After announcements from both sides of the political line regarding an overhaul of corporate tax law, the U.S. Senate’s tax-writing committee chairman Sen. Ron Wyden has announced that the committee will not be focusing on such a changein the near future, according to Reuters. Wyden said that tax law reform would be nearly impossible in such a busy year, which will conclude with congressional elections in November. These elections will determine whether President Obama finishes the last two years of his presidency with an opposition Congress or a friendly one.
Instead, as soon as April, the committee will begin working on restoring a package of tax breaks that expired at the end of last year, according to the news source. There were approximately 50 tax breaks that expired before the start of 2014, including a number in the education, energy and business sectors. These tax breaks are typically extended year after year, with a few cuts. While Wyden wasn’t specific about which cuts might be made, he said that some energy tax extenders should be looked at.
“My hope is that we can get them re-enacted promptly,” Wyden told Bloomberg Television‘s “Political Capital with Al Hunt,” “Then use them as a bridge to more comprehensive reform.”
While Obama supports corporate tax law reform, as do some republicans, Wyden told the news source that it would be a challenge to pass major changes. Eventually, he would like to get reform passed and to see individuals’ tax payments “get closer to parity between income from investment and income from wages.”
According to Reuters, Wyden is a firm opponent of lobbyist intervention in the tax code, saying “the tax code is a rotten carcass that the special interests feast on.”
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Short Form Merger: Streamlining the Process for Businesses
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Tariff Response Options for Small Businesses Facing Financial Distress
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
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