Congress and the President are facing a looming “fiscal cliff” and the need to resolve major tax and budget issues during the “lame duck” session in December. Major healthcare, financial services and other regulations could also be issued during this time—all of which could significantly affect energy, manufacturing, telecommunications and other business operations in the United States. Unfinished business with major impact on companies includes:
- Comprehensive tax reform
- Energy policy reform
- Oil & gas depletion allowances/expensing rules
- Treatment of foreign source income
- Treatment of insurance industry reserves
- Russian Free Trade Agreement
- Mortgage debt reduction tax forgiveness extension
Please join David McIntosh, Mayer Brown partner and former Indiana Congressman, and Carolyn Osolinik, Mayer Brown partner and former Chief Counsel to the Senate Judiciary Committee, as they discuss “Implications of the ‘Fiscal Cliff’ and Congress’s Year-End Tax and Finance Decisions.” Questions to be addressed include:
- What tax issues are likely to be decided during the lame duck session and by the post-election Congress and President?
- What key regulatory issues are likely to arise during the remainder of 2012 and in early 2013?
- How should business leaders prepare for the lame duck and the post-election congressional sessions?
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the Initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.