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News & Views |House Tax Panel to Hold Hearings on Tax SheltersWednesday, October 27, 1999 Deloitte & Touche OnLine The House Ways and Means Committee November 10 will hold a hearing on corporate tax shelters and on the manner in which the Internal Revenue Service and the courts are currently addressing corporate tax shelters. "This hearing continues the Committee’s efforts to strike the proper balance in addressing the problems presented by corporate tax shelters," House Ways and Means Committee Chairman Bill Archer, R-Texas, said October 27 in a press release. The House Ways and Means Oversight Subcommittee also plans to hold a hearing November 9
on interest and penalty provisions in the Internal Revenue Code. |
Proper Restraint Congress since 1995 has taken action to stop $50 billion in tax abuses, and the IRS "has won case after case in tax court using the very tools Congress already provided," Archer said. "Now, our challenge is to focus efforts on stopping abuses while properly restraining new blanket authorities for the IRS that might chill legitimate business transactions," Archer said. Congressional staff says Congress will not have time to do more this year on corporate
tax shelters, other than hold hearings. Congress probably will be in session until
mid-November, though the targeted adjournment date is October 29. This would give
lawmakers only a few more weeks to enact legislation. The situation could change if
Congress remained in session until the end of the year, but such a lengthy session is
unlikely, the aide said. |
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