Houghton Announces Hearing on Congressman Amo Houghton (R-NY), Chairman, Subcommittee on Oversight of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing on the penalty and interest provisions in the Internal Revenue Code, including recent studies by the U.S. Department of the Treasury and the Joint Committee on Taxation that were mandated by the Internal Revenue Service (IRS) Restructuring and Reform Act of 1998 (P.L. 105-206). The hearing will take place on Tuesday, November 9, 1999, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m. Oral testimony at this hearing will be from invited witnesses only. Invited witnesses include Jon Talisman, Deputy Assistant Secretary for Tax Policy, U.S. Department of the Treasury; Lindy L. Paull, Chief of Staff, Joint Committee on Taxation; W. Val Oveson, National Taxpayer Advocate; and representatives from the National Association of Enrolled Agents, the American Bar Association, the American Institute of Certified Public Accountants, and the Tax Executives Institute. Any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing. BACKGROUND: In 1988 and 1989, the Subcommittee held a series of hearings on the penalty and interest provisions in the tax code. The hearings culminated in an overhaul of the penalty and interest regimes with the enactment of the Improved Penalty Administration and Compliance Tax Act, included in the Omnibus Budget Reconciliation Act of 1989 (P.L. 101-239). In the IRS Restructuring and Reform Act of 1998, Congress directed the Treasury and the Joint Committee on Taxation to conduct studies to examine whether the current penalty and interest provisions: (1) encourage voluntary compliance, (2) operate fairly, (3) are effective deterrents to undesired behavior, and (4) are designed in a manner that promotes efficient and effective administration of the provisions by the IRS. The Joint Committee on Taxation completed and released its study, Study of Present-Law Penalty and Interest Provisions as Required by Section 3801 of the Internal Revenue Service Restructuring and Reform Act of 1998 (Including Provisions Relating to Corporate Tax Shelters), on July 22, 1999. The Treasury completed its report, Penalty and Interest Provisions of the Internal Revenue Code, on October 25, 1999. In announcing the hearing, Chairman Houghton stated: "It has been 10 years since Congress last took a comprehensive look at the interest and penalty regimes in the Code. The Subcommittee led the way then, and now the Subcommittee will review the provisions that were passed 10 years ago to determine whether these provisions are effective and promote fair treatment of taxpayers without undue complexity. We will also consider recommendations to improve upon these provisions." FOCUS OF THE HEARING: The focus of the hearing is to review the current penalty and interest provisions in the Code and to consider recommendations to simplify penalty administration and to reduce taxpayer burden. On October 26, 1999, Chairman Archer announced that the full Committee will hold a hearing on corporate tax shelters on November 10, 1999 (See Full Committee press release No. FC-14). DETAILS FOR SUBMISSION OF WRITTEN COMMENTS: Any person or organization wishing to submit a written statement for the printed record of the hearing should submit six (6) single-spaced copies of their statement, along with an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, with their name, address, and hearing date noted on a label, by the close of business, Tuesday, November 23, 1999, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, DC. 20515. If those filing written statements wish to have their statements distributed to the press and interested public at the hearing, they may deliver 200 additional copies for this purpose to the Subcommittee on Oversight office, room 1136 Longworth House Office Building, by close of business the day before the hearing. FORMATTING REQUIREMENTS: Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee. 1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record. 2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee. 3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee, must include on his statement or submission a list of all clients, persons, or organizations on whose behalf the witness appears. 4. A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers where the witness or the designated representative may be reached. This supplemental sheet will not be included in the printed record. The above restrictions and limitations apply only to material being submitted for printing. Statements and exhibits or supplementary material submitted solely for distribution to the Members, the press, and the public during the course of a public hearing may be submitted in other forms. Note: All Committee advisories and news releases are available on the World Wide Web at "http://waysandmeans.house.gov". The Committee seeks to make its facilities accessible to persons with disabilities. If you are in need of special accommodations, please call 202-225-1721 or 202-2263411 TTD/TTY in advance of the event (four business days notice is requested). Questions with regard to special accommodation needs in general (including availability of Committee materials in alternative formats) may be directed to the Committee as noted above. NOTICE-CHANGE IN TIME AND LOCATION ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON OVERSIGHT FOR IMMEDIATE RELEASE November 2, 1999 No. OV-12 Revised CONTACT: (202) 225–7601 Change in Time and Location for Subcommittee Hearing on the Penalty and Interest Provisions in the Internal Revenue Code Tuesday, November 9, 1999 Congressman Amo Houghton (R-NY), Chairman of the Subcommittee on Oversight of the Committee on Ways and Means, today announced that the Subcommittee hearing on the penalty and interest provisions in the Internal Revenue Code scheduled for Tuesday, November 9, 1999, at 10:00 a.m., in the main Committee hearing room, will now be held in room B-318 of the Rayburn House Office Building beginning at 3:00 p.m. All other details for the hearing remain the same. (See Subcommittee press release No. OV-12, dated October 26, 1999.) NOTICE HEARING POSTPONEMENT ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON OVERSIGHT November 9, 1999 CONTACT: (202) 225-7601 No. OV-12 Revised Postponement of Subcommittee Hearing on in the Internal Revenue Code Tuesday, November 9, 1999 Congressman Amo Houghton (R-NY), Chairman of the Subcommittee on Oversight of the Committee on Ways and Means, today announced that the Subcommittee hearing on the penalty and interest provisions in the Internal Revenue Code scheduled for Tuesday, November 9, 1999, at 10:00 a.m., in the main Com mittee hearing room, will now be held in room B-318 of the Rayburn House Office Building beginning at 3:00 p.m. All other details for the hearing remain the same. (See Subcommittee press release No. OV-12, dated October 26, 1999.) ADVISORY FROM THE COMMITTEE ON WAYS AND MEANS SUBCOMMITTEE ON OVERSIGHT FOR IMMEDIATE RELEASE January 18, 2000 CONTACT: (202) 225-7601 No. OV-14 Houghton Announces Hearing on Congressman Amo Houghton (R-NY), Chairman, Subcommittee on Oversight of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing on the penalty and interest provisions in the Internal Revenue Code, including recent studies by the U.S. Department of the Treasury and the Joint Committee on Taxation that were mandated by the Internal Revenue Service (IRS) Restructuring and Reform Act of 1998 (P.L. 105-206). The hearing will take place on Thursday, January 27, 2000, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 10:00 a.m. Oral testimony at this hearing will be from invited witnesses only. Invited witnesses include Jon Talisman, Deputy Assistant Secretary for Tax Policy, U.S. Department of the Treasury; Lindy L. Paull, Chief of Staff, Joint Committee on Taxation; W. Val Oveson, National Taxpayer Advocate; and representatives from the National Association of Enrolled Agents, the American Bar Association, the American Institute of Certified Public Accountants, and the Tax Executives Institute. Any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing. BACKGROUND: In 1988 and 1989, the Subcommittee held a series of hearings on the penalty and interest provisions in the tax code. The hearings culminated in an overhaul of the penalty and interest regimes with the enactment of the Improved Penalty Administration and Compliance Tax Act, included in the Omnibus Budget Reconciliation Act of 1989 (P.L. 101-239). In the IRS Restructuring and Reform Act of 1998, Congress directed the Treasury and the Joint Committee on Taxation to conduct studies to examine whether the current penalty and interest provisions: (1) encourage voluntary compliance, (2) operate fairly, (3) are effective deterrents to undesired behavior, and (4) are designed in a manner that promotes efficient and effective administration of the provisions by the IRS. The Joint Committee on Taxation completed and released its study, Study of Present-Law Penalty and Interest Provisions as Required by Section 3801 of the In ternal Revenue Service Restructuring and Reform Act of 1998 (Including Provisions Relating to Corporate Tax Shelters), on July 22, 1999. The Treasury completed its report, Penalty and Interest Provisions of the Internal Revenue Code, on October 25, 1999. On November 10, 1999, the full Ways and Means Committee held a hearing on the corporate tax shelter issue In announcing the hearing, Chairman Houghton stated: "It has been 10 years since Congress last took a comprehensive look at the interest and penalty regimes in the Code. The Subcommittee led the way then, and now the Subcommittee will review the provisions that were passed 10 years ago to determine whether these provisions are effective and promote fair treatment of taxpayers without undue complexity. We will also consider recommendations to improve upon these provisions." FOCUS OF THE HEARING: The focus of the hearing is to review the current penalty and interest provisions in the Code and to consider recommendations to simplify penalty administration and to reduce taxpayer burden. DETAILS FOR SUBMISSION OF WRITTEN COMMENTS: Any person or organization wishing to submit a written statement for the printed record of the hearing should submit six (6) single-spaced copies of their statement, along with an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, with their name, address, and hearing date noted on a label, by the close of business, Thursday, February 10, 2000, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, D.C. 20515. If those filing written statements wish to have their statements distributed to the press and interested public at the hearing, they may deliver 200 additional copies for this purpose to the Subcommittee on Oversight office, room 1136 Longworth House Office Building, by close of business the day before the hearing. FORMATTING REQUIREMENTS: Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee. 1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record. 2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee. 3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee, must include on his statement or submission a list of all clients, persons, or organizations on whose behalf the witness appears. 4. A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers where the witness or the designated representative may be reached. This supplemental sheet will not be included in the printed record. The above restrictions and limitations apply only to material being submitted for printing. Statements and exhibits or supplementary material submitted solely for distribution to the Members, the press, and the public during the course of a public hearing may be submitted in other forms. Note: All Committee advisories and news releases are available on the World Wide Web at "http://waysandmeans.house.gov". |