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1.72 MB
Extraction Summary
3
People
4
Organizations
0
Locations
2
Events
1
Relationships
3
Quotes
Document Information
Type:
Newsletter / client advisory
File Size:
1.72 MB
Summary
A 'Tax Topics' newsletter authored by Blanche Lark Christerson for Deutsche Asset & Wealth Management, dated January 29, 2014. The document summarizes the Consolidated Appropriations Act of 2014, highlighting a $1.012 trillion budget, specific funding cuts to the IRS, and new legislative restrictions preventing the IRS from using funds for ACA support or political targeting. The document bears a House Oversight Bates number, suggesting it was part of a document production related to congressional investigations into Deutsche Bank.
People (3)
| Name | Role | Context |
|---|---|---|
| Blanche Lark Christerson | Managing Director, Senior Wealth Planning Strategist |
Author of the Tax Topics newsletter for Deutsche Asset & Wealth Management.
|
| Barack Obama | President of the United States |
Mentioned as signing legislation on October 17th and January 17th.
|
| IRS Commissioner | Government Official |
Required to provide a spending plan to access additional $92 million in funding.
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Deutsche Asset & Wealth Management |
Header organization, publisher of the document.
|
|
| IRS |
Internal Revenue Service; primary subject of the newsletter regarding funding and regulations.
|
|
| Congress |
Mentioned as passing the Consolidated Appropriations Act.
|
|
| Service-Wide Video Editorial Board |
Entity required to pre-approve IRS videos.
|
Timeline (2 events)
2013-10-17
2014-01-17
President Obama signs H.R. 3547, the Consolidated Appropriations Act, 2014, into Public Law 113-76.
Washington D.C.
Relationships (1)
Title listed as Managing Director, Senior Wealth Planning Strategist under company header.
Key Quotes (3)
"the $11.289 billion appropriated for the IRS is about 4% less than last year, and continues a downward trend in IRS funding."Source
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Quote #1
"none of which can be used to support any provision of the Affordable Care Act (ACA, which is also known as “Obamacare”)."Source
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Quote #2
"nor can the Service use any of its funds to target citizens who are exercising their First Amendment rights or to target groups for “regulatory scrutiny based on their ideological beliefs.”"Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,591 characters)
Deutsche Asset
& Wealth Management
& Wealth Management
Blanche Lark Christerson
Managing Director, Senior Wealth Planning Strategist
Managing Director, Senior Wealth Planning Strategist
Tax Topics
2014-01
01/29/14
2014-01
01/29/14
And the beat goes on…
Last fall’s 16-day government shutdown ended with legislation that President Obama signed in the wee
hours of October 17th. Under that legislation, a bipartisan committee hammered out a budget agreement by
mid-December; Congress approved the agreement, and President Obama signed it into law. House and
Senate appropriations committees then began drafting spending bills – on which they compromised: H.R.
3547, the “Consolidated Appropriations Act, 2014,” passed both the House and the Senate with comfortable
bipartisan majorities; it became Public Law 113-76 on January 17th, when President Obama signed it. The
Act allocates $1.012 trillion, is over 1500 pages long and funds the government through September 30, 2014
(the end of the current 2014 fiscal year).
hours of October 17th. Under that legislation, a bipartisan committee hammered out a budget agreement by
mid-December; Congress approved the agreement, and President Obama signed it into law. House and
Senate appropriations committees then began drafting spending bills – on which they compromised: H.R.
3547, the “Consolidated Appropriations Act, 2014,” passed both the House and the Senate with comfortable
bipartisan majorities; it became Public Law 113-76 on January 17th, when President Obama signed it. The
Act allocates $1.012 trillion, is over 1500 pages long and funds the government through September 30, 2014
(the end of the current 2014 fiscal year).
The Act restored some of the funding cuts otherwise dictated by the “sequester,” which was born of budget
legislation (and the debt ceiling crisis) in August 2011. It covers discretionary spending for all government
agencies, and has nothing to do with mandatory spending, such as Social Security. In other words, for
example, the Act covers national defense, commerce, the judiciary and what are referred to as “financial
services,” which includes the IRS. Although overall appropriations are up slightly for financial services from
last year’s enacted level, the $11.289 billion appropriated for the IRS is about 4% less than last year, and
continues a downward trend in IRS funding.
legislation (and the debt ceiling crisis) in August 2011. It covers discretionary spending for all government
agencies, and has nothing to do with mandatory spending, such as Social Security. In other words, for
example, the Act covers national defense, commerce, the judiciary and what are referred to as “financial
services,” which includes the IRS. Although overall appropriations are up slightly for financial services from
last year’s enacted level, the $11.289 billion appropriated for the IRS is about 4% less than last year, and
continues a downward trend in IRS funding.
Under the Act, the IRS will have new quarterly reporting requirements with respect to some of its spending,
and must abide by some pointed directives, including maintaining training programs to cover items such as
“taxpayers’ rights, dealing courteously with taxpayers, cross-cultural relations, ethics and the impartial
application of tax law.” An additional $92 million is potentially available to the IRS to supplement certain
areas of its budget, but not until the IRS Commissioner first provides a spending plan for those dollars, none
of which can be used to support any provision of the Affordable Care Act (ACA, which is also known as
“Obamacare”). The IRS also cannot make a video unless it is pre-approved by the Service-Wide Video
Editorial Board, nor can the Service use any of its funds to target citizens who are exercising their First
Amendment rights or to target groups for “regulatory scrutiny based on their ideological beliefs.”
and must abide by some pointed directives, including maintaining training programs to cover items such as
“taxpayers’ rights, dealing courteously with taxpayers, cross-cultural relations, ethics and the impartial
application of tax law.” An additional $92 million is potentially available to the IRS to supplement certain
areas of its budget, but not until the IRS Commissioner first provides a spending plan for those dollars, none
of which can be used to support any provision of the Affordable Care Act (ACA, which is also known as
“Obamacare”). The IRS also cannot make a video unless it is pre-approved by the Service-Wide Video
Editorial Board, nor can the Service use any of its funds to target citizens who are exercising their First
Amendment rights or to target groups for “regulatory scrutiny based on their ideological beliefs.”
HOUSE_OVERSIGHT_019440
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