersoll
Bill Thomas (left), former Chair of the House Ways & Means Committee, has joined the Washington, D.C. office of Buchanan Ingersoll & Rooney as a senior advisor. From the press release: Thomas was behind virtually every major piece of health care legislation of the past decade, and his reputation and accomplishments in the area of
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Winters Joins Buchanan Ingersoll
Robert S. Winters, former Chief Tax Counse of the House Ways & Means Committee, has joined the Washington, D.C. office of Buchanan Ingersoll & Rooney. From the press release: Robert Stage Winters has been a key drafter, developer and participator in federal tax legislation since beginning his career as legislative director and house budget committee
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House Holds Hearing on Closing the Tax Gap Without Creating Burdens for Small Businesses
The House Small Business Committee held a hearing yesterday on Closing the Tax Gap Without Creating Burdens for Small Businesses. Statements from the following witnesses are available here: Mark W. Everson (Commissioner, IRS) Thomas M. Sullivan (Chief Counsel for Advocacy, U.S. Small Business Administration) John Satagaj (President & General Counsel, Small Business Legislative Council) Keith
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Joint Tax Committee Releases Reports on Small Business and Work Opportunity Tax Act of 2007
The Joint Committee on Taxation yesterday released, in connection with the Small Business and Work Opportunity Tax Act of 2007, in H.R. 1591, U.S. Troops Readiness, Veterans’ Health, and Iraq Accountability Act of 2007: Technical Explanation (JCX-24-07) Estimated Revenue Effects (JCX-25-07) For other legislative documents, see here.
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House Holds Hearing Today on Energy Tax Incentives
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee on Energy Tax Incentives. From the hearing announcement: The hearing provides Members the opportunity to speak on behalf of specific tax proposals they have introduced in the 109th or 110th Congress that would encourage the development of alternative energy sources, or that
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Details of Democrats’ Agreement on Small Business Tax Incentives
Small Business and Work Opportunity Tax Act, in H.R. 1591, U.S. Troops Readiness, Veterans’ Health, and Iraq Accountability Act of 2007: Press Release: House Ways & Means Committee Chair Charles Rangel Senate Finance Committee Chair Max Baucus Democratic Staff Summary Statutory Language
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H.R. 1677, The Taxpayer Protection Act of 2007
Legislative documents in connection with the House’s passage this week of H.R. 1677, the Taxpayer Protection Act of 2007: H.R. 1677 H.R. Rep. No. 110-84 Roll Call Vote House Staff Summary Congressional Research Service Summary CBO Cost Estimate Joint Committee on Taxation Revenue Estimate
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More on Senate Hearing on Reducing the Tax Gap
Materials from yesterday’s Senate Finance Committee hearing (blogged here) on Examining the Administration’s Plan for Reducing the Tax Gap: What are the Goals, Benchmarks and Timetables?: Webcast of Hearing Statement of Senate Finance Committee Chair Max Baucus Testimony of Treasury Secretary Henry M. Paulson, Jr. Testimony of Treasury Assistant Secretary for Tax Policy Eric Solomon
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House Holds Hearing Today on Energy and Tax Policy
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Energy and Tax Policy. From the hearing announcement: This hearing will focus on the utility of tax incentives in encouraging the further development, expanded production, and increased utilization of clean and renewable energy. The hearing begins at
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Senate Holds Hearing Today on Reducing the Tax Gap
The Senate Finance Committee holds a hearing today on Examining the Administration’s Plan for Reducing the Tax Gap: What are the Goals, Benchmarks and Timetables?. Here are the witnesses scheduled to testify: Henry M. Paulson, Jr., Secretary of the Treasury Eric Solomon, Assistant Secretary for Tax Policy Mark W. Everson, Commissioner, Internal Revenue Service The
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Senate Holds Hearing Today on Filing Your Taxes: An Ounce of Prevention is Worth a Pound of Cure
The Senate Finance Committee holds a hearing today on Filing Your Taxes: An Ounce of Prevention is Worth a Pound of Cure. Here are the witnesses scheduled to testify: Mark W. Everson (Commissioner, IRS) Eileen J. O’Connor (Assistant Attorney General for the Tax Division, U.S. Department of Justice) Michael Phillips (Deputy Inspector General for Audit,
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Politics Shifting Away from Permanent Estate Tax Repeal
United for a Fair Economy has released a report noting that the politics of the estate tax have shifted away from President Bush’s goal of permanent repeal, President and Congress at Odds Over Estate Tax. From the press release: United for a Fair Economy has released a background report detailing significant new activity in legislation
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Ways & Means Committee Marks Up Taxpayer Protection Act of 2007 Today
The House Ways & Means Committee today marks up H.R. 1677, the Taxpayer Protection Act of 2007: Bill Joint Committee on Taxation Description (JCX-18-07) Joint Committee on Taxation Estimated Revenue Effects (JCX-19-07)
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Joint Tax Committee Releases Description of Tax Provisions in President’s Budget, Projects $333 Billion Tax Increase from Proposed Standard Deduction for Health Insurance
The Joint Committee on Taxation today released Description of Revenue Provisions Contained in the President’s Fiscal Year 2008 Budget Proposal (JCS-2-07): This document, prepared by the staff of the Joint Committee on Taxation, provides a description and analysis of the revenue provisions modifying the Internal Revenue Code of 1986 (the “Code”) that are contained in
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House Ways & Means Committee to Investigate Private Tax Collection, Requests Halt in New Contracts
House Ways & Means Committee Chairman Charles B. Rangel yesterday sent a letter to IRS Commissioner Mark Everson requesting that the IRS not award any new private tax collection contracts this year. Chairman Rangel also announced a Ways & Means Committee investigation into the use of private companies to collect federal income tax debts. Letter
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House Holds Hearing Today on The AMT
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on The Alternative Minimum Tax. From the announcement: This hearing will examine the impact of the AMT on individual taxpayers, particularly middle-income taxpayers who were never intended to be subject to this tax. Here are the witnesses scheduled
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Joint Tax Committee Holds Organizational Meeting Today
The Joint Committee on Taxation will hold on organizational meeting today at 1:15 p.m. in Room H-208 of the U.S. Capitol. From the press release: Members of the Joint Committee on Taxation will elect a Chairman and Vice Chairman of the Committee and will review the ongoing operations of the Committee. The meeting will be
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Senate Seeks Suggestions for Closing the Tax Gap
Over the summer, I signed a letter with over ninety other tax professors calling on Senator Baucus to end his block of Eric Solomon’s appointment as Assistant Secretary for Tax Policy until the Treasury produced a specific plan for closing the tax gap. In response, I received the following letter yesterday from the Senate Finance
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House Marks Up Katrina Housing Tax Relief Act
The House Ways & Means Committee today marks up H.R. 1562, The Katrina Housing Tax Relief Act of 2007, beginning at 10:00 a.m. in 1100 Longworth House Office Building. In conjunction with the hearing, the Joint Committee on Taxation has released: Description of the Katrina Housing Tax Relief Act of 2007 (JCX-12-07) Estimated Revenue Effects
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Joint Tax Committee Releases Revenue Effects of President Bush’s Proposed Standard Deduction for Health Insurance
The Joint Committee on Taxation yesterday released Estimating the Revenue Effects of the Administration’s Fiscal Year 2008 Proposal Providing a Standard Deduction for Health Insurance: Modeling and Assumptions (JCX-17-07): The Administration’s Fiscal Year 2008 Budget includes a proposal to create a new standard deduction for health insurance, while generally repealing the present-law tax subsidies relating
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House Holds Hearing Today on the Tax Gap
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on Internal Revenue Service Operations and the Tax Gap. Mark W. Everson, Commissioner of the IRS, is the only witness scheduled to testify. From the announcement: The Subcommittee will review overall IRS operations, the status of the current tax return
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Senators Blast IRS Plan to Seek Public Input in Development of Guidance
I previously blogged the IRS’s announcement of a pilot program to solicit greater public input in the development of guidance (Notice 2007-17), as well as David Cay Johnston’s critical article in the New York Times (IRS Letting Tax Lawyers Write Rules). Yesterday, Senate Finance Committee Chair Max Baucus and ranking member Charles Grassley sent letters
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House Holds Hearing Today on Revenue Increasing Measures in Small Business and Work Opportunity Act of 2007
The House Ways and Means Committee holds a hearing today on the Revenue Increasing Measures in the Small Business and Work Opportunity Act of 2007. Here are the witnesses scheduled to testify: Kenneth E. Bentsen, Jr. (President, Equipment Leasing and Finance Association, Arlington, VA) Greg Heaslip (Vice President – Benefits, PespsiCo, Inc., Purchase, NY) Kenneth