Daily Tax Update - June 27, 2013: Senate Finance Committee Leadership on Fundamental Tax Reform - "Important to Start with a Blank Slate"

Senate Finance Committee Leadership on Fundamental Tax Reform – “Important to Start with a Blank Slate”:  Today, Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) of the Senate Finance Committee wrote to their Senate colleagues asking for their input “as the Finance Committee moves forward with comprehensive tax reform.”  The Senators stated, “Over the past three years, the Finance Committee has been working on tax reform on a bipartisan basis.  We have held more than 30 hearings and have heard from hundreds of experts on reforming the code….  In addition, over the past three months, we have issued ten bipartisan options papers totaling more than 160 pages that detail reform proposals we are considering in every area of the tax code.  The full Committee has met on a weekly basis to discuss these options papers and how to put plans into action.  We are now entering the home stretch.  Colleagues, now it is your turn.  We need your ideas and partnership to get tax reform over the finish line.  In order to make sure that we end up with a simpler, more efficient and fairer tax code, we believe it is important to start with a ‘blank slate’—that is, a tax code without all of the special provisions in the form of exclusions, deductions and credits and other preferences that some refer to as ‘tax expenditures.’”

Other Guidance Issued Today:
Notice 2013-44 announces that the IRS and Treasury will amend the check the box regulations to add the Croatian dionicko drustvo entity to the check the box list of per se corporations.