On February 11, Jorge and fellow Member George Hani will host A Conversation with Bridget Roberts, IRS Deputy National Taxpayer Advocate, featuring a discussion on the "quick refund" process and changes relating to the CARES Act. Join Loren on February 10 for her TCPI Symposium panel, Global Tax Policy: Evolution, Revolution, or Chaos. #TaxTake Upcoming Speaking Engagements and Events Interested taxpayers may wish to try to shape the design of the policy proposals contained in the forthcoming Greenbook and will certainly want to review the Greenbook once it is released, as it will become the starting point for this year's tax policy debate. In this regard, we would not be surprised to see many similarities, particularly in light of the fact that a number of newly-appointed Treasury Department officials were intimately involved in the formulation of the proposals set forth in these Greenbooks during their previous stints at the Treasury Department. We will see to what extent the Biden Administration's proposals reflect earlier ideas for revenue raisers contained in the Greenbooks issued during the Obama Administration. We also anticipate much more detail to be provided with regard to President Biden's onshoring tax credit and offshoring surtax, a "carrot and stick" approach underpinning a renewed effort to combat "roundtripping." A return to annual publication of the Greenbook would be a welcome tax policy development, particularly in the current legislative environment, as it would provide highly anticipated details on potential revenue raisers, such as President Biden's proposed 15 percent minimum tax on book income and proposed changes to the global intangible low-taxed income (GILTI) regime. The last Greenbook was published in 2016, when it appeared alongside the FY2017 budget. The Greenbook, or as it is officially known, the "General Explanation of the Administration's Revenue Proposals," has traditionally been released by the Treasury Department as a companion publication to the Administration's annual budget and provides a detailed explanation of the Administration's revenue proposals. This formidable team has a unique combination of prior government, private practice, in-house, academic, and Congressional experience that will enable it to advance the Administration's tax legislative and regulatory agenda.ĭeputy Assistant Secretary for Tax Policy Mazur (who served as Assistant Secretary for Tax Policy in the Obama Administration) recently stated his preference that the annual "Greenbook" process be reinstated. See Treasury Department press releases here and here. Aruna Kalyanam (Deputy Assistant Secretary for Tax and Budget, Office of Legislative Affairs).Itai Grinberg (Deputy Assistant Secretary for Multilateral Tax).Rebecca Kysar (Counselor to the Assistant Secretary for Tax Policy). Kimberly Clausing (Deputy Assistant Secretary for Tax Analysis).Tom West (Deputy Assistant Secretary for Domestic Business Tax).Mark Mazur (Deputy Assistant Secretary for Tax Policy).
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