TEI News Feed: Posts http://www.tei.org/news/TEINewsFeed/Lists/Posts/AllPosts.aspx RSS feed for the Posts list. Sun, 19 May 2013 13:09:45 GMT Microsoft SharePoint Foundation RSS Generator 60 en-US TEI News Feed: Posts http://www.tei.org/news/PublishingImages/logo.png http://www.tei.org/news/TEINewsFeed/Lists/Posts/AllPosts.aspx Come One, Come All: Registration Opens for TEI's Midyear Conference http://www.tei.org/news/TEINewsFeed/Lists/Posts/ViewPost.aspx?ID=376

Winter has come to the Northern Hemisphere​, with wind and snow and rain afflicting many holiday travellers.  The fourth world reached the end of its 13th b'ak'tun, or Mayan date 13.0.0.0.0, earlier today, on December 21, 2012.  The good news is this didn't mean "the end of the world"; the bad news is that concern about the Mayan Calendar may have had something to do with what has - hasn't - happened in Washington.  Did concern about the world ending contribute to there being no Plan A or Plan B.  Is "end of the world" just another way of saying, "Skidding off the Fiscal Cliff"?  As they often say on the Sunday morning talk shows, it's too early to tell.

It's not too early, however, to know that 2013 will be a challenging year for business tax professionals.  Nor is it too early to say with certainty that the need for top-quality tax education and unsurpassed networking opportunities will be important.  Thus, it is not too early to know that THE place to be on St. Patrick's Day 2013 is the Grand Hyatt Washington for TEI's 63rd Midyear Conference.  The conference will begin on Sunday, March 17, and continue through lunch on Wednesday, March 20.  Its theme will be "Backing Away from the Precipice: Tax Policy, Practice, and Procedure in 2013 and Beyond." Speakers will include acting IRS Commissioner Steve Miller.  Entertainment at the Tuesday banquet will be The Capitol Steps.

 

For complete details, please click here.

]]> Timothy McCormally Fri, 21 Dec 2012 22:50:50 GMT http://www.tei.org/news/TEINewsFeed/Lists/Posts/ViewPost.aspx?ID=376 KPMG Survey: Most Senior Execs Don't See "Fiscal Cliff" Agreement by Year-End http://www.tei.org/news/TEINewsFeed/Lists/Posts/ViewPost.aspx?ID=375

(from KPMG)

Vast Majority on Lookout for Temporary ‘Stop Gap’ Measure on Issue

 
NEW YORK, Dec. 14 – Almost half of senior executives polled said they did not expect an agreement on the so-called “fiscal cliff” negotiations by year-end, according to a survey of more than 2500 business leaders conducted by KPMG’s Tax Governance Institute (TGI) earlier this month. 
 
In the survey, 48 percent of respondents said they did not expect an agreement on the “fiscal cliff” by Dec. 31, while 32 percent said that they thought there would be resolution by the year-end. Some 19 percent were not sure.
 
At the same time, a vast majority of respondents (77 percent) are also on the lookout for a temporary “stop gap” measure on the looming issue which -- if left unresolved -- would result in a combination of tax increases and forced spending cuts on Jan. 1.  
 
KPMG’s Hank Gutman, principal and director of the TGI and former chief of staff of the U.S. Congressional Joint Committee on Taxation, said: “It’s clear from our survey findings that the business community doesn’t think the government will be able to resolve the ‘fiscal cliff’ by Dec. 31.  Prudent companies are taking steps now to assess the potential implications.”
 
In any agreement, 55 percent of respondents said they would like to see a combination of government spending cuts and tax rate increases on higher-income individuals, while 32 percent said they would most like to see cuts in government spending, including entitlement programs.
 
Some 54 percent of respondents expect any agreement to include the extension of the 2001/2003 tax rates for those with income below $250,000, but not for taxpayers with income of $250,000 and above; 22 percent said there would be agreement on a plan that would temporarily extend all current tax rules. 
 
In addition, the survey revealed that 33 percent said they do not expect enactment of any business tax reforms until beyond 2015; some 26 percent said they expect reform in 2014. Only 11 percent said they expect business tax reform in 2013. 
 
If the corporate tax rate is reduced, most respondents (38 percent) predicted that the new rate would be 28-29 percent, while a quarter of respondents (26 percent) said they see the rate falling to 30-31 percent. Eighteen percent said the rate would go to 25-27 percent.
 
“Lowering the corporate tax rate from its current 35 percent to 25 percent in a revenue-neutral manner will not be easy,” Gutman said.  “The cost of reducing the rate is going to have to be offset in some way, and that offset is likely going to come out of the business community,” Gutman said.
 
In other survey findings, all focused on U.S. economic recovery:
·         Some 40 percent of respondents believe the “fiscal cliff” has been a significant issue over the past 12 months with regard to economic recovery in the United States.
·         Forty-nine percent feel hiring by U.S. businesses will be the most important driver of any economic recovery over the next 12 months.
·         And 45 percent feel increased certainty on U.S. taxation for individuals and businesses will have the most significant affect on economic recovery in 2013.
 
The survey reflects the responses of more than 2500 members of the Tax Governance Institute -- including board and audit committee members, chief financial officers and tax directors -- who participated in the TGI’s Dec. 6 video webcast, “Gutman, Kies, Talisman Address the Fiscal Cliff and Tax Reform.”  A replay of the video webcast is available here.
 

]]> Timothy McCormally Fri, 14 Dec 2012 16:42:38 GMT http://www.tei.org/news/TEINewsFeed/Lists/Posts/ViewPost.aspx?ID=375