Daily Tax Update - May 10, 2016: House Ways and Means Committee to Hold Hearing About Improvements to the US Tax System

House Ways and Means Committee to Hold Hearing About Improvements to the US Tax System:  On Thursday, May 12 at 10 a.m., the House Ways and Means Tax Policy Subcommittee plans to hold a hearing on member proposals for improvements to the US tax system.  The subcommittee will hear oral testimony only from those members of Congress who have either introduced or co-sponsored tax legislation.

Senate Finance Committee Ranking Member Opens Investigation Into US Companies Linked to Mossack Fonseca:  Senate Finance Committee Ranking Member Ron Wyden (D-OR) announced that he is opening an investigation into shell companies with ties to the Panama law firm of Mossack Fonseca & Co.