Overview
Senate Finance Committee Holds Hearing on Rettig Nomination; Advances Tax Court Nominees: Today, the Senate Finance Committee held a hearing on the nomination of Charles Rettig for Commissioner of the IRS. Committee Chairman Orrin Hatch (R-Utah) stated that he expected the new Commissioner to work with Congress to modernize the IRS’s infrastructure and technology. Ranking Member Ron Wyden (D-Oregon) commented that he expected the new Commissioner to work on behalf of all Americans. The Committee also advanced the nominations of Elizabeth Ann Copeland and Patrick J. Urda to the Tax Court by unanimous vote.
Supreme Court Accepts Review of Tax Agency Immunity Case: The Supreme Court today accepted review in Franchise Tax Board of the State of California v. Gilbert P. Hyatt, no. 17-1299. In the case, California urges the Court to reconsider its 1979 decision in Nevada v. Hall holding that a state cannot benefit from sovereign immunity when a case is brought against it in another state. This is the third time the case will be before the Court.
IRS Releases Statistics of Income Data: Today, the IRS released five new statistical reports: (1) Noncash Charitable Contributions for the 2015 Tax Year; (2) Fiscal Year Return Projections for 2018–2025; (3) Withholding on Dispositions of US Real Property Interests by Foreign Persons for Tax Year 2015; (4) Withholding on Foreign Recipients of US Income by Partnerships for Tax Year 2015; and (5) Mid-May Filing Season Statistics for Individuals.
OECD Launches Tax Revenue Database: Today, the OECD launched the Global Revenue Statistics Database containing detailed and comparable tax revenue information for 80 countries around the world. The database provides country-specific indicators on tax levels and structures and supports global efforts to raise domestic revenues for sustainable development.
ECOFIN Submits Tax Issues Report to the European Council: Today, the Economic and Financial Affairs Council (ECOFIN) issued its report on tax issues to the European Council. The report addresses several issues, including the challenges of taxation of profits of the digital economy, mandatory automatic exchange of information in cross-border transactions, and measures to strengthen administrative cooperation regarding the value added tax.