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Legislation

Washington Alert – RSC’s tax choices; TIGTA on filing season; JCT on background for business reform; TIGTA alert re IRS and phony iTunes gift cards

Washington Alert – RSC’s tax choices; TIGTA on filing season; JCT on background for business reform; TIGTA alert re IRS and phony iTunes gift cards

On April 22, the Republican Study Committee (RSC) released the conservative caucus’s tax policy recommendations. Perhaps most eye-catching of the suggestions was a proposal to repeal (sunset) the current tax Code at the end of 2019 in order to force Congress to finally act on comprehensive tax reform. Other suggestions included: collapsing the current seven […]

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IRS explains how to figure maximum HSA contribution in first Medicare year

IRS explains how to figure maximum HSA contribution in first Medicare year

Information Letter 2016-0003; Information Letter 2016-0004 IRS has issued two information letters that explain how to compute the maximum permissible health savings account (HSA) contribution in the first year an individual is enrolled in Medicare. Background. Eligible individuals may, subject to statutory limits, make deductible contributions to a health savings account (HSA). (Code Sec. 223) Distributions […]

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End Date of Empowerment Zone Nominations Deemed Extended to Reflect Path Act

End Date of Empowerment Zone Nominations Deemed Extended to Reflect Path Act

Notice 2016-28, 2016-15 IRB In a Notice, IRS has explained how a State or local government amends the nomination of an empowerment zone to provide for a new termination date, as provided for by Code Sec. 1391, as amended by §171(a) of the Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L. 114-113, 12/18/2015). […]

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April 22 — Senate Finance Committee approves bills to prevent identity theft and refund fraud & improve taxpayer protection

April 22 — Senate Finance Committee approves bills to prevent identity theft and refund fraud & improve taxpayer protection

On April 20, the Senate Finance Committee favorably reported out the “Prevent Identity Theft and Tax Refund Fraud” bill, which would require IRS to develop guidelines for identity theft refund fraud cases to reduce burdens for victims, and to prepare a report on identity theft refund fraud (which would include information on victim response time). […]

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W&M Subcommittee Examines Consumption and Cash-Flow Based Taxation

W&M Subcommittee Examines Consumption and Cash-Flow Based Taxation

Joint Committee on Taxation, Background on Cash-Flow and Consumption-Based Approaches to Taxation, (JCX-14-16), March 18, 2016. Consumption-based and cash-flow approaches to taxation have long been part of the tax reform debate and are perceived by some as a potential way to offset some of the costs of other reforms, such as lowering the corporate tax rate or […]

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President and Treasury update plan for dramatic business & international tax reform

President and Treasury update plan for dramatic business & international tax reform

The President’s Framework for Business Tax Reform: An Update. One day prior to the issuance of major corporate inversion regs, the Administration and Treasury Department released a joint report titled “The President’s Framework for Business Tax Reform: An Update.” In addition to providing the President’s vision for tax reform, the report includes recent figures to […]

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Higher taxes in Obama’s budget would cut deficits – CBO

Higher taxes in Obama’s budget would cut deficits – CBO

WASHINGTON (Reuters) – U.S. President Barack Obama’s fiscal 2017 budget would produce $6.9 trillion in deficits over the next decade if enacted, about $2.4 trillion less than under current tax and spending laws, congressional forecasters said on Tuesday. The Congressional Budget Office said in a new analysis, however, that its 10-year deficit estimate is $776 billion […]

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Ways and Means Committee examines options for U.S. international tax reform

Ways and Means Committee examines options for U.S. international tax reform

Joint Committee on Taxation, ” Present Law and Recent Global Developments Related to Cross-Border Taxation” (Feb. 23, 2016). On February 24, the House Ways and Means Committee held a public hearing to focus on the global tax environment in 2016 and implications for U.S. international tax reform. Expert witnesses and members of the committee weighed […]

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Washington Alert – Applications for Low Income Taxpayer Clinic (LITC) grants; Conn senators question charitable donations of conservation easements; Revisions of Publication 974, Premium Tax Credit; JCT paper on Present Law, Data, and Selected Proposals Relating to Multiemployer Defined Benefit Plans

Washington Alert – Applications for Low Income Taxpayer Clinic (LITC) grants; Conn senators question charitable donations of conservation easements; Revisions of Publication 974, Premium Tax Credit; JCT paper on Present Law, Data, and Selected Proposals Relating to Multiemployer Defined Benefit Plans

IRS announced that it is soliciting applications for “part-year” Low Income Taxpayer Clinic (LITC) matching grants from qualified organizations in specific geographic areas. (IR 2016-31) The supplemental application period will run from Mar. 1 to Apr. 1. LITCs provide representation to low-income taxpayers and education regarding taxpayer rights and responsibilities to individuals who speak English […]

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U.S. House Democrats introduce bill to curb company tax inversions

U.S. House Democrats introduce bill to curb company tax inversions

WASHINGTON (Reuters) – Two leading U.S. House Democrats introduced legislation on Tuesday intended to curb corporate tax inversion deals by preventing companies from lowering the effective tax rates of U.S. business operations after moving their headquarters overseas. A bill, authored by the top Democrats on the House Ways and Means and Budget Committees, would limit […]

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U.S. Republicans’ feud threatens to reignite fiscal battles

U.S. Republicans’ feud threatens to reignite fiscal battles

WASHINGTON (Reuters) – A senior House Republican warned on Wednesday that differences among lawmakers over a spending increase could threaten plans for a more orderly budget process under House Speaker Paul Ryan, who has been basking in a honeymoon period. The comments from House Appropriations Chairman Hal Rogers came as Ryan was facing the first […]

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JCT updates list of expiring provisions to reflect year-end extenders legislation

JCT updates list of expiring provisions to reflect year-end extenders legislation

Joint Committee on Taxation, List of Expiring Federal Tax Provisions 2016-2025 (JCX-1-16), January 8, 2016. The Protecting Americans from Tax Hikes (PATH) Act and Consolidated Appropriations Act, 2016, went well beyond what many expected would be another short-term, blanket extension of the temporary “extender” tax provisions that had been expired for most of a year. Some provisions […]

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Business Tax Breaks in the “Protecting Americans From Tax Hikes” Act

Business Tax Breaks in the “Protecting Americans From Tax Hikes” Act

On December 18, Congress passed and the President signed into law a bipartisan, bicameral agreement on tax extenders—i.e., the 50 or so temporary tax provisions that are routinely extended by Congress on a one- or two-year basis—and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) Act of 2015” (the Act). The […]

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Non-Extender Provisions in the Protecting Americans From Tax Hikes Act

Non-Extender Provisions in the Protecting Americans From Tax Hikes Act

The “Protecting Americans from Tax Hikes (PATH) Act of 2015”.   On December 17, the House passed a bipartisan, bicameral agreement on tax extenders—i.e., the 50 or so temporary tax provisions that are routinely extended by Congress on a one- or two-year basis—and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) […]

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Washington Alert – TIGTA Semi-Annual Report to Congress; JCT on Technical Explanation of the Revenue Provisions of the Protecting Americans from Tax Hikes Act of 2015; IRS announces updates to Forms 1023 and 1024

Washington Alert – TIGTA Semi-Annual Report to Congress; JCT on Technical Explanation of the Revenue Provisions of the Protecting Americans from Tax Hikes Act of 2015; IRS announces updates to Forms 1023 and 1024

During the second half of fiscal year 2015, the audit and investigative activities of the Treasury Inspector General for Tax Administration (TIGTA) “resulted in the recovery, protection and identification of monetary benefits” of approximately $4.9 billion, according to a report released on Dec. 17. (TIGTA Semi-Annual Report to Congress – April 1, 2015-Sept. 30, 2015) […]

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Tax Provisions in the 2016 Consolidated Appropriations Act

Tax Provisions in the 2016 Consolidated Appropriations Act

2016 Consolidated Appropriations Act, Division P—Tax-Related Provisions. On December 18, the President signed into law the 2016 Consolidated Appropriations Act. The House, by a vote of 316 to 113, had approved the bill earlier in the day, and the Senate had swiftly passed the bill hours later by a margin of 65 to 33. In […]

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U.S. lawmakers back big tax breaks in $1.8 trillion bill

U.S. lawmakers back big tax breaks in $1.8 trillion bill

WASHINGTON (Reuters) – Brushing aside concerns about deepening the budget deficit, U.S. lawmakers approved $1.8 trillion worth of federal spending and tax breaks on Friday in a rare case of bipartisan action after years of damaging fiscal fights in Congress. The Senate voted 65-33 to approve sweeping legislation that averted a government shutdown, locked in billions of […]

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December 4—House-passed Highway funding bill includes tax provisions

December 4—House-passed Highway funding bill includes tax provisions

On December 3, the House, by a vote of 359 to 65, agreed to the conference report () to accompany H.R.22, the “Fixing America’s Surface Transportation (FAST) Act.” In addition to authorizing federal surface transportation programs through fiscal year 2020, the bill contains several tax-related provisions, including those that would: Require the Secretary of State […]

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Negotiation on tax extenders progresses but deal remains elusive

Negotiation on tax extenders progresses but deal remains elusive

Speaking on November 30, Senate Finance Committee Chairman Orrin Hatch (R-UT) appeared to be cautiously optimistic about a conclusion to the ongoing negotiations on tax extenders—the 50 or so temporary tax provisions that are routinely extended by Congress on a 1- or 2-year basis. These taxpayer-friendly provisions generally expired as of the end of 2014 […]

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November 4 — Public Law number assigned to budget agreement that eliminates TEFRA and large partnership audit rules

November 4 — Public Law number assigned to budget agreement that eliminates TEFRA and large partnership audit rules

A Public Law number has been assigned to H.R. 1314, the “Bipartisan Budget Agreement of 2015” — P.L. 114-74. The Act which was signed by the president into law on Nov. 3, 2015, lifts mandatory spending caps on defense and domestic programs, raises the federal debt ceiling, and includes important tax provisions. Effective generally for […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney