Daily Tax Update - September 30, 2016: Reps. Brady, Neal Release Updated Estimate of Total Amount of Untaxed Offshore Earnings

Reps. Brady, Neal Release Updated Estimate of Total Amount of Untaxed Offshore Earnings:  House Ways and Means Committee Chairman Kevin Brady (R-TX) and Rep. Richard Neal (D-MA) recently released an updated estimate of the total amount of untaxed “earnings of foreign subsidiaries of US corporations held offshore.”  In a letter to Reps. Brady and Neal, dated August 31, Joint Committee on Taxation (JCT) Chief of Staff Thomas Barthold provided an estimate of $2.6 trillion for 2015 (up from $2.3 trillion in 2012), based on the most recent tax return data.  Of the JCT’s latest estimate, Chairman Brady commented that it serves as “further proof that our broken, outdated tax code stands in the way of increased investment and job creation in America, and our global competitors are reaping the trillions of dollars in benefits.”

Miscellaneous Guidance:  
Notice 2016-60 provides guidance regarding an extension of the replacement period under section 1033(e) for livestock sold on account of drought in specified counties.