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William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Tax law’

International Tax Reform – Senator Baucus fires a volley

Posted by William Byrnes on November 20, 2013


In his first volley to start a serious discussion for reform of the U.S. taxation of the international activities of U.S. parent companies, Max Baucus, Senate Finance Committee Chairman released several draft tax bills yesterday.  His release statement included, “The proposal — the first in a series of discussion drafts to overhaul America’s tax code — details ideas on how to reform international tax rules to spark economic growth, create jobs, and make U.S. businesses more competitive.” 

The primary components of the proposed draft Bills include:

  • Income from selling products and providing services to U.S. customers is taxed annually at full U.S. rates.
  • Passive and highly-mobile income is taxed annually at full U.S. rates.

The drafts include two options that apply an annual minimum tax to income from products and services sold into foreign markets:

(1)   apply a minimum tax rate to all such income, or

(2)   tax such income at a lower minimum tax rate if derived from active business operations and at the full U.S. rate if not

Examples provided of a minimum rate include 60% and 80% of applicable U.S. tax, with an allowance for tax credit maintained.

The proposal calls for a ‘deemed repatriation’ of all historical earnings of foreign subsidiaries that have not been previously subject to U.S. tax, imposing a one-off tax at an example rate of 20%, payable over eight years.  Tax credits would also be allowed as offset against this one-off tax.

The proposal seeks to eliminate of the international aspects of the “check-the-box” rule.  Finally, the proposal explores mitigating ‘base profits erosion’ (BEPS) arrangements used by foreign multinationals to avoid U.S. tax.

Senator Baucus is quoted, “Over the past three years, the Finance Committee has examined every aspect of the tax code in an effort to fix a broken system.  Through hearings, option papers and blank slate proposals, we’ve received input from key stakeholders and nearly every member of the Senate.  These discussion drafts are the next step. They represent proposals collected throughout this process and provide a path forward on tax reform.  Some are Democratic ideas. Some are Republican ideas. The common link is they are all ideas worth exploring.

The Ranking (aka Minority) Member of the Committee, Republican Senator Orrin Hatch, released a statement that significant policy differences must still be bridged before international tax reform is realized: “…. but the fact is that significant policy differences remain between both sides and a final agreement was never reached.  I hope that once the budget conference negotiations have concluded that we can renew our discussions to determine whether we can find common ground to overhaul our tax code.”

The discussion draft is available at > Senate international tax proposals<

The proposed bills with legislative language are available at:

> International Tax Provisions Bill (Option 1) <

> International  Tax Provisions Bill (Option 2) < and

> International Tax Provisions Bill (Option 3)

For the entire series of Tax Reform Discussion Papers, see http://www.finance.senate.gov/issue/?id=6c61b1e9-7203-4af0-b356-357388612063

Posted in Tax Policy, Taxation | Tagged: , , , , , , , , , | Leave a Comment »

William Byrnes Presents at Moscow Conferences

Posted by William Byrnes on October 31, 2013


Byrnes pic of FU conference

Associate Dean William Byrnes recently returned from a week in Moscow (October 21 – 25) wherein he participated in two conferences, a presentation to the tax and transfer pricing partners at Pepeliaev (one of the largest Russian law firms), and meetings with government Ministry officials.  Professor Byrnes, a renown international tax academic, was invited and sponsored by the Financial University of the Russian Federation and the University of Amsterdam’s Centre for Tax Law.

A conference organized by the Moscow branch of the International Financial Association, the world’s leading 20,000 member organization for the study of international fiscal policy matters, was held at Morgan Stanley’s Moscow office.  William Byrnes joined presenters from the tax law faculty of the University of Amsterdam, including Dr. Dennis Weber, Dr. Stef van Weeghel, and Dr. Hein Vermeulen, as well as Bart Zoetmulder from the law firm Loyens and Loeff, Continental Europe’s largest.  Byrnes participation included analyzing the impact of various aspects of the forthcoming United States and Russian intergovernmental agreement for automatic financial information exchange.

Professor Byrnes said: “I think that Dr. Dennis Weber, a powerhouse among European Tax Law professors, took notice of my academic work because I am an actual graduate from the University of Amsterdam wherein I studied international tax law and from there I began my international tax career.”

Byrnes continued: “The Amsterdam Centre for Tax Law Director, Dr. Dennis Weber, sponsored by his university, visited Thomas Jefferson’s campus and presented lectures to our residential students on the often overlooked world of international tax management opportunities.  After our engaging discussions in Moscow about overlapping mutual opportunities, I am just now working out the logistics for our sponsorship of his return in March for a deeper engagement with the Tax Society, led by 2nd year student Mark Hackman, the 3rd year law students leveraging my publications programs for their career development, and myself to complete discussions exploring the potential to offer a couple joint programs in a hybrid residential-online format.”

Financial University and the University of Amsterdam hosted a conference on emerging international tax issues in the context of the Russian Federation’s tax administration.  William Byrnes joined high level presenters from the Ministry of Finance, from the Tax Administration, and tax professors from Financial University and from the University of Amsterdam.

Dr. Weber stated: “Dean Byrnes made a very inspirational speech during the conference. We already asked him if he wants to teach during our new International Tax Law master program in Amsterdam. Our students will like and learn a lot from the way he combines law, tax policy and economics.”

William Byrnes said: “My contribution to this day-long discussion forum was to shed light on alternative perspectives of US tax policy than normally heard by Russian or Dutch tax officials, a role in which I think I succeeded based upon the interest in my presentation.  I’ve been asked by my Dutch colleagues for my macro-economic analysis work of tax-regulatory impact as well as information on effective rates resulting from US international tax policy in that it may be useful for current far-reaching legislative developments in their country.”

Dean William Byrnes continued: “I had the most interesting meeting with the Advisor to the Minister of Justice, Yury Zudov, wherein we discussed Orthodox theology in the context of society, the development of law, and also for university education.  Before joining the government, Yury Zudov was responsible for international relations for St. Tikhon’s Orthodox University in Moscow, and still serves on its faculty exploring the area of jurisprudence.  Southern California, including San Diego, has a sizeable Orthodox population and the newly established Orthodox St. Katherine college, and thus I foresee future opportunities.”

At the firm of Pepeliaev, Professor William Byrnes and Dr. Dennis Weber presented about leveraging hybrid residential / online education to build and maintain firm knowledge-capacity to its founding partner Sergey Pepelieav, its Head of the Tax Practice Group Leonid Kravchinsky, its transfer pricing partner Valentina Akimova, and its Staff Training and Development Manager Larisa Gerasimova.  Tax Partner Andrey Tereshchenko agreed to author the Russian chapter contribution in Professor Byrnes forthcoming Second edition of Lexis’ Guide to FATCA Compliance, and the firm will contribute to other of Professor Byrnes Lexis and Wolters Kluwer publications.

William Byrnes’ concluded: “Our week of presentations and meetings ended coincidentally with the opening day of Moscow Fashion Week, which like Rio’s, is a vibrant environment for creative designers and advisors to explore these growth markets.”

For more information about the Graduate and Distance Education Programs at TJSL, visit http://mastersinlaw.tjsl.edu/lpap/

For more information about University of Amsterdam Centre for Tax Law, visit http://actl.uva.nl/

William H. Byrnes, IV and Dennis Weber

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The Development of the Law of Charity and Charitable Practices

Posted by William Byrnes on August 22, 2013


The entire article may be downloaded at > William Byrnes’ SSRN academic page <

This article describes the ancient legal practices, codified in Biblical law and later rabbinical commentary, to protect the needy. The ancient Hebrews were the first civilization to establish a charitable framework for the caretaking of the populace. The Hebrews developed a complex and comprehensive system of charity to protect the needy and vulnerable. These anti-poverty measures – including regulation of agriculture, loans, working conditions, and customs for sharing at feasts – were a significant development in the jurisprudence of charity.

The first half begins with a brief history of ancient civilization, providing context for the development of charity by exploring the living conditions of the poor. The second half concludes with a searching analysis of the rabbinic jurisprudence that established the jurisprudence of charity. This ancient jurisprudence is the root of the American modern philanthropic idea of charitable giving exemplified by modern equivalent provisions in the United States Tax Code. However, the author normatively concludes that American law has in recent times deviated from these practices to the detriment of modern charitable jurisprudence. A return to the wisdom of ancient jurisprudence will improve the effectiveness of modern charity and philanthropy.

The entire article may be downloaded at > William Byrnes’ SSRN academic page <

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National Underwriter Offers Tax Advisors Expert Analysis

Posted by William Byrnes on March 22, 2011


Tax and insurance advisors looking for answers on how the new Tax Relief Act of 2010 will impact their clients are finding them in The National Underwriter Company’s just-published Selected Provisions and Analysis of the Tax Relief Act of 2010.  The proprietary analysis is the only practitioners’ guide in Q&A format that answers the most critical questions asked by clients on insurance, estate and gift tax law changes.

Copies of the 64-page report are available for only $12.95 plus shipping and handling here.  Producers and their companies can also license use of their logos and contact information directly on the cover of the guide for a marketing and client-management tool.

National Underwriter’s wealth management experts and report authors, Professor William H. Byrnes, Esq., LL.M, CWM and Robert Bloink, Esq., LL.M., noted, “While most media attention has focused on the Act’s retention of existing tax rates on the highest-earning Americans, tax, insurance and investment advisors are finding that the most important changes, from their perspective, are likely to be found in insurance, estate and gift tax provisions that will drive client decisions on investment strategy and wealth management priorities in 2011 and beyond.”

Rick Kravitz, Vice President & Managing Director of Summit Business Media’s Reference Division, said, “This proprietary analysis – compiled by leading experts in the field – demonstrates National Underwriter’s commitment to bringing timely and critical updates to advisors and financial planners so that they can successfully build their practices and better serve their clients.”

Prof. Byrnes, a former Coopers & Lybrand associate director in international tax and now Dean of the wealth management graduate program at Thomas Jefferson School of Law, noted that the 64-page analysis has answers to more than 100 important questions in these areas:

  • Income Tax
  • Estate and Gift Tax
  • Generation Skipping Transfer Tax
  • Deduction for State and Local Sales Taxes
  • Alternative Minimum Tax
  • Tax Credits
  • Payroll Tax Holiday
  • Wage Credit for Employees Who Are Active Duty Members of the Military
  • Charitable Distributions from Retirement Accounts
  • Bonus Depreciation and Section 179 Expensing
  • Basis Reporting Requirements for Brokers and Mutual Funds
  • Regulated Investment Company Modernization Act of 2010
  • Health Care Act
  • Form 1099 Reporting Requirement for Businesses
  • American Jobs and Closing Tax Loopholes Act of 2010
  • Requirements for Tax Return Preparers

“This is the only guide available on the market today that gives financial planners and producers issue-specific, time-critical information in Q&A format that addresses their most important technical questions with content that can also be used directly in client presentations,” Prof. Byrnes added.  “The unique combination of The National Underwriter Company’s editorial staff and the resources and professional experience of the wealth management faculty at Thomas Jefferson School of Law provides assurance that these are answers that can be counted on.”

About The National Underwriter Company

For over 110 years, The National Underwriter Company has been the first in line with the targeted tax, insurance, and financial planning information you need to make critical business decisions.  With respected resources available in print, on CD, and online, National Underwriter remains at the forefront of the evolving insurance industry, delivering the thorough and easy-to-use resources you rely on for success.  National Underwriter is a Summit Business Media company.

About Summit Business Media

Summit Business Media is the leading B2B media and information company serving the insurance, investment advisory, professional services and mining investment markets through a variety of channels, including print, online and live events.  Summit provides breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data to the markets it serves. Through its Media and Reference Divisions, Summit publishes 16 magazines, 20 websites and 150 reference titles. Summit’s Event Division hosts a dozen conferences across the spectrum of markets the company services.  Summit’s Data Division is the leading data provider of financial, marketing and benefits information on corporations, insurance companies and life, benefits and property-casualty agents.

Summit employs nearly 400 employees in ten offices across the United States.  For more information, please visitsummitbusinessmedia.com.

 

Posted in Taxation | Tagged: , , , , , , , | Leave a Comment »

National Underwriter Offers Tax Advisors Expert Analysis

Posted by William Byrnes on March 14, 2011


Tax and insurance advisors looking for answers on how the new Tax Relief Act of 2010 will impact their clients are finding them in The National Underwriter Company’s just-published Selected Provisions and Analysis of the Tax Relief Act of 2010.  The proprietary analysis is the only practitioners’ guide in Q&A format that answers the most critical questions asked by clients on insurance, estate and gift tax law changes.

Copies of the 64-page book are available for only $12.95 plus shipping and handling here.  Producers and their companies can also license use of their logos and contact information directly on the cover of the guide for a marketing and client-management tool.

National Underwriter’s wealth management experts and report authors, Professor William H. Byrnes, Esq., LL.M, CWM and Robert Bloink, Esq., LL.M., noted, “While most media attention has focused on the Act’s retention of existing tax rates on the highest-earning Americans, tax, insurance and investment advisors are finding that the most important changes, from their perspective, are likely to be found in insurance, estate and gift tax provisions that will drive client decisions on investment strategy and wealth management priorities in 2011 and beyond.”

Rick Kravitz, Vice President & Managing Director of Summit Business Media’s Reference Division, said, “This proprietary analysis – compiled by leading experts in the field – demonstrates National Underwriter’s commitment to bringing timely and critical updates to advisors and financial planners so that they can successfully build their practices and better serve their clients.”

Prof. Byrnes, a former Coopers & Lybrand associate director in international tax and now Dean of the wealth management graduate program at Thomas Jefferson School of Law, noted that the 64-page analysis has answers to more than 100 important questions in these areas:

  • Income Tax
  • Estate and Gift Tax
  • Generation Skipping Transfer Tax
  • Deduction for State and Local Sales Taxes
  • Alternative Minimum Tax
  • Tax Credits
  • Payroll Tax Holiday
  • Wage Credit for Employees Who Are Active Duty Members of the Military
  • Charitable Distributions from Retirement Accounts
  • Bonus Depreciation and Section 179 Expensing
  • Basis Reporting Requirements for Brokers and Mutual Funds
  • Regulated Investment Company Modernization Act of 2010
  • Health Care Act
  • Form 1099 Reporting Requirement for Businesses
  • American Jobs and Closing Tax Loopholes Act of 2010
  • Requirements for Tax Return Preparers

“This is the only guide available on the market today that gives financial planners and producers issue-specific, time-critical information in Q&A format that addresses their most important technical questions with content that can also be used directly in client presentations,” Prof. Byrnes added.  “The unique combination of The National Underwriter Company’s editorial staff and the resources and professional experience of the wealth management faculty at Thomas Jefferson School of Law provides assurance that these are answers that can be counted on.”

About The National Underwriter Company

For over 110 years, The National Underwriter Company has been the first in line with the targeted tax, insurance, and financial planning information you need to make critical business decisions.  With respected resources available in print, on CD, and online, National Underwriter remains at the forefront of the evolving insurance industry, delivering the thorough and easy-to-use resources you rely on for success.  National Underwriter is a Summit Business Media company.

About Summit Business Media

Summit Business Media is the leading B2B media and information company serving the insurance, investment advisory, professional services and mining investment markets through a variety of channels, including print, online and live events.  Summit provides breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data to the markets it serves. Through its Media and Reference Divisions, Summit publishes 16 magazines, 20 websites and 150 reference titles. Summit’s Event Division hosts a dozen conferences across the spectrum of markets the company services.  Summit’s Data Division is the leading data provider of financial, marketing and benefits information on corporations, insurance companies and life, benefits and property-casualty agents.

Summit employs nearly 400 employees in ten offices across the United States.  For more information, please visitsummitbusinessmedia.com.

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Taxpayer Advocate Speaks Out on Tax Reform

Posted by William Byrnes on March 9, 2011


Last month the National Taxpayer Advocate Nina E. Olson released her annual report to Congress, identifying the need for tax reform as the number one priority in tax administration.  The report also examines challenges the IRS is facing in implementing the new health care law.  Below is a highlight of some points made in the report: [1]

Tax Reform

“There has been near universal agreement for years that the tax code is broken and needs to be fixed,” Olson said in releasing the report.  “Yet no broad-based attempt to reform the tax code has been made.  This report documents the burdens the tax code imposes on taxpayers and explores why many taxpayers may nevertheless feel wedded to key aspects of the current system, undermining efforts at reform.”

Analysis of IRS data shows that taxpayers and businesses spend 6.1 billion hours a year complying with tax-filing requirements.  “If tax compliance were an industry, it would be one of the largest in the United States,” the report says.  “To consume 6.1 billion hours, the ‘tax industry’ requires the equivalent of more than three million full-time workers.”

Read the analysis at AdvisorFYI

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National Underwriter Offers Tax Advisors Expert Analysis of the Impact of the Tax Relief Act on Their Clients

Posted by William Byrnes on February 7, 2011


NEW YORK, Feb. 4, 2011 /PRNewswire/ — Tax and insurance advisors looking for answers on how the new Tax Relief Act of 2010 will impact their clients are finding them in The National Underwriter Company’s just-published Selected Provisions and Analysis of the Tax Relief Act of 2010.  The proprietary analysis is the only practitioners’ guide in Q&A format that answers the most critical questions asked by clients on insurance, estate and gift tax law changes.

Copies of the 64-page report are available for only $12.95 plus shipping and handling here.  Producers and their companies can also license use of their logos and contact information directly on the cover of the guide for a marketing and client-management tool.

National Underwriter’s wealth management experts and report authors, Professor William H. Byrnes, Esq., LL.M, CWM and Robert Bloink, Esq., LL.M., noted, “While most media attention has focused on the Act’s retention of existing tax rates on the highest-earning Americans, tax, insurance and investment advisors are finding that the most important changes, from their perspective, are likely to be found in insurance, estate and gift tax provisions that will drive client decisions on investment strategy and wealth management priorities in 2011 and beyond.”

Rick Kravitz, Vice President & Managing Director of Summit Business Media’s Reference Division, said, “This proprietary analysis — compiled by leading experts in the field — demonstrates National Underwriter’s commitment to bringing timely and critical updates to advisors and financial planners so that they can successfully build their practices and better serve their clients.”

Prof. Byrnes, a former Coopers & Lybrand associate director in international tax and now Dean of the wealth management graduate program at Thomas Jefferson School of Law, noted that the 64-page analysis has answers to more than 100 important questions in these areas:   

  • Income Tax
  • Estate and Gift Tax
  • Generation Skipping Transfer Tax
  • Deduction for State and Local Sales Taxes
  • Alternative Minimum Tax
  • Tax Credits
  • Payroll Tax Holiday
  • Wage Credit for Employees Who Are Active Duty Members of the Military
  • Charitable Distributions from Retirement Accounts
  • Bonus Depreciation and Section 179 Expensing
  • Basis Reporting Requirements for Brokers and Mutual Funds
  • Regulated Investment Company Modernization Act of 2010
  • Health Care Act
  • Form 1099 Reporting Requirement for Businesses
  • American Jobs and Closing Tax Loopholes Act of 2010
  • Requirements for Tax Return Preparers  

“This is the only guide available on the market today that gives financial planners and producers issue-specific, time-critical information in Q&A format that addresses their most important technical questions with content that can also be used directly in client presentations,” Prof. Byrnes added.  “The unique combination of The National Underwriter Company’s editorial staff and the resources and professional experience of the wealth management faculty at Thomas Jefferson School of Law provides assurance that these are answers that can be counted on.”

About The National Underwriter Company

For over 110 years, The National Underwriter Company has been the first in line with the targeted tax, insurance, and financial planning information you need to make critical business decisions.  With respected resources available in print, on CD, and online, National Underwriter remains at the forefront of the evolving insurance industry, delivering the thorough and easy-to-use resources you rely on for success.  National Underwriter is a Summit Business Media company.

About Summit Business Media

Summit Business Media is the leading B2B media and information company serving the insurance, investment advisory, professional services and mining investment markets through a variety of channels, including print, online and live events.  Summit provides breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data to the markets it serves. Through its Media and Reference Divisions, Summit publishes 16 magazines, 20 websites and 150 reference titles. Summit’s Event Division hosts a dozen conferences across the spectrum of markets the company services.  Summit’s Data Division is the leading data provider of financial, marketing and benefits information on corporations, insurance companies and life, benefits and property-casualty agents.

Summit employs nearly 400 employees in ten offices across the United States.  For more information, please visit summitbusinessmedia.com.

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Obama Compromises and Extends All Bush Tax Cuts (and then some…)

Posted by William Byrnes on December 20, 2010


President George W. Bush and President-elect B...

Image via Wikipedia

On Friday, President Obama signed into legislation, what is quickly becoming known as the Obama Tax Cuts, which extend tax breaks initially created by the George Bush Administration about a decade ago.  For the previous discussions and various versions of this “long and winding road” of the passage of this new tax law – see Tax Deal Reached

The new tax law “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR. 4853)” provides an extension for two years (unless otherwise noted), of generally the following (not all inclusive):

The full free article and links to all the relevant legislation and Congressional explanations of the legislation may be read at http://www.advisorFYI.com

 

 

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