Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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Text of Proposed Tax Shelter Act
Here is the text of the proposed Tax Shelter and Tax Haven Reform Act of 2005 (S. 1565). From the press release of co-sponsor Carl Levin (D-MI): Abusive tax shelters are very different from legitimate tax shelters, such as deducting the interest paid on your home mortgage or Congressionally approved tax deductions for building affordable
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Capitol Hill Commentary on Rev. Rul. 2005-53
The IRS recently issued Rev. Rul. 2005-53 (and related temporary regs) and has finally resolved a long-standing and controversial issue related to the utility industry and accounting methods for inventory of electricity. In short, scores of utilities have filed accounting method changes over the past 5 years to switch to the simplified service cost method
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Energy Tax Incentives Act of 2005
Here are several documents relating to the Energy Tax Incentives Act of 2005: Overview Statement of Managers, Description and Technical Explanation of the Conference Agreement Joint Committee on Taxation, Revenue Estimates
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House Holds Hearing Today on Members’ Tax Reform Proposals
The Subcommittee on Select Revenue Measures of the House Ways and Means Committee holds a hearing today on various tax reform proposals by House Members: The focus of the hearing will be to examine proposals made by Members of the U.S. House of Representatives that satisfy the President’s objectives of fair, simple, and growth‑oriented tax
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Senate Holds Hearing on Updating Depreciable Lives
The Subcommittee on Long-Term Growth and Debt Reduction of the Senate Finance Committee holds a public hearing today on Updating Depreciable Lives: Is There Salvage Value in the Current System? Here are the witnesses scheduled to appear: Joseph M. Mikrut (Capitol Tax Partners, Washington, D.C.) Thomas S. Neubig (National Director, Quantitative Economics and Statistics, Ernst
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House Holds Hearing Today on Fraud in Income Tax Return Preparation
The Subcommittee on Oversight of the House Ways and Means Committee holds a hearing today on fraud in income tax return preparation: The hearing will focus on evidence of negligent and fraudulent return preparation practices by tax professionals and the statutory and regulatory structure that sets the boundaries for Federal tax practice. The hearing will
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Democratic Staff of Senate Budget Committee Releases Analysis of FY 2006 OMB Review
The Democratic Staff of the Senate Budget Committee has released Analysis of the FY 2006 OMB Mid-Session Review. Here is the opening: The Bush administration’s FY 2006 Mid-Session Review shows a short-term fiscal improvement that masks the long-term deterioration in the nation’s budget outlook. It is good news that this year’s deficit is lower than
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Senate Holds Hearing on Expiring Tax Provisions
The Senate Finance Committee holds a public hearing today on Encouraging Savings and Investment: Stay the Course or Change Direction?. Here are the witnesses scheduled to appear: G. Scott Harding (President & CEO, F.B. Harding, Inc.) Robert A. Weinberger (Vice President, Government Relations, H&R Block) David Malpass (Chief Economist, Bear Stearns) Eric Toder (Senior Fellow,
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House Holds Hearing Today on Tax Fraud by Prison Inmates
The Subcommittee on Oversight of the House Ways and Means Committee holds a hearing today to examine tax fraud by prison inmates: The hearing will focus on the current laws, policies and procedures to detect and deter tax fraud committed by prison inmates, and will explore further steps that can be taken by the IRS
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House Holds Hearing Today on Pension Protection Act
The Subcommittee on Select Revenue Measures of the House Ways and Means Committee holds a hearing today on Funding Rules for Multiemployer Defined Benefit Plans in H.R. 2830, the Pension Protection Act of 2005: More than 9.8 million workers participate in multiemployer defined benefit plans, which are collectively bargained pension arrangements involving unrelated employers, usually
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Senate Finance Committee Staff Releases Overview Memo of Energy Policy Tax Incentives Act
The Senate Finance Committee Staff has released a nine-page Overview Memorandum of the Energy Policy Tax Incentives title of H.R. 6. For prior TaxProf Blog coverage, see: Statutory Language of Energy Policy Tax Incentives Act (6/21) Joint Tax Committee Issues Reports on Energy Policy Tax Incentives Act (6/18) Senate Finance Committee Staff Releases Overview of
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Statutory Language of Energy Policy Tax Incentives Act
Here is the legislative text of the Energy Policy Tax Incentives portion of H.R. 6, as proposed by Chairman Chuck Grassley and Ranking Minority Member Max Baucus and approved by the Senate Finance Committee and by the full Senate, in all of its 257-page glory. For prior TaxProf Blog coverage, see: Joint Tax Committee Issues
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Tax Job on Capitol Hill
Senator Barbara A. Mikulski (D-MD) is seeking a Legislative Assistant to handle economic issues, including budget, finance, trade, tax and pensions. This position has a great deal of autonomy. A successful candidate would need to be entrepreneurial and creative, in addition to having strong writing, organizational and communication skills. Hill or related experience necessary. Knowledge
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Joint Tax Committee Issues Reports on Energy Policy Tax Incentives Act
The Joint Committee on Taxation has issued various reports in connection with the Energy Policy Tax Incentives Act Of 2005: Description of Chairman’s Modifications (JCX-46-05) (37 pages) Estimated Revenue Effects (JCX-47-05) (4 pages) Description of Act (JCX-44-05) (52 pages) Estimated Revenue Effects (JCX-45-05) (3 pages)
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Senate Finance Committee Staff Releases Overview of Energy Tax Policy Incentives Act
The staff of the Senate Finance Committee on Tuesday released this Overview of the Energy Tax Policy Incentives Act of 2005.
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House Ways & Means Committee Holds Hearing Today on Tax Reform
The House Ways & Means Committee holds a public hearing today on Tax Reform: In anticipation of recommendations from the Treasury Secretary on tax reform, this hearing will be the first of several to inform Congress on the need for and benefits of reforming the current tax code. The focus of the hearing will be
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Senate Finance Committee Holds Hearing Today on The Tax Code and Land Conservation
The Senate Finance Committee holds a public hearing today on The Tax Code and Land Conservation: Report on Investigations and Proposals for Reform. Scheduled witnesses include: Jonathan Selib (Tax Counsel, Senate Finance Committee) Dean Zerbe (Tax Counsel and Senior Counsel to the Chairman, Senate Finance Committee) Earl E. Devaney (Inspector General, U.S. Department of Interior)
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Congressional Tax Committees Examine Tax-Exempt Hospitals
The House and Senate tax committees in recent days have examined tax-exempt hospitals: The House Ways & Means Committee on Thursday held a hearing on The Tax-Exempt Hospital Sector. Here is the witness list: Mark Everson (Commissioner, Internal Revenue Service) David M. Walker (Comptroller General, U.S. Government Accountability Office) Mark McClellan (Administrator, Centers for Medicare
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Witness Statements at Senate Finance Committee Hearing on Social Security: Achieving Sustainable Solvency
The Senate Finance Committee yesterday held a hearing on Social Security: Achieving Sustainable Solvency. Here is a list of the witnesses (with links to their testimony): Douglas Holtz-Eakin (Director, Congressional Budget Office), Options for Social Security: Budgetary and Distributional Impacts Eugene C. Steuerle (Senior Fellow, Urban Institute), Social Security Stanford G. Ross (former Commissioner of
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Hellerstein & Zelinsky Testify on State Taxation After Cuno v. Daimler Chrysler
The House Judiciary Committee yesterday held a joint hearing on Economic Development and the Dormant Commerce Clause: The Lessons of Cuno v. Daimler Chrysler and Its Effect on State Taxation Affecting Interstate Commerce. Here is a list of the witnesses (with links to their testimony): Bruce Johnson (Ohio Lietenant Governor) Michele R. Kuhrt (Director of
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Senate Finance Committee Holds AMT Hearing; Joint Tax Committee Issues AMT Report
The Subcommittee on Taxation and IRS Oversight of the Senate Finance Committee holds a hearing today on Blowing the Cover on the Stealth Tax: Exposing the Individual AMT at 12:30 p.m. in 628 Dirksen Senate Office Building. Here is the witness list: Robert Carroll (Deputy Assistant Secretary for Tax Analysis, Treasury Department) Douglas Holtz-Eakin (Director,
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Joint Tax Committee Holds Hearing Today on IRS Strategic Plans and 2006 Budget
The Joint Committee on Taxation is holding a hearing today to review the IRS’s strategic plans and 2006 budget. In preparation for the meeting, the committee released Report of the Joint Committee on Taxation Relating to the Internal Revenue Service as Required by Section 8022 of the Internal Revenue Code (JCX-35-05) (56 pages). Here is
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Joint Tax Committee Releases Documents for Review of IRS’s Strategic Plan and Budget
The Joint Committee on Taxation has released several documents in connection with Thursday’s scheduled review of the IRS’s strategic plans and fiscal year budget: Press Release (PR01-05) Revised Press Release (PR01-05R) Joint Review Of The Strategic Plans And Budget Of The Internal Revenue Service, 2003 (JCS-4-05) (125 pages)
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Senate Finance Committee To Hold Hearings on AMT
The Subcommittee on Taxation and IRS Oversight of the Senate Finance Committee will hold a public hearing next Monday (May 23) on Blowing the Cover on the Stealth Tax: Exposing the Individual AMT. Scheduled witnesses include: Mr. Robert Carroll (Deputy Assistant Secretary for Tax Analysis, Treasury Department) Douglas Holtz-Eakin (Director, Congressional Budget Office) Nina E.
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Description of Revenue Enhancements in Highway Bill
The staff of the Senate Finance Committee has prepared this description of the revenue enhancements included the Highway Bill (H.R. 3, the Safe, Accountable, Flexible, Efficient Transportation Equity Act of 2005 (SAFETEA)). For related Joint Tax Committee documents, see: Estimated Revenue Effects Of The Manager’s Amendment To Title V. Of H.R. 3, The "Highway Reauthorization