Daily Tax Update - August 30, 2011: Prater Will Serve As Staff Director For New Super Committee

PRATER WILL SERVE AS STAFF DIRECTOR FOR NEW SUPER COMMITTEE:  Congressional debt committee co-chairs Sen. Patty Murray and Rep. Jeb Hensarling announced today that Mark Prater will serve as staff director for the bipartisan Joint Select Committee on Deficit Reduction.  Prater currently is the Deputy Staff Director and Chief Tax Counsel for Republicans on the Senate Finance Committee.  The Super Committee is charged with reducing the federal budget deficit by $1.5 trillion over the next decade.  The Super Committee has until November 23 to make its recommendations.   If the 12-member bi-partisan group cannot find at least $1.2 trillion in cuts, automatic cuts will be triggered to domestic and defense spending in 2013. The super committee's proposals must be voted on by December 23.

  • Murray and Hensarling stated that, "The know-how and experience Mark brings to this difficult task is exactly what we agreed must be the top priority for the staff serving all the members of this Committee. Mark has a well-earned reputation for being a workhorse who members of both parties have relied on. We look forward to working with him and are confident that his approach and expertise will be valuable as we weigh the difficult but necessary choices ahead."

OBAMA ANNOUNCES NEW CHAIR OF THE COUNCIL OF ECONOMIC ADVISERS:  President Obama announced his intention to nominate Dr. Alan Krueger as a member of the Council of Economic Advisers (CEA).  The White House statement read, "As one of the nation’s leading economists, Dr. Krueger will bring decades of experience, including serving as chief economist at the Treasury Department, and a wealth of knowledge to the challenge of creating jobs and promoting economic growth. Following his confirmation, President Obama will designate Dr. Krueger as Chairman of CEA."

IRS INCLUDES FBARS IN EXTENSION FOR OVDI:  The IRS said yesterday that it would include foreign bank account reports (FBARs) and other foreign information returns in the September 9th extension it granted to taxpayers seeking to participate in the agency's Offshore Voluntary Disclosure Initiative (OVDI). The IRS updated its FAQs 17 and 18 pertaining to the FBAR issue. 

As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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