x

Politics

Ex-Treasury Department Official Tsilas Speaks on Tax Reform Prospects

“If any tax reform gets done in 2015, it will be corporate tax reform,” Vicky Tsilas, a former Treasury Department official how recently left the Office of Tax Policy to return to the private sector, told the Bond Buyer.

“The good news is, if we’re only talking corporate tax reform this year, if that’s truly what happens, then there’s less likely to be radical change in the treatment of tax-exempt bonds,” said Tsilas, whose father, Amb. Loucas Tsilas, just completed his 15-year tenure as Executive Director of the Onassis Foundation USA, as TNH reported last week (“Amb. Tsilas Finishes Onassis Tenure,” Jan. 24).

Tsilas told the Buyer that the debate, even if bond-specific, could nonetheless broaden to include individual tax reforms, but that corporate reforms seemed to be the focal point.

Noting the political difficulty of a tax increase, say, on gasoline, Tsilas acknowledged that infrastructure reform is imminent, though how to pay for it is far from settled. “I think everybody agrees on the problem, but [agreeing] on the solution is a whole other question,” Tsilas told the Buyer.

Tsilas added that she was pleased that  the Treasury department and the Internal Revenue service were able to implement measures to prevent abuse of management contracts under Obamacare to be misused for private business enterprise.

Of particular concern were Accountable Care Organizations (ACOs), which are health

care organizations where doctors, hospitals and other providers collaborate in providing care. If there is too much private business use, then what was originally tax-exempt bond financing would become taxable under the law.

“I think the Affordable Care Act has certainly changed the way contracts are entered into,” Tsilas said. “It was good that Treasury and the IRS “at least provided some guidance on the new changes. There is a recognition that things have changed. The industry has changed. And with it, the guidance needs to be updated.”

A holder of two law degrees – a Juris Doctorate from Fordham University and a Master of Laws from Georgetown, Tsilas returns to the large law firm Ballard Spahr as a tax partner, where she will advise on tax matters for bond deals. “It’s sort of like going back home,” she told the Buyer.

Her experience on the federal government side of things will give her enhanced perspective on how regulations are drafted, all of which will render her a more qualified tax law practitioner, she said.

 

RELATED

ATHENS - A regulation in an omnibus bill will allow repatriated Greeks from Albania and the former Soviet Union to receive full national pensions, Labor and Social Protection Minister Kostis Hatzidakis said during a discussion in Greek Parliament on Tuesday.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

NYPD Οfficers, Βystander Save Man who Fell on Subway Tracks (Video)

NEW YORK — Two New York City police officers and a bystander raced to save a man who fell on the tracks at a Manhattan subway station, plucking him out of the way of an oncoming train in a daring rescue captured by an officer's body camera.

MONTREAL — Pedro Meraz says living in Colima, Mexico, was like living in a war zone, with shootings, burning cars and dismembered bodies being left outside of schools.

HONOLULU — As Hawaii's governor, David Ige faced a volcanic eruption that destroyed 700 homes, protests blocking construction of a cutting-edge multibillion-dollar telescope and a false alert about an incoming ballistic missile.

CAPE CANAVERAL, Fla. — NASA's Orion capsule entered an orbit stretching tens of thousands of miles around the moon Friday, as it neared the halfway mark of its test flight.

LONDON - A traditional song titled ‘Μια μάνα απόψε μάλωνε - A mother tonight was scolding’ was heard in the streets of London! In other words… a singer of traditional Greek songs, Gogo Moustoyannis, noted in a post on her Facebook page that she felt the need to sing a song while walking in London.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.