Daily Tax Update - September 21, 2016: Former Attorney Loses Appeal on Tax Evasion Case

Former Attorney Loses Appeal on Tax Evasion Case:  Today, the United States Court of Appeals for the Second Circuit affirmed a jury trial conviction of former attorney Paul Daugerdas.  He was found guilty of client tax evasion, conspiracy to defraud the IRS, obstruction, and mail fraud.  The lower court sentenced Mr. Daugerdas to 15 years in prison and $371 million in restitution. 

Houses Passes Tax Break for Citrus Growers:  The House passed the Emergency Citrus Disease Response Act (H.R. 3957), sponsored by Rep. Vern Buchanan (R-FL), which would temporarily allow expensing of certain costs associated with replanting citrus plants lost by reason of casualty.  An identical bill has been introduced in the Senate by Sen. Bill Nelson (D-FL). 

House Ways and Means Considered Four Bills Today:  The House Ways and Means Committee approved four tax-related bills today.  One bill (H.R. 5879) addresses the effective operation of the Nuclear Production Tax Credit.  Another bill (H.R. 5406) addresses the tax treatment of the Indian Health Service student loan repayment program.  The third bill (H.R. 5204) addresses the tax treatment of student loans that are forgiven due to death or disability.  The final bill (H.R. 4220) addresses the tax qualification of mutual irrigation and ditch companies organized to help promote access to water.  House Ways and Means Committee Chairman Kevin Brady’s opening statement can be found here.