AND…WE’RE BACK! HAPPY 2016!

The full edition of the McGuireWoods’ Tax Policy Update will return on Jan. 12 when both chambers are back in session. In the meantime, let’s take a quick look at some of the top tax policy topics we will be covering for 2016.

2016 Presidential Elections. The 2016 presidential elections are upon us. Look for candidates to tout their plans to overhaul the U.S. tax system as they make way towards the Democratic and Republican conventions. There are 27 days left until the 2016 Iowa Presidential Caucus, scheduled for Feb. 1. In the meantime, presidential candidates like Hillary Clinton and Ben Carson have been busy beefing up... 

Ryan’s Hope for Business Tax Reform. Despite general pessimism about Congress’s ability to do big things during an election year, both House Speaker Paul Ryan and House Ways and Means Chairman Kevin Brady have left the door open for limited tax reform in 2016, specifically on the international front. “I still think that that’s something that’s in the cards, particularly given the big trend of inversions that we see happening and corporate takeovers,” Speaker Ryan told Bloomberg TV. Feeling encouraged by the successful year-end, bipartisan negotiations over the omnibus package and permanent tax extenders, Chairman Brady remains hopeful...

Treasury’s Inversion Fight. After the November release of its anti-inversion guidance, the U.S. Treasury promised to publish additional regulations to tackle the issue of earnings stripping in 2016. As a refresher, read our analysis of the November guidance in our subscription-only tax policy update.

LINE ITEM

  • On Dec. 23, the Internal Revenue Service issued proposed regulations on country-by- country (CBC) reporting. The agency indicated that the IRS form for CBC reporting is currently under development. The IRS provided guidance on...

LOOKING AHEAD  

Relevant Congressional Activity

Tuesday, 1/5

GOP Elected Leadership Committee Retreat – Annapolis, MD

House Speaker Paul Ryan meets with members of the committee to discuss party priorities for 2016, ahead of the congressional Republicans’ annual legislative retreat in Baltimore on Jan. 13.

Wednesday, 1/6

House Rules Committee

The Legislative and Budget Process Subcommittee holds a hearing on H.R. 1610,Biennial Budgeting and Enhanced Oversight Act of 2015. Read more here.

Relevant Agency Activity

Wednesday, 1/6

Internal Revenue Service 

The IRS holds a hearing on regulations relating to a tax on U.S. citizens and residents who receive gifts or bequests from certain individuals who relinquished U.S. citizenship.

Other Activity

Tuesday, 1/5

American Economic Association

The AEA holds its annual meeting in San Francisco. SEC Chief Economist and Director of Economic and Risk Analysis Mark Flannery will be speaking on a panel focusing on capital markets and Dodd-Frank. Read more here.

Saturday, 1/9

GOP Presidential Forum on Expanding Opportunity 

Speaker Paul Ryan (WI) and U.S. Senator Tim Scott (SC) will moderate the forum. To date, six presidential candidates have accepted the invitation to discuss fighting poverty and expanding opportunity in America. They include: Governor Jeb Bush, Dr. Ben Carson, Governor Chris Christie, Ms. Carly Fiorina, Governor John Kasich, and Senator Marco Rubio. Sponsored by Opportunity Lives in partnership with the American Enterprise Institute (AEI) and the Economic Innovation Group (EIG), this Kemp Forum seeks to elevate the debate and showcase conservative solutions to one of today’s most pressing challenges in America, on the eve of an historic election in November 2016. Read more here.