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The Congressional Research Service (CRS)

Many U.S. corporations pay little in federal income taxes

Many U.S. corporations pay little in federal income taxes

WASHINGTON (Reuters) – At least two-thirds of all active U.S. corporations paid nothing in federal income taxes during the 2006-12 period, despite an income-dependent statutory tax rate of 15 percent to 35 percent, the Government Accountability Office said in a recent report. Among large, profitable entities, 19.5 percent paid nothing in federal income taxes in […]

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CRS surveys policy considerations of tinkering with cash method of accounting rules

CRS surveys policy considerations of tinkering with cash method of accounting rules

The cash method of accounting continues to be a target of policymakers looking either to ease the burden of tax compliance for businesses or to raise revenue. A recently released Congressional Research Service (CRS) report summarizes recently advanced options for either liberalizing the cash method or further restricting its use, and how they would affect […]

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CRS reports on corporate tax base erosion and profit shifting

CRS reports on corporate tax base erosion and profit shifting

A recently released Congressional Research Service (CRS) Report finds that the magnitude of profit shifting—i.e., using tax planning strategies to avoid, delay, or reduce U.S. tax on income earned overseas—may be significant.It notes that American corporations are reported to be engaged in profit shifting with increasing frequency, including some of the most well known companies: […]

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CRS analyzes and considers changes to mortgage interest and property tax deductions

CRS analyzes and considers changes to mortgage interest and property tax deductions

Click here for the text of the Congressional Research Service’s “The Mortgage Interest and Property Tax Deductions: Analysis and Options” (Mar. 18, 2014). The Congressional Research Service (CRS) has issued a report in which it analyzes the rationales for providing tax benefits for homeowners, examines various effects of the mortgage interest deduction and state and […]

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CRS analyzes itemized deduction statistics in light of proposals to limit tax expenditures

CRS analyzes itemized deduction statistics in light of proposals to limit tax expenditures

In response to proposals by President Obama and members of Congress, and to talk in the tax community about reducing “tax expenditures,” the Congressional Research Service (CRS) has issued a report on one group of such expenditures, i.e., itemized deductions. The report principally compiles tax return statistical information, including who claims itemized deductions; it also […]

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CRS takes a closer look at competing carried interest proposals

CRS takes a closer look at competing carried interest proposals

Click here for Congressional Research Service Report RS22689, “Taxation of Hedge Fund and Private Equity Managers.” Click here for the Treasury Department’s “General Explanations of the Administration’s Fiscal Year 2015 Revenue Proposals.” Click here for the Ways and Means Section-by-Section Summary of the Tax Reform Act of 2014. Controversy over how to properly tax a […]

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CRS report examines qualified charitable distributions from IRAs and bills to revive them

CRS report examines qualified charitable distributions from IRAs and bills to revive them

A recently released Congressional Research Service (CRS) examines qualified charitable distributions (QCDs) from IRAs. As explained below, the provision allowing QCDs recently expired, but one bill has been introduced to extend them, and another bill would make them permanent. Click here for Congressional Research Service (CRS) report R22766, “Qualified Charitable Distributions from Individual Retirement Accounts: […]

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CRS sheds light on which devices are subject to medical device excise tax

CRS sheds light on which devices are subject to medical device excise tax

The Congressional Research Service (CRS) has issued a report in which it summarizes many of the medical device excise tax rules and sheds some light on which devices are subject to that tax. Background. Subject to the exceptions described in the next paragraph, for sales after Dec. 31, 2012, a tax equal to 2.3% of […]

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Congressional Research Service examines legislative actions to repeal or delay Obamacare

Congressional Research Service examines legislative actions to repeal or delay Obamacare

The Affordable Care Act (ACA, or “Obamacare”) has been a significant source of controversy in Congress since its enactment in 2010, most recently as part of the debt ceiling fight that culminated in the government shutdown. A new Congressional Research Service (CRS) report summarizes legislative and other actions taken to repeal, defund, or delay the […]

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CRS analyzes bonus depreciation and expensing election provisions

CRS analyzes bonus depreciation and expensing election provisions

The Congressional Research Service (CRS) has released a report (RL31852, July 15, 2013) that examines two popular tools for stimulating the economy – Code Sec. 168(k) first-year bonus depreciation and the Code Sec. 179 expensing election. The report looks at the economic effects of those provisions, proposals to change the provisions, and the effect 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