Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Senate Holds Hearing Today on The Tax Gap
The Subcommittee on Taxation and IRS Oversight of the Senate Finance Committee holds a hearing today on A Closer Look at the Size and Sources of the Tax Gap. Here are the witnesses scheduled to testify: Mark J. Mazur, Director, Research, Analysis, and Statistics, IRS Michael Brostek, Director, Tax Issues, Strategic Issues Team, U.S. Government
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Senate Holds Hearing Today on How Much Should Borders Matter?: Tax Jurisdiction in the New Economy
The Subcommittee on International Trade of the Senate Finance Committee holds a hearing today on How Much Should Borders Matter?: Tax Jurisdiction in the New Economy. Here are the witnesses scheduled to testify: Panel I: Michael B. Enzi, United States Senator Panel II: Daniel C. Noble, Excise Tax Administrator, Wyoming Department of Revenue George S.
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House to Vote Today on Business Activity Tax Simplification Act
The House is scheduled to vote today on H.R. 1956, the Business Activity Tax Simplification Act of 2005. The would forbid states from imposing a corporate tax (based on net income, gross receipts, net worth, etc.) on any corporation that has no physical presence (property or employees) in-state. Primary Sources: H.R. 1956 Congressional Budget Office
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Baucus to Block Solomon Nomination Unless He Agrees to Deadline for Plan to Close Tax Gap
Senate Finance Committee ranking minority member Max Baucus (D-MT) yesterday said he plans to block Eric Solomon’s nomination as Assistant Secretary for Tax Policy unless Solomon or new Treasury Secretary Henry Paulson agrees come up with a comprehensive plan to close the tax gap by September 30. Market Watch: Sen. Baucus Threatens to Block Treasury
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House Holds Hearing Today on Patenting Tax Advice
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Issues Relating to the Patenting of Tax Advice. From the announcement of the hearing: In recent years, patents for “business methods” have been issued by the Patent and Trademark Office. A number of patents have been issued
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Senate Holds Hearing Today on Solomon’s Nomination to be Assistant Treasury Secretary for Tax Policy
The Senate Finance Committee holds a hearing today on the nomination of Eric Solomon to be Assistant Secretary of the Treasury for Tax Policy. The hearing will take place at 10:00 a.m. in 215 Dirksen Senate Office Building. (It previosuly was scheduled for June 27 and was postponed until today.) For more on Solomon’s nomination,
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Senators Concerned About Deductibility of Boeing’s Settlement
Interesting article in today’s New York Times: 3 Senators Protest Possible Tax Deduction for Boeing in Settling U.S. Case, by Leslie Wayne: Three prominent Republican senators have written to Attorney General Alberto R. Gonzales to express concern that Boeing may be allowed to take a tax deduction for a $615 million settlement reached last week
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S.3626 Estate Tax Compromise Bill
Here are resources in connection with S. 3626, the attempt by Senator Mary L. Landrieu (D-LA) to forge a compromise in the estate tax debate. The bill would set the exemption at $5 million ($10 million for a married couple), impose a 35% flat rate, and provide special valuation rules for family businesses and farms
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S. 832, The Taxpayer Protection and Assistance Act of 2005
Legisislative documents in connection with S. 832, The Taxpayer Protection and Assistance Act of 2005, approved by the Senate Finance Committee this week in conjunction with S. 1321, The Telephone Excise Tax Repeal Act: Text of S. 832 Text of S. 1321 Democratic Staff of Senate Finance Committee, Summary Joint Committee on Taxation, Description of
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Senate Postpones Today’s Hearing on Solomon’s Nomination to be Assistant Treasury Secretary for Tax Policy
The Senate Finance Committee has postponed today’s scheduled hearing on the nomination of Eric Solomon to be Assistant Secretary of the Treasury for Tax Policy. The hearing will be held at a later date.
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House Holds Hearing Today on The Impact of International Tax Reform on U.S. Competitiveness
The Subcommittee on Select Revenue Measures of the House Ways and Means Committee hosts a hearing today on The Impact of International Tax Reform on U.S. Competitiveness: In its November 2005 report, the President’s Advisory Panel on Federal Tax Reform criticized the current U.S. international tax system as one that “distorts business decisions, treats different
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Ways & Means Chair Thomas Offers Estate Tax Compromise Bill
In an effort to spur estate tax reform in the Senate, House Ways & Means Committee Chair William M. Thomas (R-CA) yesterday introduced H.R. 5638, the Permanent Estate Tax Relief Act of 2006. The bill would: Reunify the estate, gift, and generation-skipping transfer taxes Permanently raise the estate tax exemption level to $5 million, effective
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Senate Holds Hearing Today on A Tune-Up On Corporate Tax Issues
The Senate Finance Committee holds a hearing today on A Tune-Up On Corporate Tax Issues: What’s Going On Under The Hood?. Here are the witnesses scheduled to testify: Mark Everson (Commissioner, IRS) David Walker (Comptroller General, U.S. Government Accountability Office) Eileen J. O’Connor (Assistant Attorney General, Tax Division, U.S. Department of Justice) George A. Plesko
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Confirmation of New FEMA Director Hits Snag Over “Questionable” Personal Deductions
The confirmation of David Paulison to lead the Federal Emergency Management Agency hit an unexpected snag Wednesday at his Senate confirmation hearing over three years of "questionable" deductions on his tax returns. The committee and FEMA have not released details about the deductions. AP reports: At issue are Paulison’s tax returns from 2003 to 2005,
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Confirmation of New FEMA Director Hits Snag Over “Questionable” Personal Deductions
The confirmation of David Paulison to lead the Federal Emergency Management Agency hit an unexpected snag Wednesday at his Senate confirmation hearing over three years of "questionable" deductions on his tax returns. The committee and FEMA have not released details about the deductions. AP reports: At issue are Paulison’s tax returns from 2003 to 2005,
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House Challenges IRS’s Compliance with Regulatory Flexibility Act
Donald A. Manzullo (R-IL), Chair of the House Committee on Small Business, raised interesting separation of powers and administrative law issues in an 8-page letter to the Treasury and IRS challenging their compliance with the Regulatory Flexibility Act in promulgating guidance for qualified intermediaries in § 1031 exchanges: The Department of Treasury (Treasury) and the
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House Challenges IRS’s Compliance with Regulatory Flexibility Act
Donald A. Manzullo (R-IL), Chair of the House Committee on Small Business, raised interesting separation of powers and administrative law issues in an 8-page letter to the Treasury and IRS challenging their compliance with the Regulatory Flexibility Act in promulgating guidance for qualified intermediaries in § 1031 exchanges: The Department of Treasury (Treasury) and the
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New IRS Controls Over Charitys’ Investments in Tax Shelters
I have not seen any discussion of this point, and I may be off-base, but has anyone focused on section 211 of H.R. 4297, the pending tax reconciliation bill? The bill would add, in new § 4965 of the Code, a hefty excise tax on a tax-exempt organization that "is a party to a prohibited
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New IRS Controls Over Charitys’ Investments in Tax Shelters
I have not seen any discussion of this point, and I may be off-base, but has anyone focused on section 211 of H.R. 4297, the pending tax reconciliation bill? The bill would add, in new § 4965 of the Code, a hefty excise tax on a tax-exempt organization that "is a party to a prohibited
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Republicans Reach Deal on Tax Cuts
Republicans in Congress reached agreement this afternoon on a $70 billion tax cut measure to extend the 15% tax rate on dividends and capital gains and to provide AMT relief. For details, see: Associated Press Bloomberg Center on Budget & Policy Priorities L.A. Times New York Times Reuters Tax Analysts Tax Policy Center — Revenue
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Republicans Reach Deal on Tax Cuts
Republicans in Congress reached agreement this afternoon on a $70 billion tax cut measure to extend the 15% tax rate on dividends and capital gains and to provide AMT relief. For details, see: Associated Press Bloomberg Center on Budget & Policy Priorities L.A. Times New York Times Reuters Tax Analysts Tax Policy Center — Revenue
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Senate Finance Committee Seeks Information from Tax Preparation Industry
Senate Finance Committee Chair Charles Grassley (R-IA) and Ranking Minority Member Max Baucus (D-MT) continued their review of the paid tax preparation industry in a letter sent yesterday to the major tax preparation firms yesterday. Grassley and Baucus requested information on business models, training and compensation of tax preparers, quality control, and other issues. Press
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Senate Finance Committee Seeks Information from Tax Preparation Industry
Senate Finance Committee Chair Charles Grassley (R-IA) and Ranking Minority Member Max Baucus (D-MT) continued their review of the paid tax preparation industry in a letter sent yesterday to the major tax preparation firms yesterday. Grassley and Baucus requested information on business models, training and compensation of tax preparers, quality control, and other issues. Press
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House Holds Hearing Today on Corporate Tax Reform
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Corporate Tax Reform. From the announcement: The purpose of this hearing is to understand how tax-preference items within the corporate tax code reallocate the tax burden and whether these shifts are beneficial or detrimental to the U.S.
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House Holds Hearing Today on Corporate Tax Reform
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Corporate Tax Reform. From the announcement: The purpose of this hearing is to understand how tax-preference items within the corporate tax code reallocate the tax burden and whether these shifts are beneficial or detrimental to the U.S.