Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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House & Senate Release Public Comments on Tax Technical Corrections Act of 2006
The House Ways & Means Committee and Senate Finance Committee have released public comments on the Tax Technical Corrections Act of 2006 (H.R. 6264 & S. 4026).
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Grassley & Baucus Criticize IRS’s Handling of Free File Program
Senate Finance Committee Chairman Charles Grassley and Ranking Member Max Baucus have issued a joint letter to IRS Commissioner Everson and press release expressing concern that the IRS continues to make the Free File program "inaccessible, complicated, and otherwise frustrating for taxpayers" “It seems the tax preparation industry was holding all the cards in the
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Grassley Questions ACORN’s Tax-Exempt Status
Senate Finance Committee Chair Charles Grassley has sent this letter to the Association of Community Organizations for Reform Now ("ACORN") requesting information on whether ACORN has abused its charitable exemption through election and voter fraud. There have been recent major stories in newspapers in Missouri, Ohio and Pennsylvania that have raised serious issues about the
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Senators Bradley & Wyden Call for Tax Reform Push
Senators Bill Bradley and Ron Wyden held a press conference yesterday calling for a new push for federal tax reform: Twenty years after the last major tax reform act was signed into law, former U.S. Senator Bill Bradley (D-NJ) and Senator Ron Wyden (D-OR) today teamed up to urge President George W. Bush to join
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Senate Considers New Options to Close Tax Gap
The Senate Finance Committee has released a new set of discussion options from the Joint Committee on Taxation for closing the $345 billion annual tax gap: The Joint Committee report makes five new recommendations for improved information reporting: Impose basis reporting requirements for publicly-traded securities. Reporting requirements for real estate taxes. Provide reporting for proceeds
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JEC Warns IRS: Do Not Tax Virtual Economies
Joint Economic Committee Chair Jim Saxton has issued a press release warning the IRS to not tax participants in on-line games: Virtual Economies Need Clarification, Not More Taxes: “There is a concern that the IRS might step forward with regulations that start taxing transactions that occur within virtual economies. This, I believe, would be a
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Tax Technical Corrections Act of 2006
Just before Congress adjourned, the Tax Technical Corrections Act of 2006 was introduced in the House (H.R. 6284) by Ways & Means Committee Chairman Bill Thomas (R-CA), and in the Senate (S. 4026) by Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Max Baucus (D-MT). The bill would make changes to the following previously
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Johnson Introduces International Tax Simplification Act of 2006
Rep. Sam Johnson (R-TX), a senior member of the House Ways & Means Committee, today introduced the International Tax Simplification Act of 2006, which would make a number changes to various international tax rules: Permanent Subpart F exemption for active financing income Permanent look-thru rule for related controlled foreign corporations Repeal of foreign base company
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House Holds Markup of Health Opportunity Patient Empowerment Act of 2006
The House Ways & Means Committee today holds a markup of H.R. 6134, the Health Opportunity Patient Empowerment Act of 2006: Bill Joint Committee Description The markup takes place at 10:30 a.m. at 1100 Longworth House Office Building.
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Senate Holds Hearing Today on The Tax Gap
The Federal Financial Management, Government Information, and International Security Subcommittee of the Senate Homeland Security and Governmental Affairs Committee holds a hearing today on Deconstructing the Tax Code: Uncollected Taxes and Issues of Transparency: This hearing will highlight the 2006 updated estimate of the tax gap by the IRS; examine IRS efforts to close the
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House Holds Hearing Today on Tax Issues Introduced in the 109th Congress
The Select Revenue Measures Subcommittee of the House Ways & Means Committee holds a hearing today on Member Proposals on Tax Issues Introduced in the 109th Congress: The hearing provides Members the opportunity to speak on behalf of bills they have introduced containing tax provisions important to their constituents. The hearing will take place at
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Senate Holds Hearing Today on Health Savings Accounts
The Subcommittee on Health Care of the Senate Finance Committee holds a hearing today on Health Savings Accounts: The Experience So Far. These are the witnesses scheduled to testify: Robert Carroll, Deputy Assistant Secretary for Tax Analysis, U.S. Treasury Department John Dicken, Director, Health Care Issues, U.S. Government Accountability Office Joseph V. Knight, Chief Financial
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JEC Releases Top Half of Taxpayers Pay Highest Tax Share in Decades
The Joint Economic Committee has released Top Half of Taxpayers Pay Highest Tax Share in Decades — New IRS Data Released: The share of income taxes paid by the top half of taxpayers reached its highest level in decades, according to new IRS data released today [blogged here]. According to the new data, the top
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House Democrats Release The Middle-Class Squeeze
The Democratic Staff of the Committee on Special Investigations of the House Committee on Government Reform has released The Middle-Class Squeeze, prepared for Democratic Leader Nancy Pelosi & Rep. Henry A. Waxman. Here is part of the Executive Summary: President Bush took office with the nation prospering under excellent economic conditions: the budget was in
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Senate Holds Hearing Today on Business Tax Reform
The Senate Finance Committee is holding a hearing today on Our Business Tax System: Objectives, Deficiencies, and Options for Reform. The hearing takes place at 10:00 a.m. in 215 Dirksen Senate Office Building. The witnesses scheduled to testify are: David Walker (Comptroller General, U.S. Government Accountability Office) Robert Carroll (Deputy Assistant Secretary for Tax Analysis,
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S. 1321, Telephone Excise Tax Repeal and Taxpayer Protection and Assistance Act of 2006
The Senate Finance Committee has released the following documents in connection with S. 1321, Telephone Excise Tax Repeal and Taxpayer Protection and Assistance Act of 2006: Statutory Language Committee Report Revenue Estimate
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House Budget Committee Holds Hearing on Dynamic Scoring
The House Budget Committee held a hearing yesterday on The Real Purpose of "Dynamic" Estimating, with testimony from: Douglas J. Holtz-Eakin (Director, Maurice R. Greenberg Center for Geoeconomic Studies; Council on Foreign Relations) John W. Diamond (Fellow in Tax Policy; James A. Baker, III Institute for Public Policy) Leonard E. Burman (Senior Fellow; Urban Institute)
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Senate Holds Hearing Today on Backdating Options
The Senate Finance Committee holds a hearing today on Executive Compensation: Backdating to the Future/Oversight of Current Issues Regarding Executive Compensation Including Backdating of Stock Options; and Tax Treatment of Executive Compensation, Retirement and Benefits. Here are the witnesses scheduled to testify: Paul J. McNulty, Deputy Attorney General Mark Everson, Commissioner, Internal
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Senate to Consider Tax Changes in Response to Option Backdating
The Senate Finance Committee will hold a hearing on September 6 to consider tax law changes in response to the flurry of stock option backdating investigations. From the press release: There have been a number of recent newspaper stories about corporate executives finding ways to compensate themselves to skirt the federal tax on compensation that
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Senate Holds Hearing Today on Kick-Off for Tax Reform
The Senate Finance Committee holds a hearing today on Kick-Off for Tax Reform: Tackling the Tax Code. Witnesses from the President’s Advisory Panel on Federal Tax Reform ("Advisory Panel") and others scheduled to testify: Connie Mack, III (Chair, Advisory Panel; Senior Policy Advisor, King & Spalding, Washington, D.C.) John Breaux (Vice-Chairman, Advisory Panel; Senior Counsel,
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DOJ Explains Deductibility of $615 Million Boeing Settlement
The Department of Justice yesterday released the testimony of Deputy Attorney General Paul J. McNulty before the Senate Armed Services Committee. McNulty explained the DOJ’s "tax neutral" approach in the $615 million Boeing settlement and the IRS’s role in the settlement: [T]he Department’s policy of remaining tax neutral – a longstanding policy established in consultation
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Press Reports on Senate Tax Shelter Hearing
Press reports on yesterday’s Senate hearing on offshore tax shelters (blogged here): Associated Press: IRS Chief Says Offshore Abuses a Problem, by Mary Dalrymple New York Times: Tax Cheats Called Out of Control, by David Cay Johnston Reuters: US Senate Panel Grills Offshore Tax Shelter Users, by Kevin Drawbaugh USA Today: Report Targets Offshore Tax
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Senate Holds Hearing Today on Tax Haven Abuses
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security & Governmental Affairs holds a hearing today on Tax Haven Abuses: The Enablers, The Tools & Secrecy: The Subcommittee has held a number of hearings addressing the issue of tax havens and offshore abuses which are undermining the integrity of the federal tax
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House Passes Two Tax Bills
The House last night passed two tax bills which will be taken up by the Senate next week: The Pension Bill (H.R. 4) passed 279-131: Legislative Text (Part 1) Legislative Text (Part 2) Ways & Means Committee Summary Ways & Means Committee Summary of Charitable Provisions Joint Committee Revenue Estimate The "Trifecta Bill" (H.R. 5970)
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Testimony from Senate’s Tax Gap Hearing
The Subcommittee on Taxation and IRS Oversight of the Senate Finance Committee has released the testimony from yesterday’s hearing [blogged here] on A Closer Look at the Size and Sources of the Tax Gap: Mark J. Mazur, Director, Research, Analysis, and Statistics, IRS Michael Brostek, Director, Tax Issues, Strategic Issues Team, U.S. Government Accountability Office