Daily Tax Update - May 17, 2013: Senate Permanent Subcommittee on Investigations Schedules Hearing on Offshore Profit Shifting

SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS SCHEDULES HEARING ON OFFSHORE PROFIT SHIFTING:  On May 21, the Senate Permanent Subcommittee on Investigations has scheduled a hearing, “Offshore Profit Shifting and the U.S. Tax Code - Part 2.”  The Subcommittee will “continue its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations.”

The witness list can be accessed here.

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Ruling 2013-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.