NOTABLE QUOTE

“Tax extenders expired at the end of last year. This is something Congress needs to deal with. We just set a model in the budget agreement of paying for the increases in spending. I think it would be hypocritical if Congress went ahead and passed a two-year tax extender bill without paying for it, without doing anything for the middle class and for working families and it’s something this administration would oppose if we see that coming forward.”

– Jason Furman, chairman of the White House Council of Economic Advisers
Interview with Bloomberg TV (Nov. 6, 2015)

LEGISLATIVE LANDSCAPE

O Extenders, Where Art Thou? Furman’s remarks may spell trouble ahead for the tax extenders deal under negotiation this week between Republicans and Democrats…

To Conference We Will Go. Just around the corner is the Nov. 20 deadline to pass a long-term highway bill. How will Senate and House conferee’s craft a compromise on offsets?

Here Comes Omnibus, Here Comes Omnibus. Sure, it’s too early for Christmas songs…or is it? Negotiations over a year-end omnibus bill continue this week on Capitol Hill, in hopes it can be wrapped in a pretty package under the tree well before Santa’s sleigh arrives…

Congress Renews Efforts to Curb Inversions After Talk of Pfizer-Allergan Merger. It’s that time of year again—Congress is considering legislation to curb corporate inversions and corporate earnings stripping…

Bi-Partisan Group Introduces Alternative to Proposed DOL Fiduciary Rule. A Bipartisan group of House members is working on a bill that would offer an alternative to a pending Department of Labor proposal to raise investment advice standards for retirement accounts…

REGULATORY WORLD

Treasury Considers Guidance to Limit Earnings Stripping. Treasury Officials announced that they are exploring options on earnings stripping as they work on regulations to implement anti-inversions Notice 2014-52…

IRS May Seek Technical Corrections on Partnership Audit Legislation. The Internal Revenue Service (IRS) is likely to issue guidance on the partnership audit regime outlined in the Bipartisan Budget Act of 2015, H.R. 1314.

LOOKING AHEAD

Tuesday, 11/10

GOP Primary Debate

Fox Business and Wall Street Journal host the Republican primary debate at 9 p.m. ET.

Bipartisan Policy Center

The BPC holds a discussion on “Is There an International Tax Policy Crisis in the U.S.?” Special guests include Senator Rob Portman (R-OH), Cathy Koch, tax policy leader at Ernst & Young, among others. Read more here.

SIFMA

SIFMA hosts its 2015 Annual Meeting in DC, where financial services industry leaders gather to discuss the state of capital markets, capital formation, investor opportunity, job creation, and economic growth. Speakers include Treasury Secretary Jack Lew, SEC Chair Mary White, and CFTC Chair Tim Massad, among others. Read more here.

Wednesday, 11/11

2015 FINRA Small Firm Conference

FINRA hosts this conference in Santa Monica focusing on small firms’ practices and tips for complying with FINRA’s rules. Read more here.

Thursday, 11/12

Brookings Institute 

Brookings hosts a discussion on “Helping America Plan for Retirement” with special guest CFPB Director Richard Cordray. Read more here.

Sunday, 11/15

G20 Summit in Antalya, Turkey

G20 leaders will meet in Antalya, Turkey, on Nov. 15-16, 2015.