Tax Analysts Blog

 
Monday, April 7, 2014 - 00:00
In an ideal world, tax laws do not drive business decisions. Instead, the tax system should accurately reflect how businesses operate and then capture the proper amount of revenue for the government. That was one of the main selling points for the check-the-box regulations. However, a taxpayer's c...
Monday, March 31, 2014 - 00:00
Setting a new low for lack of detail and specificity, Senate Democrats unveiled their “Fair Shot for Everyone” agenda last week. Only loosely a set of real proposals, the agenda is merely a series of talking points designed to distract voters from President Obama's lagging approval numbers and t...
Monday, March 24, 2014 - 00:00
On February 26 House Ways and Means Chair Dave Camp released a comprehensive discussion draft for tax reform that included legislative language and made several tough choices to deliver on the chair's promise to lower corporate and individual rates to 25 percent and stay revenue neutral. It was th...
Monday, March 17, 2014 - 00:00
It's the season for tax reform. Besides House Ways and Means Chair Dave Camp, both Senate Finance Committee member Rob Portman of Ohio and President Obama have unveiled their own plans to overhaul the tax code. Portman's is very light on details, and Obama's is still another budget proposal that...
Monday, March 10, 2014 - 00:00
The largest tax expenditure in the code is the exclusion for employer-provided healthcare insurance. It cost the government $130 billion in lost revenue in 2013. It's also the only major individual tax expenditure that isn't on the chopping block under House Ways and Means Committee Chair Dave Ca...
Monday, March 3, 2014 - 00:00
By now, almost everyone interested in tax policy knows about Dave Camp's tax reform discussion draft. Camp's plan is the most detailed tax reform proposal in some time (arguably since 1986, depending on how seriously you take the efforts of President George W. Bush's blue ribbon commission). The...
Monday, February 24, 2014 - 00:00
This is the week tax reform observers have been waiting for. House Ways and Means Chair Dave Camp, after years of preparing small drafts and laying the groundwork, will release a comprehensive discussion draft on reform. Camp's plan might be out as soon as February 26. In an e-mail to his committe...
Monday, February 10, 2014 - 00:00
Before 1996, entity classification was extremely complicated and made up a large part of corporate and partnership practice. Corporate and income tax professors in law school lectured us about how lucky we were that we no longer had to worry about the Kintner tests or the six characteristics of a c...
Monday, February 3, 2014 - 00:00
Everyone wants tax reform. Both the right and the left have complaints about the tax code, some the same and some different. The tax system is unfair, complicated, burdensome, and out of step with the rest of the world, according to the common refrain. The problem is that tax reform means different...
Tuesday, January 28, 2014 - 00:00
The OECD's base erosion and profit-shifting project dominated news in the international tax world last year. The OECD's surprising and sudden shift to start protecting the tax base, instead of focusing only on preventing double taxation, took some multinationals by surprise and led to a lot of ha...
Monday, January 13, 2014 - 00:00
Comprehensive tax reform might be far in the future, but that doesn't mean that no changes to the tax system will be made over the next few years. The medical device excise tax is unpopular and might be repealed soon. Extenders are bound to be dealt with eventually, and it's likely a few won't b...
Monday, January 6, 2014 - 00:00
While it isn't quite official yet, the Senate will almost certainly have a new Finance Committee chair early in 2014. Current Chair Max Baucus has been nominated by President Obama to become ambassador to China. While it might have seemed that Baucus was doing a lot in 2013, the reality is that he...
Monday, December 16, 2013 - 00:00
After a scandal-filled year in which the IRS's credibility dropped to levels unseen since 1998, the federal tax collector needs an image overhaul. The United States relies on voluntary tax compliance, and that suffers if taxpayers no longer trust that the agency charged with administering the nati...
Monday, December 9, 2013 - 00:00
The Foreign Account Tax Compliance Act seems to be revolutionizing the way governments share tax information. Other nations are using intergovernmental agreements to piggyback on FATCA information-gathering efforts. Virtually every practitioner and financial industry representative will readily adm...
Monday, December 2, 2013 - 00:00
The NFL's tax-exempt status has come under attack recently because of a book by Gregg Easterbrook targeting what he calls the league's “fleecing” of taxpayers. But the controversy over whether the league office should be tax exempt is largely academic -- there isn't much there to tax (unlike i...
Monday, November 25, 2013 - 00:00
The NFL and Thanksgiving are an annual tradition. Every year the professional football league stages several matchups on the holiday, dominating televisions in living rooms across the country for pretty much the entire day. Lately, however, a new tradition seems to be evolving: criticism of the NFL...
Monday, November 18, 2013 - 00:00
Anyone hoping that tax reform isn't quite dead should be looking at Washington for any sign of bipartisanship. Glimmers of hope can appear almost anywhere, and sometimes you have to look hard to find them. Bipartisanship can arise for a number of reasons: growing trust between the parties, a conse...
Monday, November 4, 2013 - 00:00
Engaging in tax shelters has become risky business. The government is now quite adept at shutting down formerly popular transactions like LILOs, SILOs, son-of-BOSS, and a host of others. Taxpayers frequently find themselves paying back taxes and interest, along with steep penalties. But the governm...
Monday, October 28, 2013 - 00:00
The government shutdown might be over, but it's up to 29 members of Congress to make sure it doesn't happen again anytime soon. The handpicked members of the much-anticipated conference committee will meet for the first time this week, and they face a pretty tall order. They must deliver a report...
Monday, October 7, 2013 - 00:00
On October 3 the income tax marked its 100-year anniversary. If you're confused by the commemorative articles that appeared earlier in the year, it's because 2013 also marks 100 years of the 16th Amendment, which allowed Congress to impose an income tax as part of tariff reform in 1913. There is...