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President of the United States

Sanders plan raises incomes but also U.S. deficits, analysts say

Sanders plan raises incomes but also U.S. deficits, analysts say

NEW YORK (Reuters) – U.S. Democratic presidential candidate Bernie Sanders’ tax and benefit plans would raise income for most Americans but his proposal for single-payer healthcare would help generate record federal deficits, two Washington think tanks said on Monday. An analysis by the Tax Policy Center said that although most people would pay higher taxes […]

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Obama tax inversion rules may overstep authority

Obama tax inversion rules may overstep authority

WASHINGTON (Reuters) – President Barack Obama’s proposed rules to stop U.S. companies from reincorporating abroad, if only on paper, to avoid U.S. income taxes appear to overstep legal authority, a top Republican lawmaker said on Friday. Representative Kevin Brady said his staff is scrutinizing the rules, which were unveiled last week by the U.S. Treasury […]

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April 20 — Obama Administration announces opposition to proposed IRS administration bills

April 20 — Obama Administration announces opposition to proposed IRS administration bills

On April 18, the Administration issued a Statement of Administration Policy (SAP) announcing that it strongly opposes H.R. 4885, the “IRS Oversight While Eliminating Spending Act of 2016,” which would repeal the IRS’s longstanding legal authority to offset the cost of providing services to taxpayers with user fees. The SAP stated that repealing this authority […]

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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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Obama urges Congress to take action on corporate tax reform

Obama urges Congress to take action on corporate tax reform

WASHINGTON (Reuters) – U.S. President Barack Obama on Tuesday urged Congress to take action to stop U.S. companies from taking advantage of tax loopholes that allow them to avoid paying taxes. “When companies exploit loopholes like this… it sticks the rest of us with the tab and it makes hard-working Americans feel like the deck […]

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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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Build a giant wall, cut Education Department. What a President Trump would do

Build a giant wall, cut Education Department. What a President Trump would do

(Reuters) – U.S. presidential candidate Donald Trump has been accused by some in his Republican Party of being vague on policy specifics and heavy on rhetoric. Here is a look at what the billionaire businessman, the front-runner for the Republican nomination, has said he would do on some of the big issues should he become […]

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President signs into law trade enforcement bill with increased penalty for failure to file return

President signs into law trade enforcement bill with increased penalty for failure to file return

On February 24, President Obama signed into law H.R. 644, the “Trade Facilitation and Trade Enforcement Act of 2015.” In addition to authorizing U.S. Customs and Border Protection (i.e., the agency within the Department of Homeland Security charged with border protection and managing imports) and making permanent the Internet Tax Freedom Act banning taxes on […]

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U.S. Republican Trump releases healthcare proposals

U.S. Republican Trump releases healthcare proposals

U.S. Republican presidential front-runner candidate Donald Trump on Wednesday unveiled proposals for reforming U.S. healthcare that included repealing Obamacare, allowing prescription drugs to be imported, and turning the Medicaid program for the poor into block grants to states. The plan also calls for the sale of health insurance plans across state lines, full deduction of […]

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Obama’s final budget contains far-reaching tax proposals and key changes to health law

Obama’s final budget contains far-reaching tax proposals and key changes to health law

President Obama’s “Budget of the U.S. Government, Fiscal Year 2017.” Treasury Department’s “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals.” On February 9, the President released his federal budget proposals for the 2017 fiscal year. The Treasury Department’s “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals” (the so-called “Green Book”) was […]

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Obama proposes $4.1 trillion spending plan in final White House budget

Obama proposes $4.1 trillion spending plan in final White House budget

WASHINGTON (Reuters) – U.S. President Barack Obama proposed a $4.1 trillion spending plan for fiscal year 2017 on Tuesday in a final White House budget that met immediate Republican resistance for its cost and reliance on tax hikes to fund domestic priorities. Obama, a Democrat who leaves office next January, sought to outline his fiscal […]

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Obama to propose $2.5 billion tax credit for community college investment

Obama to propose $2.5 billion tax credit for community college investment

WASHINGTON (Reuters) – President Barack Obama will propose a $2.5 billion tax credit over five years for businesses that invest in programs at local community colleges and hire their graduates, administration officials said on Friday. The proposal, dubbed the Community College Partnership Tax Credit, would require businesses to donate funds for equipment, instruction, or internships […]

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White House announces retirement savings incentives that will be in 2017 budget

White House announces retirement savings incentives that will be in 2017 budget

FACT SHEET: Building a 21st Century Retirement System, issued by the White House (Jan. 26, 2016). On January 26, the White House released a Fact Sheet in which it announced proposals that would expand access to workplace retirement savings opportunities and increase the portability of retirement savings. The proposals will be detailed further in President […]

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Clinton weighs making investment income taxable for Social Security

Clinton weighs making investment income taxable for Social Security

Nashua, NEW HAMPSHIRE (Reuters) – U.S. Democratic presidential candidate Hillary Clinton said on Tuesday that she would consider making investment income taxable through Social Security deductions in a bid to keep the government program afloat, the Wall Street Journal reported. Clinton, the front-runner for the party’s nomination in the Nov. 2016 contest, made the comments […]

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U.S. taxpayer due to subsidize Koch-controlled coal mine

U.S. taxpayer due to subsidize Koch-controlled coal mine

WASHINGTON (Reuters) – The Obama administration is set to refund as much as $14 million in royalties to a coal company run by billionaire investor William Koch that says it is entitled to the money since the now-shut mine on federal land was costly to operate. The Interior Department recommended the payout in a December […]

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Clinton to propose 4 percent income-tax ‘surcharge’ on wealthy

Clinton to propose 4 percent income-tax ‘surcharge’ on wealthy

WASHINGTON (Reuters) – U.S. Democratic presidential candidate Hillary Clinton is calling for a 4 percent “surcharge” income tax on people earning more than $5 million annually, a Clinton aide said on Monday. The so-called “Fair Share Surcharge” would be imposed on the two out of every 10,000 taxpayers who make more than $5 million a […]

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Clinton charities refile six years of tax returns to amend errors

Clinton charities refile six years of tax returns to amend errors

NEW YORK (Reuters) – The Bill, Hillary & Chelsea Clinton Foundation and an associated charity refiled tax returns for six years with the U.S. Internal Revenue Service to amend their reporting of donations from foreign governments and other errors, the charities said on Monday. The foundation refiled its Form 990 tax returns for 2010, 2011, […]

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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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November 3 — President signs into law budget agreement that eliminates TEFRA and electing large partnership audit rules

November 3 — President signs into law budget agreement that eliminates TEFRA and electing large partnership audit rules

On November 2, President Obama signed into law H.R. 1314, the “Bipartisan Budget Agreement of 2015”, which lifts mandatory spending caps on defense and domestic programs, raises the federal debt ceiling, and includes important tax provisions. Effective generally for returns filed for partnership tax years beginning after Dec. 31, 2017, the new law eliminates the […]

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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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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