President Obama s FY 2017 budget reaffirms call for business tax reform, significant international and individual tax increases
|
|
- Beatrix Davis
- 7 years ago
- Views:
Transcription
1 from Washington National Tax Services President Obama s FY 2017 budget reaffirms call for business tax reform, significant international and individual tax increases February 9, 2016 In brief President Obama on February 9 submitted an FY 2017 budget to Congress that reaffirms his support for business tax reform that would lower the top US corporate tax rate to 28 percent, with a 25-percent rate for domestic manufacturing income. The President s budget again reserves revenue from a large number of previously proposed tax increases to support business tax reform. Significant international tax increase proposals that have been re-proposed include a 19-percent minimum tax on future foreign income estimated by Treasury staff to raise $350.4 billion over 10 years. A one-time mandatory 14-percent tax on previously untaxed foreign income is also re-proposed, with the estimated $299 billion in the one-time revenues associated with this proposal to be used for increased spending on various policy initiatives. The Administration notes various proposals intended to prevent US companies from avoiding tax through inversions and to prevent foreign companies operating in the United States from using excessive interest deductions to strip earnings out of the United States. One significant new proposal is a $10.25-per barrel fee on oil production to fund investments in a clean transportation system that is estimated to raise $319 billion over 10 years. The budget also includes a new proposal to modify the Affordable Care Act s Cadillac excise tax on certain high-cost employerprovided health plans to account for regional differences in health care costs. The President s budget proposes more than $1 trillion in tax increases for upper-income individuals, including new proposals to increase the top capital gains and qualified dividends tax rate to 28 percent, limit step-up in basis for inherited property, and impose a new fee on large financial institutions, as well as previous proposals to limit the value of itemized deductions and impose a Buffett rule minimum tax on higher incomes. The budget also includes a large number of loophole closers and proposals to reduce the tax gap through new compliance measures and increased information reporting. The budget calls for revenue from these proposals to be used to offset the cost of new middle-class tax reforms and to reduce the federal deficit. The Treasury Department s general explanations of the Administration s FY 2017 revenue proposals are provided in a 283-page Green Book.
2 In detail Business tax reform Reaffirming his support for businessonly tax reform, the President s FY 2017 budget calls for (1) lowering the top corporate tax rate to 28 percent, (2) providing a 25-percent rate for domestic manufacturing income, (3) reforming international tax rules, (4) simplifying and reducing taxes for small businesses. The budget does not specify all of the base broadeners that would be required to offset the cost of lowering the top US corporate rate from 35 percent to 28 percent, but states that the rate reductions would be paid for by eliminating dozens of inefficient tax expenditures and through additional structural reforms. Note: Revenue proposals in the President s budget are proposed to be effective generally after December 31, Foreign earnings minimum tax proposal: The President s budget re-proposes a 19-percent minimum tax that would apply to the foreign earnings of US corporations and their controlled foreign corporations (CFCs), less 85 percent of the 'per-country foreign effective tax rate.' The President s FY 2017 budget modifies the earlier FY 2016 version of this proposal to provide that the lookthrough exception to Subpart F (which was extended through December 31, 2019 by Congress last year) would be made permanent, and income qualifying for the lookthrough exception would be subject to minimum tax. Note: In response to concerns expressed last year about the President s minimum tax proposal by some Members of Congress, Treasury Secretary Jack Lew testified at House and Senate tax committee hearings that the Administration s minimum tax rate of 19 percent was subject to negotiation with Congress. The Administration also re-proposes a one-time 14-percent tax on previously untaxed foreign income. A credit would be allowed for the amount of foreign income taxes associated with such earnings, multiplied by the ratio of the one-time tax rate to the otherwise applicable US corporate tax rate. The earnings subject to the onetime tax could then be repatriated without any further US tax. The tax would be payable ratably over five years. Other previously proposed international tax measures reserved in the budget for tax reform include proposals that would: Repeal a delay in the implementation of worldwide interest allocation rules; this provision under current law has been delayed until taxable years beginning after Restrict deductions for excessive interest of members of a financial reporting group. Prevent avoidance of foreign base company sales income through manufacturing services arrangements. Create a new category of Subpart F income for transactions involving digital goods or services. Restrict the use of hybrid arrangements. Limit the application of exceptions under Subpart F for certain transactions that use reverse hybrids. Limit the ability of domestic entities to expatriate. Prevent elimination of earnings and profits through distributions of certain stock. Limit shifting of income through intangible property transfers. Modify tax rules for dual capacity taxpayers. Disallow deductions for excess non-taxed reinsurance premiums paid to foreign affiliates. Tax gain from the sale of a partnership interest on lookthrough basis. Prevent use of leverage distributions from related foreign corporations to avoid dividend treatment. Extend section 338(h)(16) to certain asset acquisitions. Remove foreign taxes from a section 902 corporation s foreign tax pool when earnings are eliminated. Other revenue-raising proposals to be reserved for tax reform would: Treat publicly-traded partnerships for fossil fuels as C corporations. Eliminate certain oil and gas preferences, including the domestic manufacturing deduction, expensing of intangible drilling costs, and percentage depletion. Eliminate certain coal preferences, including the domestic manufacturing deduction. Require that derivative contracts be marked to market with the resulting gain or loss treated as ordinary income. 2 pwc
3 Modify treatment of insurance companies and products, including dividends-received deduction for life insurance company separate accounts. Repeal LIFO method of accounting. Repeal lower-of-cost-or-market inventory accounting method. Modify like-kind exchange rules for real property. Modify depreciation rules for noncommercial general aircraft. Conform corporate ownership standards. Repeal gain limitation for dividends received in reorganization exchanges. Expand the definition of built-in loss for purposes of partnership loss transfers. Extend partnership basis limitation rules to non-deductible expenditures. Limit importation of losses under related-party loss limitation rules. Deny deduction for punitive damages. Tax increases to offset middleclass tax credits and reduce the federal deficit Previously proposed individual tax increase proposals would: Increase the top rates on capital gains and dividend income to 28 percent (inclusive of the 3.8- percent net investment income tax) for joint filers with incomes above $500,000, and would propose to change the estate tax carryover basis rules to limit the ability to step up the basis of inherited property. The Treasury Department estimates these changes in capital gains rules would raise $235.2 billion over 10 years. Limit to 28 percent the value of all itemized tax deductions and certain tax exclusions, including tax-exempt interest, employersponsored health insurance, and retirement contributions, for individuals with taxable incomes in the 33-percent, 35-percent, or 39.6-percent tax brackets. A similar limitation would apply under the alternative minimum tax. The Treasury Department estimates this proposal to raise $645.5 billion over 10 years. Implement a Buffett Rule by imposing a 30-percent minimum Fair Share Tax (FST) with carveout for charitable giving. The proposed FST would be phased-in for modified adjusted gross income starting at $1 million, and would be fully phased-in at $2 million. This proposal is estimated to raise $37.5 billion over 10 years. Fee on large financial institutions The President s FY 2017 budget also re-proposes a fee on large financial institutions. Specifically, the proposal would impose a 7-basis-point fee on the liabilities of large US financial firms with assets of more than $50 billion. This proposal is estimated to raise $111 billion over 10 years. Fee on oil production The President s FY 2017 budget proposes a new $10.25-per barrel fee on oil to be paid by oil companies. The fee would be phased-in over five years. This proposal is estimated to raise $319 billion over 10 years. High-cost employer-provided health coverage The budget includes a new proposal to modify the Affordable Care Act s Cadillac excise tax on certain highcost employer-provided health plans to account for regional differences in health care costs. Note: Congress last year enacted legislation delaying implementation of the Cadillac excise tax until Additional proposed revenue offsets and loophole closers include proposals to: Tax 'carried interest' partnership income as ordinary income. Conform net investment income taxes (NIIT) and self-employment contributions act (SECA) taxes for professional services businesses, including S corporations, limited partnerships, general partnerships, and LLCs taxed as partnerships. Limit the total accrual of all individual retirement accounts (IRAs) and other tax-preferred retirement accounts; currently, the maximum permitted accumulation of tax-preferred retirement accounts for an individual age 62 would be approximately $3.4 million. Reinstate the estate tax at 2009 levels, with a top rate of 45 percent and a $3.5 million exemption. Require current inclusion in income of accrued market discount and limit the accrual amount of distressed debt. Require that the cost basis of portfolio stock that is a covered security must be determined using the average basis method. Reinstate Superfund taxes. 3 pwc
4 Increase tobacco taxes and index for inflation. Make permanent the FUTA surtax. Increase certainty with respect to worker classification. Restrict deductions for certain conservation easements. Expand tax gap compliance requirements. Disallow the deduction for charitable contributions that entitle donors to a right to purchase tickets to sporting events. Middle-class tax relief Provide a new second earner tax credit up to $500 for two-earner married couples, subject to wage limitations. Expand child care tax benefits up to $3,000 per child, subject to wage limitations. Simplify education tax benefits by consolidating several overlapping education provisions and make permanent and expand the American Opportunity Tax Credit. Require 401(k) plans to expand eligibility to participate to longterm part-time employees, defined as those working at least 500 hours per year for at least three consecutive years. Expand earned income tax credit (EITC) benefits for workers without qualifying children. Business tax proposals The budget includes several business tax proposals that are intended to provide incentives for manufacturing, research, clean energy, and infrastructure. The budget proposes a new credit for businesses hiring graduates from community and technical colleges. Building on last year s action by Congress to make permanent the Section 41 research credit, the President s budget proposes to repeal the traditional method of calculating the research credit and make certain changes in the credit: (1) increase the alternative simplified credit (ASC) rate from 14 percent to 18 percent; (2) eliminate the reduced ASC for businesses without qualified research expenses in the prior three years; (3) allow the credit to offset alternative minimum tax (AMT) liability for all taxpayers; and (5) repeal the special rule for owners of a pass-through entity. In addition, the proposal would repeal the requirement that research and experimentation costs be amortized over 10 years when calculating individual AMT. These proposed changes to the research credit are estimated to cost $27.2 billion over 10 years. Small business provisions would: Allow businesses with gross receipts of less than $25 million to use an overall cash method of accounting, regardless of whether the business holds inventories. Exceptions under current law allowing the overall cash method of accounting to be used by personal service corporations and by business entities that are not C corporations (other than partnerships with a C corporate partner), regardless of size, would continue. Extend and increase Section 179 expensing to $1 million. Note: Congress last year permanently increased Section 179 expensing to $500,000, and indexed this amount for inflation. Additional previously proposed business tax incentives include proposals to: Modify and permanently extend the renewable electricity production tax credit and investment tax credit. Modify and permanently extend the New Markets Tax Credit, and other regional growth incentives. Modify and permanently extend the Work Opportunity Tax Credit. Note: Congress last year extended through 2019 the renewable electricity production tax credit and investment tax credit for wind and solar (with phase-outs), the New Market Tax Credit, and the Work Opportunity Tax Credit. Provide tax incentives for locating jobs and business activity in the United States, and remove tax deductions for shipping jobs overseas. The budget also includes several business tax simplification proposals, including: Repeal of Section 197 antichurning rules. Repeal of the telephone excise tax. Repeal technical terminations of partnerships. Next steps Most Congressional committees will hold a series of hearings on the President s budget. Treasury Secretary Jack Lew is scheduled to testify at a February 10 Senate Finance Committee hearing and a February 11 House Ways and Means Committee hearing. Citing objections to the President s approach to federal spending deficit reduction, the chairmen of the House and Senate Budget Committees last week announced that they will not invite White House Office of Management and Budget Director 4 pwc
5 Shaun Donovan to testify at hearings on the President s budget. The takeaway The President s budget is not expected to be accepted by the Republicancontrolled Congress. Key Republican leaders in the House and Senate have indicated that they plan to focus this year on developing tax reform proposals that may provide a basis for future legislation. For more details on this year s key tax policy issues, see the PwC 2016 Tax Policy Outlook: Setting priorities in an election year Let s talk For a deeper discussion of how this might affect your business, please contact: Tax Policy Services Pam Olson (202) pam.olson@pwc.com Scott McCandless (202) scott.mccandless@pwc.com Don Carlson (202) donald.g.carlson@pwc.com National Economics & Statistics Drew Lyon (202) drew.lyon@pwc.com Rohit Kumar (202) rohit.kumar@pwc.com Ed McClellan (202) ed.mcclellan@pwc.com Andrew Prior (202) andrew.prior@pwc.com Peter Merrill (202) peter.merrill@pwc.com Brian Meighan (202) brian.meighan@pwc.com Lindy Paull (202) lindy.paull@pwc.com Larry Campbell (202) larry.campbell@pwc.com 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. SOLICITATION This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 5 pwc
Enhance and permanently extend the research tax credit, and increase the rate of the alternative simplified research credit (ASC) from 14% to 17%.
This update covers some of the provisions being suggested in the President s new budget for fiscal year 2015. I ve highlighted the items that are of greatest importance. 2015 Tax Proposals For Businesses
More informationTax Provisions in Administration s FY 2016 Budget Proposals
Tax Provisions in Administration s FY 2016 Budget Proposals Compensation, Benefits, & Qualified Plans February 2015 kpmg.com HIGHLIGHTS OF TAX PROPOSALS IN THE ADMINISTRATION S FISCAL YEAR 2016 BUDGET
More informationTax Provisions in Administration s FY 2016 Budget Proposals
Tax Provisions in Administration s FY 2016 Budget Proposals TAX February 2015 kpmg.com TAX PROVISIONS IN THE ADMINISTRATION S FISCAL YEAR 2016 BUDGET Executive summary President Obama, on February 2, transmitted
More informationTax Provisions in Administration s FY 2016 Budget Proposals
Tax Provisions in Administration s FY 2016 Budget Proposals Insurance February 2015 kpmg.com HIGHLIGHTS OF INSURANCE TAX PROPOSALS IN THE ADMINISTRATION S FISCAL YEAR 2016 BUDGET KPMG has prepared a 111-page
More informationCongress Begins Work on ETI Replacement Legislation (08/01/03)
Congress Begins Work on ETI Replacement Legislation (08/01/03) Prior to the start of a month-long August recess, the House and Senate tax-writing committees began consideration of potential solutions to
More informationTax Reform and Insurance - 2014
top issues An annual report Volume 6 2014 Tax: Insurance taxation The insurance industry in 2014 FPO Insurance taxation Legislative outlook Congress faces considerable obstacles to enacting tax reform
More informationObama Tax Compromise APPROVED by Congress
December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved
More informationHighlights of the 2010 Tax Relief Act
On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects
More informationHow To Get A Small Business Tax Credit
2010 FOCUS ON BUSINESS December 1, 2010 FEDERAL TAX UPDATE 2010 SMALL BUSINESS JOBS ACT & MISCELLANEOUS TAX PROVISIONS PRESENTED BY: DAVID P. VENISKEY, CPA TAX PARTNER EFP ROTENBERG, LLP TAX RATES Income
More informationHow do the 2016 Presidential Tax Plans Compare So Far?
How do the 2016 Presidential Tax Plans Compare So Far? 10-Year GDP Growth 10.0% 16.0% -1.0% 13.9% 15.0% -9.5% 11.5% 10-Year Capital Investment Growth 28.8% 46.6% -2.8% 43.9% 48.9% -18.6% 29% 10-Year Wage
More informationGeneral Explanations of the Administration s Fiscal Year 2017 Revenue Proposals
General Explanations of the Administration s Fiscal Year 2017 Revenue Proposals Department of the Treasury February 2016 General Explanations of the Administration s Fiscal Year 2017 Revenue Proposals
More informationPresident Obama's 2016 Federal Budget Proposal
President Obama's 2016 Federal Budget Proposal March 10, 2015 by Tim Steffen On the heels of his first State of the Union address to the nation after the mid-term elections, President Obama released his
More informationThe views and opinions expressed in this presentation are those of the author and presenter and do not necessarily reflect the views and opinions of
The views and opinions expressed in this presentation are those of the author and presenter and do not necessarily reflect the views and opinions of the sponsoring companies or their affiliates. Disclosure
More informationPresident s deficit reduction plan proposes significant tax hikes for high-income individuals, businesses
President s deficit reduction plan proposes significant tax hikes for high-income individuals, businesses President Obama on September 19 sent the Joint Select Committee on Deficit Reduction informally
More informationFACT SHEET: Administration's FY2015 Budget Tax Proposals
FACT SHEET: Administration's FY2015 Budget Tax Proposals Today, the U.S. Department of the Treasury released the General Explanations of the Administration's FY2015 Revenue Proposals, known as the Greenbook,
More informationLEGAL ALERT. February 16, 2011. Ready Aim Fire! FY 2012 Budget Proposals (Once Again) Target Insurance Companies
LEGAL ALERT February 16, 2011 Ready Aim Fire! FY 2012 Budget Proposals (Once Again) Target Insurance Companies On February 14, 2011, the Administration released its fiscal year 2012 budget (FY 2012 Budget).
More informationwww.pwc.com U.S. Legislative Outlook Tom Patten 2 March 2011
www.pwc.com U.S. Legislative Outlook Tom Patten 2 Agenda Understanding the U.S. legislative process. Recent legislative developments. Proposals. 2 Understanding the U.S. Legislative Process The Long Road
More informationHowPros and Cons of Having a Successful Home Based Business
NEWS WWW.ATR.ORG FOR IMMEDIATE RELEASE CONTACT: John Kartch jkartch@atr.org 14 APRIL 2014 202-785- 0266 Obama has Proposed 442 Tax Hikes Since Taking Office WASHINGTON, D.C. Since taking office in 2009,
More informationGeneral Explanations of the Administration s Fiscal Year 2015 Revenue Proposals
General Explanations of the Administration s Fiscal Year 215 Revenue s Department of the Treasury March 214 General Explanations of the Administration s Fiscal Year 215 Revenue s Department of the Treasury
More informationPATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS
PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates
More informationExtenders provisions in the Protecting Americans from Tax Hikes Act of 2015 & the Consolidated Appropriations Act, 2016
Extenders provisions in the Protecting Americans from Tax Hikes Act of 2015 & the Consolidated Appropriations Act, 2016 The tables below outline the tax extenders provisions included in H.R. 2029, legislation
More informationLegal Alert: FY 2016 Budget Tax Proposals Target Insurance Companies
Tax Proposals Target February 3, 2015 On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose
More informationGeneral Explanations of the Administration s Fiscal Year 2016 Revenue Proposals
General Explanations of the Administration s Fiscal Year 2016 Revenue Proposals Department of the Treasury February 2015 General Explanations of the Administration s Fiscal Year 2016 Revenue Proposals
More information*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationTAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013
TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 ABSTRACT The fiscal cliff debate culminated in the passage
More informationWhat s on the Menu? How Will the Administration s Smorgasbord of Tax Proposals Affect You?
March 27, 2014 Practice Groups: Public Policy and Law; Tax; Tax Reform Resources; Private Clients, Trusts and Estates; Global Government Solutions For more information, please visit our Tax Reform Resources
More informationThe Tax Man Cometh For Insurance Cos. In Latest Budget
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com The Tax Man Cometh For Insurance Cos. In Latest Budget
More informationPRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM
PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM Scheduled for a Public Hearing Before the COMMITTEE ON WAYS AND MEANS on January 20, 2011 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION
More informationTIPRO Legislative Update San Antonio, TX August 22, 2009. Ed McClellan Washington National Tax Services. Bobby Marandi PwC Houston.
TIPRO Legislative Update San Antonio, TX August 22, 2009 Ed McClellan Washington National Tax Services Bobby Marandi PwC Houston PwC Agenda Economic & budget outlook Congressional balance of power Administration
More informationUnited States General Accounting Office. Testimony Before the Committee on Finance, United States Senate
GAO United States General Accounting Office Testimony Before the Committee on Finance, United States Senate For Release on Delivery Expected at 10:00 a.m. EST on Thursday March 8, 2001 ALTERNATIVE MINIMUM
More informationTAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT
DECEMBER 2010 WWW.BDO.COM SUBJECT TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT SUMMARY CONTACT: KEVIN ANDERSON National Tax Services,
More informationPRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM
PRESENT LAW AND HISTORICAL OVERVIEW OF THE FEDERAL TAX SYSTEM Scheduled for a Public Hearing Before the SENATE COMMITTEE ON FINANCE on December 2, 2010 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION
More informationTax Provisions in Administration s FY 2015 Budget Proposals
TAX Tax Provisions in Administration s FY 2015 Budget Proposals March 2014 kpmg.com TAX PROVISIONS IN THE ADMINISTRATION S FISCAL YEAR 2015 BUDGET Executive summary President Obama on March 4 transmitted
More informationH.R. 3970 Tax Reduction and Reform Act of 2007
H.R. 3970 Tax Reduction and Reform Act of 2007 I. INDIVIDUAL TAX RELIEF October 29, 2007 The combination of the general tax reductions below and full repeal of the individual alternative minimum tax (AMT)
More informationThe President s Groundhog s Day Budget Casts a Shadow on Some but Offers Sunshine for Others
February 10, 2015 Practice Groups: Public Policy and Law; Tax; Investment Management, Hedge Funds and Alternative Investments; Corporate/M&A; Global Government Solutions The President s Groundhog s Day
More informationClient Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual
More informationANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)
ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) AMERICAN TAXPAYER RELIEF ACT OF 2012 In the wee hours of New Year s morning, the Senate passed the American Taxpayer Relief
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2012 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION February 24, 2012 JCX-18-12 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More informationM&A Tax Recent Guidance
This Month in M&A / Issue 5 / May 2013 Did you know p2 / Legislative update p3 / Private letter rulings p4 / Court watch p5 / PwC M&A publications p6 / Contacts p7 M&A Tax Recent Guidance This month features:
More informationtax bulletin State of Play: International Tax Policy in the 111 th Congress www.venable.com AUGUST 2010 By E. Ray Beeman and Samuel Olchyk
tax bulletin www.venable.com AUGUST 2010 State of Play: International Tax Policy in the 111 th Congress By E. Ray Beeman and Samuel Olchyk The 111th Congress will soon return from its summer recess to
More informationMedicare's New Administration Budget For Retirement and Welfare Plans
February 11, 2016 If you have questions, please contact your regular Groom attorney or one of the attorneys listed below: Michael P. Kreps mkreps@groom.com (202) 861-5415 Rachel Leiser Levy rlevy@groom.com
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More information2013 TAX PLANNING TIPS FOR INDIVIDUALS
2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts
More informationTax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks
Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced H.R. 4853, the Tax Relief, Unemployment Insurance
More informationDetails and Analysis of Senator Bernie Sanders s Tax Plan
FISCAL FACT Jan. 2016 No. 498 Details and Analysis of Senator Bernie Sanders s Tax Plan By Alan Cole and Scott Greenberg Economist Analyst Key Findings: Senator Sanders (I-VT) would enact a number of policies
More informationHow To Write A Budget Plan For 2012
Administration's Fiscal Year 2012 Budget Provides Incentives for Innovation, Infrastructure, and Education; Middle-Class Tax Relief; a Responsible and Credible Plan for Deficit Reduction; and an Improved
More informationTAX RELIEF ACT UPDATED DECEMBER 29, 2010
2010 TAX RELIEF ACT UPDATED DECEMBER 29, 2010 TAX RELIEF, UNEMPLOYMENT INSURANCE RE-AUTHORIZATION, AND JOB CREATION ACT OF 2010 INTRODUCTION On December 17, 2010, President Obama signed the much-anticipated
More informationPFS Planning Update Planning for the Net Investment Income Tax, also known as the Medicare Contribution Tax
www.pwc.com/us/pfs PFS Planning Update Personal Financial Services Planning for the Net Investment Income Tax, also known as the Medicare Contribution Tax Local disclaimer and copyright statements go here
More informationCongress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences
We will continue to expand on the provisions of the taxpayer relief act as more information becomes available. If you have any questions please feel free to contact us. Congress passes 2012 Taxpayer Relief
More informationTax Provisions in Administration s FY 2014 Budget Proposals
Tax Provisions in Administration s FY 2014 Budget Proposals TAX April 2013 kpmg.com Tax provisions in the administration s FY 2014 Budget The Obama Administration s FY 2014 budget, transmitted to Congress
More informationObama Administration Budget Proposals Would Expand Impact on Tax-Favored Retirement Benefits
February 9, 2015 If you have questions, please contact your regular Groom attorney or one of the attorneys listed below: David J. Ashner dashner@groom.com (202) 861-6330 Louis T. Mazawey lmazawey@groom.com
More informationSponsored by: U.S. and Luxembourg Tax Update
Sponsored by: U.S. and Luxembourg Tax Update AMCHAM Tax Seminar Luxembourg 22 September 2011 6. U.S. Tax Update Presented by Vio Cirje Senior Manager, Deloitte 2 Agenda I. Outlook for Tax Changes and Tax
More informationAn Overview of The Tax Relief Act on 2010
An Overview of The Tax Relief Act on 2010 On December 17, 2010, the President signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act
More informationNational Conference of CPA Practitioners 50 Jericho Turnpike, Suite 106 (888) 488-5400 Jericho, NY 11753 (516) 333-8282
National Conference of CPA Practitioners 50 Jericho Turnpike, Suite 106 (888) 488-5400 Jericho, NY 11753 (516) 333-8282 http://www.nccpap.org (516) 333-4099(fax) Opening Comments Blowing the Cover on the
More informationLIFE INSURANCE DIVISION
TAX LAW SUMMARY American Taxpayer Relief Act MKTG-OC-1053A LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act INDIVIDUAL TAX PROVISIONS...3 Individual Tax Rates...3 Marriage Penalty Relief...4
More informationSenate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures
Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures On December 15, the Senate passed, today by a vote of 81-19, the Tax Relief, Unemployment
More informationIn the Know December 30, 2010
In the Know December 30, 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 aka the 2010 Tax Relief Act. Below we break
More informationSwiss-American Chamber of Commerce Corporate Tax Reform - Impacts on Swiss and Other European Companies
Swiss-American Chamber of Commerce Corporate Tax Reform - Impacts on Swiss and Other European Companies Marc J. Gerson Rocco V. Femia May 25-26, 2011 U.S. Tax Reform Recognized Need for Fundamental U.S.
More informationU.S. Income Tax Return for an S Corporation
Form 1120S U.S. Income Tax Return for an S Corporation Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. Information about Form 1120S and
More informationStaying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff. Heather Kovalsky, CPA
Staying Healthy, Wealthy & Wise: The Aftermath of the Fiscal Cliff Heather Kovalsky, CPA 2013 Tax Changes The Patient Protection and Affordable Care Act American Tax Relief Act of 2012 The Patient Protection
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 30, 2015 JCX-70-15 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More informationThe Devil Is in the Details: Treasury Releases Green Book of Obama Administration FY 2013 Tax Priorities
February 22, 2012 Practice Group: Public Policy and Law The Devil Is in the Details: Treasury Releases Green Book of Obama Administration FY 2013 Tax Priorities By Michael W. Evans, Patrick G. Heck, William
More informationStrengthening the Economy and Increasing Wages by Making the Tax Code Simpler and Fairer for America s Small Businesses. Overview
Strengthening the Economy and Increasing Wages by Making the Tax Code Simpler and Fairer for America s Small Businesses Page 1: Page 2-3: Page 4-6: Page 7: Overview Small Business Draft: Core Components
More informationA History of Controlled Foreign Corporations and the Foreign Tax Credit
A History of Controlled Foreign Corporations and the Foreign Tax Credit by Melissa Redmiles and Jason Wenrich A s U.S. corporations have expanded their businesses overseas in the last several decades,
More informationH.R. XXX Small Business Tax Relief Act of 2010
H.R. XXX Small Business Tax Relief Act of 2010 July 30, 2010 I. SMALL BUSINESS TAX RELIEF Provide small business tax relief by repealing certain information reporting requirements to corporations and to
More informationSmall Business and Work Opportunity Act of 2007 January 12, 2007
Small Business and Work Opportunity Act of 2007 January 12, 2007 Small Business Incentives Section 179 Small Business Expensing. In lieu of depreciation, small business taxpayers may elect to deduct (or
More informationTax legislative outlook
Tax legislative outlook Fall 2010 and beyond Tax policy group November 2010 Agenda Election results Unfinished business Outlook for lame duck Challenges ahead Mid-term election results House 183 Democrats
More informationJune 2, 2003. Re: Jobs and Growth Tax Relief Reconciliation Act of 2003
June 2, 2003 Re: Jobs and Growth Tax Relief Reconciliation Act of 2003 On Wednesday, May 28, 2003, President Bush signed into law the third largest tax cut in U.S. history. The Jobs and Growth Tax Relief
More informationSELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001
SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001 Tax Rates Reduced marginal tax rates by 23% over 3 years,
More informationNumber, street, and room or suite no. If a P.O. box, see the instructions. City or town, state or province, country, and ZIP or foreign postal code
Form 1065 Department of the Treasury Internal Revenue Service A Principal business activity U.S. Return of Partnership Income For calendar year 2015, or tax year beginning, 2015, ending, 20. Information
More informationbusiness owner issues and depreciation deductions
business owner issues and depreciation deductions Individuals who are owners of a business, whether as sole proprietors or through a partnership, limited liability company or S corporation, have specific
More information2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012
THE UNIVERSITY OF TENNESSEE 2013 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 31, 2013 2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 JOHN D. HOUSTON, CPA Certified
More informationTAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN
TAX RELIEF INCLUDED IN THE AMERICAN RECOVERY AND REINVESTMENT PLAN JANUARY 22, 2009 Summary: The tax provisions included in The American Recovery and Reinvestment Plan will provide approximately $275 billion
More informationCrunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College
Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org
More informationUnited States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions
A. Production Fossil Fuel Subsidies United States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions There are a number of tax preferences, described
More informationThe American Jobs Creation Act of 2003
The American Jobs Creation Act of 2003 Summary of H.R. 2896 as passed by Committee The proposed mark provides $140 billion of tax relief over ten years. However, the net cost of the proposed mark is $60
More informationU.S. Property and Casualty Insurance Company Income Tax Return. For calendar year 2014, or tax year beginning, 2014, and ending, 20.
Form 1120-PC Department of the Treasury Internal Revenue Service A Check if: 1 Consolidated return (attach Form 851). 2 Life-nonlife consolidated return.. 3 Schedule M-3 (Form 1120-PC) attached... U.S.
More informationU.S. Corporation Income Tax Return For calendar year 2015 or tax year beginning, 2015, ending, 20
Form 1120 Department of the Treasury Internal Revenue Service A Check if: 1a Consolidated return (attach Form 851). b Life/nonlife consolidated return... 2 Personal holding co. (attach Sch. PH).. 3 Personal
More informationHOW THE TAX RELIEF ACT AFFECTS
HOW THE TAX RELIEF ACT AFFECTS CLOSELY-HELD BUSINESSES, Attorney Tax Section of the Pasadena Bar Association February 18, 2011 1, Business and Tax Attorney Law Office of 818-936-3490 www.staleylaw.com
More informationAre We There Yet? Tax Reform Proposals and Prospects
Tax Executives Institute New Orleans Chapter 2012: A New Year, a Brave New Tax World February 1, 2012 Robert S. Chase II Richard A. Hartnig Are We There Yet? Tax Reform Proposals and Prospects Introduction
More informationBunting, Tripp IngleyLLP
Dear Clients and Friends, As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves
More informationOf the. Are there any other cities in New York State that impose an income tax?
New York Tax Report 2015 Edition New York Personal Income Tax Although managing your portfolio is primarily an investment decision, tax considerations should also be taken into account. Accordingly, Morgan
More informationProvinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
More informationGleim CPA Review Updates to Regulation 2013 Edition, 1st Printing June 2013
Page 1 of 12 Gleim CPA Review Updates to Regulation 2013 Edition, 1st Printing June 2013 NOTE: Text that should be deleted is displayed with a line through the text. New text is shown with a blue background.
More informationWhat s New for the 2009 Income Tax Return and the 2010 Tax Year
LAW OFFICES OF BLOOM, BLOOM & ASSOCIATES, P.C. 31275 NORTHWESTERN HIGHWAY SUITE 145 FARMINGTON HILLS, MI 48334-2531 (248) 932-5200 WWW.BLOOMLAWFIRM.COM E-MAIL INFO@BLOOMLAWFIRM.COM KENNETH J. BLOOM*+ FACSIMILE
More informationCreating Tax Alpha B & F Financial Analytics, Inc.
This presentation is not intended to provide legal or tax advice. Consult with your legal and tax professional To determine how the concepts presented apply in your Situation. Creating Tax Alpha B & F
More informationENTITY CHOICE AND EFFECTIVE TAX RATES
ENTITY CHOICE AND EFFECTIVE TAX RATES Prepared by Quantria Strategies, LLC for the National Federation of Independent Business and the S Corporation Association ENTITY CHOICE AND EFFECTIVE TAX RATES CONTENTS
More informationINTRODUCTION TO THE AMERICAN TAXPAYER RELIEF ACT of 2012
INTRODUCTION TO THE AMERICAN TAXPAYER RELIEF ACT of 2012 OVERVIEW In the early morning hours of Jan. 1, 2013, the Senate, by a vote of 89-8, passed H.R.8, the American Taxpayer Relief Act of 2012 (ATRA).
More informationCLOSELY-HELD BUSINESSES
HOW RECENT TAX LEGISLATION AFFECTS CLOSELY-HELD BUSINESSES, Attorney USC Gould School of Law 2011 TAX INSTITUTE J 24 2011 January 24, 2011 Los Angeles , Business and Tax Attorney Law Office of 818 936-3490
More informationFiscal Year (FY) 2015 Budget Proposals
March 2014 taxalerts.plantemoran.com Fiscal Year (FY) 2015 Budget Proposals Obama Emphasizes Individuals, Targets Business Tax Incentives In FY 2015 Budget President Obama renewed his call for expanding
More informationA GOOD STARTING POINT: 23 Options from Rep. Dave Camp for Closing Tax Loopholes
A GOOD STARTING POINT: 23 Options from Rep. Dave Camp for Closing Tax Loopholes May 2014 Credits The principal authors of this report are Joan Entmacher, Vice President for Family Economic Security, and
More informationTax Facts Quick Reference 2012
Wealth Management Services Tax Facts Quick Reference 2012 Income Investment Estate Retirement Social Security FOR USE BY FINANCIAL ADVISORS AND CLIENTS IN CONSULTATION WITH THEIR FINANCIAL ADVISOR FOR
More information2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager
WINTER 2014-2015 2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager Individual Taxation Many of the tax breaks which expired at the
More informationPost Election Focus: Stars, Stripes & Taxes
Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December 6, 2012 Click HERE to listen to webinar. Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December
More informationThe Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD
The Tax Relief Act What You Need to Know Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD The agenda Individuals Investing Charitable giving Estate planning Businesses
More informationYEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE BUSINESSES
2014 YEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE BUSINESSES UPDATED November 11, 2014 www.cordascocpa.com INTRODUCTION 2014 YEAR-END INCOME TAX PLANNING FOR BUSINESSES It s that time of
More informationHow To Lower Tax Burden For More Companies
April 2011 Tax Insights Ernst & Young LLP s analysis of four hypothetical companies shows Wyden-Coats tax reform plan would lower tax burden for more companies than Deficit Commission plan Tom Neubig,
More informationOverview of the tax provisions in the 2012 American Taxpayer Relief Act
Overview of the tax provisions in the 2012 American Taxpayer Relief Act Dear Client, The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items,
More informationIncome, Gift, and Estate Tax Update
Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains
More informationUh Oh!! You failed to reduce the debt to a sustainable level. Without further changes, a fiscal crisis is likely to occur.
Uh Oh!! You failed to reduce the debt to a sustainable level. Without further changes, a fiscal crisis is likely to occur. Savings Relative to Current Law in Billions $ Savings Relative to Current Policy
More information