Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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House Holds Hearing Today on Expiring Tax Provisions
The Subcommittee on Select Revenue Measures of the House Ways & Means Committee holds a hearing today on Expiring Tax Provisions: The hearing provides Members of Congress the opportunity to speak on behalf of specific tax proposals they have introduced or cosponsored in the 112th Congress related to the extension, modification, or termination of one
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Senate Holds Hearing Today on Improving the Tax Filing Experience
The Senate Finance Committee holds a hearing today on Tax Filing Season: Improving the Taxpayer Experience: James White (Government Accountability Office) Troy Lewis (Lewis & Associates, CPAs, Draper, UT) Beth Tucker (Deputy Commissioner, IRS) Teresa Thompson (Taxpayer Advocate for Montana)
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Senate Holds Hearing Today on What Tax Reform Means for State and Local Tax and Fiscal Policy
The Senate Finance Committee holds a hearing today on Tax Reform: What It Means for State and Local Tax and Fiscal Policy: Walter Hellerstein (University of Georgia School of Law) Joseph Henchman (Tax Foundation) Kim Rueben (Urban-Brookings Tax Policy Center) Frank Sammartino (Congressional Budget Office) Sanford Zinman (Zinman Accounting, White Plains, NY) In connection with
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Joint Tax Committee Releases IRS Disclosures of Tax Return Information, 2011
The Joint Committee on Taxation has released Disclosure Report for Public Inspection Pursuant to Internal Revenue Code Section 6103(p)(3)(C) for Calendar Year 2011 (JCX-38-12): Section 6103(p)(3)(C) provides that the Secretary of the Treasury shall, within 90 days after the close of each calendar year, furnish to the Joint Committee on Taxation for disclosure to the public
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House Holds Hearing Today on Problems at the IRS: Closing the Tax Gap and Preventing Identity Theft
The House Committee on Oversight and Government Reform held a hearing this morning on Problems at the Internal Revenue Service: Closing the Tax Gap and Preventing Identity Theft: J. Russell George (Treasury Inspector General for Tax Administration) Steven Miller (Deputy Commissioner of Service and Enforcement, IRS) Nina Olson (National Taxpayer Advocate, IRS) James White (Director,
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House Holds Hearing Today on Tax Reform and Tax-Favored Retirement Accounts
The House Ways & Means Committee hold a hearing today on Tax Reform and Tax-Favored Retirement Accounts: The hearing will consider the current menu of options for retirement savings – both with respect to employer-based defined contribution plans and with respect to IRAs. The hearing will explore whether, as part of comprehensive tax reform, various
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Senate Confirms Kathryn Keneally as Assistant Attorney General, Tax Division
The Senate yesterday confirmed Kathryn Keneally (Fulbright & Jaworski, New York) as Assistant Attorney General for the Tax Division (Senate Judiciary Committee file here): Kathryn Keneally is a partner of the law firm Fulbright & Jaworski LLP in New York. For over twenty-five years, Ms. Keneally has represented clients in tax controversies and defended against allegations
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House Holds Hearing Today on IRS Operations and the 2012 Tax Return Filing Season
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on Internal Revenue Service Operations and the 2012 Tax Return Filing Season: In fiscal year 2011, the IRS collected $2.4 trillion in taxes, processed 144.7 million individual tax returns, and issued $345 billion in refunds. With the 2012 tax return
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House Holds Hearing Today on Tax Reform and Closely-Held Businesses
The House Ways & Means Committee holds a hearing today on The Treatment of Closely-Held Businesses in the Context of Tax Reform: The hearing will examine how the tax code affects closely-held businesses in particular, and how tax reform might improve their ability to grow and create jobs. To this end, the hearing will consider
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Senate Holds Hearing Today on Tax Incentives for Capital Investment and Manufacturing
The Senate Finance Committee holds a hearing today on Tax Reform Options: Incentives for Capital Investment and Manufacturing: Robert D. Atkinson (Information Technology & Innovation Foundation) Ike Brannon (American Action Forum) J.D. Foster (The Heritage Foundation). Jane G. Gravelle (Congressional Research Service). Michelle Hanlon (Sloan School of Management, MIT) In connection with the hearing, the
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Senators Propose Closing ‘Facebook Tax Loophole’
Following up on my prior posts (links below): Democratic Senators Carl Levin and Kent Conrad yesterday introduced legislation to close the 'Facebook Tax Loophole.' Facebook awarded Mark Zuckerberg options to purchase 120 million shares for 6 cents per share. Although financial reporting rules allow Facebook to deduct the options at 6 cents per share, tax
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Senate Holds Hearing Today on Tax Reform to Encourage Growth, Reduce Deficit & Promote Fairness
The Senate Budget Committee holds a hearing today on Tax Reform to Encourage Growth, Reduce the Deficit, and Promote Fairness: Leonard E. Burman (Syracuse University) Daniel J. Mitchell (Cato Institute) Diane Lim Rogers (Concord Coalition)
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Joint Tax Committee: Overview of the Federal Tax System
Joint Committee on Taxation, Overview of the Federal Tax System as in Effect for 2012 (JCX-18-12): This document … provides a summary of the present-law Federal tax system as in effect for 2012. The current Federal tax system has four main elements: (1) an income tax on individuals and corporations (which consists of both a
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The Definition of Income Used by the Joint Committee on Taxation in Distributional Analyses
Joint Committee on Taxation, Overview of the Definition of Income Used by the Staff of the Joint Committee on Taxation in Distributional Analyses (JCX-15-12): This document … provides information on the definition of income used by Joint Committee staff in distributional analyses. The Joint Committee staff defines a concept, called “expanded income,” to sort taxpayers
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House Holds Hearing Today on The Interaction of Tax and Financial Accounting on Tax Reform
The House Ways & Means Committee holds a hearing today on The Interaction of Tax and Financial Accounting on Tax Reform: The hearing will consider how public companies evaluate tax policy options in light of financial accounting considerations. It will examine whether tax legislation works as intended when Congress fails to account for the effects
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CBO: Tax Revenues to ‘Shoot Up’ 30% by 2014
Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2012 to 2022: [U]nder current law, revenues will rise considerably as a share of GDP—from 16.3% in 2012 to 20.0% in 2014 and 21.0% in 2022. In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30%, mostly because of
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Senate Holds Hearing Today on Extenders and Tax Reform: Seeking Long-Term Solutions
The Senate Finance Committee holds a hearing today on Extenders and Tax Reform: Seeking Long-Term Solutions: Rosanne Altshuler (Professor and Chair of the Economics Department, Rutgers University) Jason J. Fichtner (Senior Research Fellow, Mercatus Center, George Mason University) Caroline L. Harris (Chief Tax Counsel and Director of Tax Policy, U.S Chamber of Commerce) Calvin H.
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Senate Holds Hearing Today on Taxation of Mutual Fund Commodity Investments
The Senate Permanent Subcommittee on Investigations holds a hearing today on Taxation of Mutual Fund Commodity Investments to examine the issuance of over 70 private letter rulings by the IRS allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments
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Raskolnikov: Taxation of Financial Products — Options for Fundamental Reform
Alex Raskolnikov (Columbia), Taxation of Financial Products: Options for Fundamental Reform, 133 Tax Notes 1549 (Dec. 19, 2011): The following is testimony to the joint hearing of the House Ways & Means Committee and the Senate Finance Committee. The testimony discusses three benchmarks for evaluating the taxation of capital income in general and financial instruments
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Joint Tax Committee Releases List of Expiring Federal Tax Provisions, 2011-2022
The Joint Committee on Taxation has released List of Expiring Federal Tax Provisions 2011-2022 (JCX-1-12): This document … provides a listing of Federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to expire in 2011-2022 (with references to the applicable section of the
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CRS: Income Inequality, 1996-2006
The Congressional Research Service has released Changes in the Distribution of Income Among Tax Filers Between 1996 and 2006: The Role of Labor Income, Capital Income, and Tax Policy (R42131), by Thomas L. Hungerford: Bills have been introduced in the 112th Congress that address the issue of income inequality by affecting the income of workers
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CRS on Corporate Tax Reform
The Congressional Research Service has released Corporare Tax Reform: Issues for Congress (RL34229), by Jane G. Gravelle (Senior Specialist in Economic Policy): Interest in corporate tax reform that lowers the rate and broadens the base has developed in the past several years. Some discussions by economists in opinion pieces have suggested there is an urgent need
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CRS on Income Inequality
The Congressional Research Serviice yesterday released Changes in the Distribution of Income Among Tax Filers Between 1996 and 2006: The Role of Labor Income, Capital Income, and Tax Policy (R42131): Social scientists and philosophers have been concerned with issues surrounding the distribution of income or income inequality for over 200 years—the economist and philosopher Adam
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Senate Report Refutes Case for Tax Repatriation
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs yesterday released New Data Show Corporate Offshore Funds Not “Trapped” Abroad: Nearly Half of So-Called “Offshore” Funds Already in the United States (press release): On October 11, 2011, the Permanent Subcommittee on Investigations Majority Staff Report, “Repatriating Offshore Funds: 2004
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Senate Holds Hearing Today on Clean Energy Tax Incentives
The Senate Finance Committee Subcommittee on Energy, Natural Resources, and Infrastructure holds a hearing today on Clean Energy Tax Incentives: The Effect of Short-Term Extensions on Clean Technology Investment, Domestic Manufacturing, and Jobs: Will Coleman (Partner, Mohr Davidow Ventures, Menlo Park, CA) Molly Sherlock (Specialist in Energy Tax Policy, Congressional Research Service) Paul Soanes (President