Daily Tax Update - July 18, 2014: Finance Committee Hearing to Discuss Developing an Internationally Competitive Tax Code

FINANCE COMMITTEE HEARING TO DISCUSS DEVELOPING AN INTERNATIONALLY COMPETITIVE TAX CODE: OnJuly 22, the Senate Finance Committee will hold a hearing titled,“The U.S. Tax Code: Love It, Leave It, or Reform It!”  The hearing will “examine how the tax code can be improved to help American businesses stay competitive in the global economy, including consideration of the need for comprehensive reform and growing concerns about base erosion, profit shifting and inversions.”

Witnesses include:

·        Mr. Robert B. Stack, Deputy Assistant Secretary for International Tax Affairs, U.S. Department of the Treasury, Washington, DC

·        Mr. Pascal Saint-Amans, Director, Centre for Tax Policy and Administration, Organisation for Economic Co-operation and Development (OECD), Paris, France

·        Dr. Mihir A. Desai, Mizuho Financial Group Professor of Finance, Harvard Business School & Professor of Law, Harvard Law School, Cambridge, MA

·        Dr. Peter R. Merrill, Director, National Economics and Statistics Group, PricewaterhouseCoopers, Washington, DC

·        Dr. Leslie Robinson, Associate Professor of Business Administration, Tuck School of Business, Dartmouth College, Hanover, NH

·        Mr. Allan Sloan, Senior Editor at Large, Fortune, New York, NY

MISCELLANEOUS GUIDANCE RELEASED: 
Revenue Ruling 2014-19 provides various prescribed rates for August 2014 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.