NUMBER OF THE WEEK: 5

The number of working days (in theory) that Congress has left to negotiate and pass a continuing resolution (CR) that would keep the government from shutting down on Oct. 1. Here’s hoping that the Pope’s visit to the Capitol on Thursday will imbue lawmakers with a congenial, anti-shutdown spirit.

LEGISLATIVE LANDSCAPE

Senate Dems Unveil Energy Tax Reform Bill. Senate Democrats released their vision for energy tax reform this morning…

Carried Interest is Officially the New “It” Tax. Inversions are so last week. President Obama and Democratic Senators are riding a populist wave of criticism against the “carried interest” tax provision…

Will the Cadillac Tax Make it Off the Showroom Floor? It’s a feature of the Affordable Care Act aimed at reining in health care costs. Now it’s a feature of the president’s signature legislation with a bipartisan bullseye on it….

Brady Warns Treasury on Country-by-Country Reporting Plans. Rep. Kevin Brady (R-TX) warned the Treasury Department yesterday…

REGULATORY WORLD

Treasury to Delay Enforcing Parts of FATCA. The Treasury Department announced Friday it would delay enforcement of certain aspects of the Foreign Account Tax Compliance Act (FATCA)…

Inversion Regs Making Progress. The Internal Revenue Service and the Treasury Department are hard at work on the anti-inversion regulations hinted at in last year’s Notice 2014-52…

Forthcoming Spinoff Regulations Likely Not Retroactive. An IRS official says “there has been a change in how we are thinking about interpreting the law”…

Olefin Refining Companies Might Qualify for MLPs. Qualifying activities might include olefin refining for purposes of the master limited partnership requirements…

Dividend Equivalent Regulations Finalized. There’s some relief in sight for the financial services and products industry….

IRS to Restructure LB&I Division, Eliminate Continuous Audits. The Large Business and International Division (LB&I) will be undergoing a “cultural change” …

IRS Seeks Comment on Build America Bonds. The public is invited to comment on to the use and implementation of Build America Bonds (“BABs”)….

LOOKING AHEAD

The House is in recess until Thursday, when a Joint Session of Congress will welcome Pope Francis, who some think of as “the ultimate Washington outsider.”