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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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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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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 12 — Highway funding bill headed to conference

November 12 — Highway funding bill headed to conference

On November 10, the Senate voted 83 to 7 to invoke cloture (i.e., to close off debate) on the motion to go to conference on H.R. 22, the “Developing a Reliable and Innovative Vision for the Economy Act” (DRIVE Act). The DRIVE Act would, in addition to providing funding for the federal highway program, revoke […]

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Special Study: Tax Provisions in the Bipartisan Budget Act of 2015

Special Study: Tax Provisions in the Bipartisan Budget Act of 2015

Bipartisan Budget Act of 2015. Bipartisan Budget Act of 2015 Section-by-Section Summary. The Senate, by a vote of 64 to 35, has passed H.R. 1314, the “Bipartisan Budget Agreement of 2015” (the Act) which would lift mandatory spending caps on defense and domestic programs and raise the federal debt ceiling. Previously, the House, by a […]

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New Ways & Means leadership tasked with tax extender legislation

New Ways & Means leadership tasked with tax extender legislation

Less than a day after winning the post recently vacated by new House Speaker Paul Ryan (R-WI), new Ways and Means Committee Chairman Kevin Brady (R-TX) was called on by major industry groups to address tax extenders. This year, like last, these temporary tax provisions have been expired for almost a year, making it difficult […]

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Post-debate roundup of the Presidential candidates’ tax positions

Post-debate roundup of the Presidential candidates’ tax positions

With the first round of debates behind us and a slightly smaller pool of candidates, pressure is increasing on those who are still in the game to move past vague references to tax reform and put out concrete proposals and ideas. Although not all of the candidates have released detailed tax plans, a number of […]

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Measure to increase U.S. debt limit could hit House floor soon

Measure to increase U.S. debt limit could hit House floor soon

WASHINGTON (Reuters) – The U.S. House of Representatives could attempt to pass legislation this month raising the amount the federal government is allowed to borrow, before Speaker John Boehner retires, an aide to Boehner said on Wednesday. “The speaker has made it clear that he wants to solve some outstanding issues before he leaves. No […]

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Stopgap funding bill clears main hurdle in U.S. House

Stopgap funding bill clears main hurdle in U.S. House

WASHINGTON (Reuters) – A bill to temporarily fund the U.S. government and avoid agency shutdowns beginning on Thursday cleared a key procedural hurdle in the House of Representatives, which is expected to pass the legislation later on Wednesday. By a vote of 239-187, the House agreed to the rules for debating the bill to fund […]

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Retirement planning techniques that could be going away soon

Retirement planning techniques that could be going away soon

While Presidents and Congresses have for decades championed tax incentives for Americans to save for their retirement, a number of recent proposals aim to close down certain retirement planning techniques that some deem inequitable. In this article, we discuss three of those techniques and some of the proposals that would close down their use. High […]

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Wide assortment of new tax provisions enacted in trade bills

Wide assortment of new tax provisions enacted in trade bills

On June 29, President Obama signed into law two major trade bills: (1) the Trade Preference Extension Act of 2015 (TPE Act, P.L. 114-27, 6/29/2015); and (2) and the Trade Priorities and Accountability Act of 2015 (TPA Act, P.L. 114-26, 6/29/2015). The bills contain a variety of tax provisions including extending the health coverage tax […]

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U.S. House Republicans unveil $8.1 billion short-term transport bill

U.S. House Republicans unveil $8.1 billion short-term transport bill

WASHINGTON (Reuters) – Republicans in the U.S. House of Representatives on Monday unveiled an $8.1 billion plan to fund highway and rail transit projects through the end of 2015, paid for by extending an airport security fee increase and various tax rule changes. Congress faces a July 31 deadline to renew federal transportation spending authority and avoid a major […]

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Lawmakers to consider fate of currently expired “extender” provisions

Lawmakers to consider fate of currently expired “extender” provisions

The “Tax Increase Prevention Act of 2014” (TIPA), passed late last year, extended, generally through the end of 2014, a host of then-expired “extender” provisions—but, as things currently stand, these provisions are again expired and taxpayers are again waiting to see whether, when, and how Congress will address them. However, there is some indication that […]

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Senate Finance Committee Working Groups Issue Detailed Tax Reform Reports

Senate Finance Committee Working Groups Issue Detailed Tax Reform Reports

The Senate Finance Committee  released reports from the committee’s five bipartisan tax working groups: Business Income Tax (135 pages) Individual Income Tax (48 pages) International Tax (82 pages) Savings and Investment (18 pages) Community Development & Infrastructure (39 pages) The reports offer policy options and recommendations for ‎the Committee to consider as part of comprehensive tax reform. Background On January 15, […]

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U.S. IRS cracks down on hedge funds’ tax strategy

U.S. IRS cracks down on hedge funds’ tax strategy

(Reuters) – The U.S. Internal Revenue Service is cracking down on hedge funds, challenging a tax strategy called “basket options” that they have used to avoid taxes estimated at billions of dollars. Under IRS guidance issued on Wednesday, hedge funds using the options must report them on their tax returns and correct past returns if […]

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JCT and House committee weigh repatriation proposals

JCT and House committee weigh repatriation proposals

The Joint Committee on Taxation (JCT) has prepared a report examining the taxation of repatriated foreign earnings as a potential revenue source for funding the Highway Trust Fund. On June 24, a subcommittee of the House Ways and Means Committee held a public hearing on that subject. The JCT report entitled “Present Law and Selected […]

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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