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JCT Releases Backgrounder in Advance of House Ways and Means Hearing on Interaction of Tax, GAAP on Tax Reform

In advance of Wednesday's (Feb. 8) Congressional hearing on the interaction of tax law and financial accounting standards, in particular as may relate to behaviors (corporate actions) arising from either or both, and specifically in the context of the potential resulting impact on tax reform, the Joint Committee on Taxation released a related background paper earlier today (Tues. Feb. 7). As we reported last week, the hearing taking place on Wednesday is being conducted by the House Ways and Means Committee, and is the first of two hearings on this topic planned by the committee.

Witness List 

According to the witness list released by House Ways & Means, the Feb. 8 panel will include:
 

  • Michael D. Fryt, Corporate VP, Tax, FedEx Corp.
  • Mark A. Schichtel, SVP & Chief Tax Officer, Time Warner Cable
  • Michelle Hanlon, Assoc. Prof. of Accounting, MIT Sloan School of Management
  • Tom S. Neubig, National Director, Quantitative Economics and Statistics, Ernst & Young LLP
  • Timothy S. Heenan, VP, Treasury & Tax, Praxair, Inc.

Links to written testimony are expected to be posted here.
 
JCT Backgrounder

The backgrounder published by the JCT relating to the House W&M Feb. 8 hearing is entitled:

Present Law And Background Relating To The Interaction Of Federal Income Tax Rules And Financial Accounting Rules (JCX-13-12).

FEI Resources: Website, COT, FEI-CCH Seminar Featuring GT

Watch for a summary of highlights from the hearing to be posted later this week on FEI's website, www.financialexecutives.org. Props to Tyler Roberts of FEI's Washington, DC government relations office for the heads up on the information above. 

Learn about FEI's Committee on Taxation (COT), including comment letters filed by the committee. 

Check out the upcoming FEI Executive Seminar - presented by CCH, on Avoiding the Consequences of Poor Tax Risk Oversight. The FEI-CCH program, featuring April Little and Randy D. Robason, Partners in Grant Thornton's Tax Accounting & Risk Advisory Services, is being offered in four locations: 



 

Posted: 2/7/2012 10:24:15 PM by Edith Orenstein | with 0 comments
Filed under: Committee on Taxation,FEI blog,House Ways and Means,Joint Committee on Taxation,Randy Robason,tax reform,tax risk oversight,Tyler Roberts,behavior,CCH,consequences,COT,economic,GAAP,Grant,JCT,tax,Thornton,W&M,,April Little


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Edith Orenstein