CCH Tax Day Report
The 115th Congress convened on January 3. The Treasury Inspector General for Tax Administration (TIGTA) issued a report on IRS services available to taxpayers The IRS reminded taxpayers that the filing season will launch on January 23 and issued guidance in a number of areas.
Members of Congress met with their respective party leaders on January 4 to discuss the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) (TAXDAY, 2017/01/05, C.1).
Lawmakers discussed the ACA and its associated taxes on January 5 (TAXDAY, 2017/01/06, C.1).
Taxpayer Resource Allocation. TIGTA released a report analyzing resources allocated to IRS Taxpayer Services (Ref. No. 2017-40-013; TAXDAY, 2017/01/06, T.1).
Treasury Secretary. Treasury Secretary Jack Lew posted an exit memo (TAXDAY, 2017/01/09, T.1).
Maximum Vehicle Values. The IRS released the maximum allowable value for employer-provided automobiles (Notice 2017-3, I.R.B. 2017-2, 368; TAXDAY, 2017/01/06, I.3).
Penalty Safe Harbor. The IRS issued guidance on the de minimis safe harbor from information reporting penalties under Code Secs. 6721 and 6722 (Notice 2017-9, I.R.B. 2017-4; TAXDAY, 2017/01/05, I.1).
Tax Season. The IRS reminded taxpayers that the filing season launches on January 23 (IR-2017-1; TAXDAY, 2017/01/06, I.1).
Domestic Income Withholding. The IRS issued final and temporary regulations on the withholding of tax on U.S. source income paid to foreign persons (T.D. 9808;NPRM REG-13247-16; TAXDAY, 2017/01/04, I.1).
FATCA Regulations. The IRS issued final and temporary Foreign Account Tax Compliance Act (FATCA) (P.L. 111-147) regulations, with respect to information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments made to FFIs and other foreign entities (T.D. 9809; NPRM REG-103477-14: TAXDAY, 2017/01/04, I.2).
Qualified Intermediary Agreement. The IRS issued the final qualified intermediary (QI) agreement entered into under Reg. §1.1441-1(e)(5) (Rev. Proc. 2017-15, I.R.B. 2017-3; TAXDAY, 2017/01/03, I.1).
Foreign Financial Institution Agreement. The IRS issued the updated foreign financial institution (FFI) agreement, applicable to FFIs with an FFI agreement effective on or after January 1, 2017 (Rev. Proc. 2017-16, I.R.B. 2017-3; T.D. 9808; T.D. 9809; NPRM REG-103477-14; NPRM REG-134247-16; TAXDAY, 2017/01/03, I.2).
Ruling Procedures. The IRS updated associate chief counsel ruling procedure and provided a new schedule of user fees (Rev. Proc. 2017-1, I.R.B. 2017-1; TAXDAY, 2017/01/03, I.3).
TAM Procedures. The IRS also issued its annual technical advice memoranda procedures (Rev. Proc. 2017-2, I.R.B. 2017-1, 106; TAXDAY, 2017/01/03, I.4).
Corporate Tax Issues of Nonissuance. The IRS updated the list of corporate tax areas for which letter rulings or determination letters will not be issued (Rev. Proc. 2017-3; I.R.B. 2017-1; TAXDAY, 2017/01/03, I.5).
EP and EO Procedures. The IRS updated its employee plans (EP) and exempt organization ruling procedures (Rev. Proc. 2017-4; TAXDAY, 2017/01/03, I.6).
EO Procedures. The IRS updated the exempt status determination letter application and issuance procedures (Rev. Proc. 2017-5; I.R.B. 2017-1, 230; TAXDAY, 2017/01/03, I.7).
International Issues of Nonissuance. The IRS issued an updated list of the international tax subject areas for which no advance letter rulings or determinations will be provided (Rev. Proc. 2017-7; I.R.B. 2017-1, 269; TAXDAY, 2017/01/03, I.8.)
By Jessica Jeane and Jalisa Mathis, Wolters Kluwer News Staff