Weekly Report from Washington, D.C.

The proposed American Health Care Act (AHCA) is still the talk of Capitol Hill. The IRS provided relief to certain businesses affected by Winter Storm Stella.

White House

President Trump released his 2018 budget blueprint that, among other things, calls for a reduction in IRS funding by $239 million for fiscal year 2017-2018 (TAXDAY, 2017/03/17, W.1).

Congress

House. Capitol Hill is awash with discussions surrounding the increasing possibility of changes to House Republicans’ Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) repeal and replace legislation, the AHCA (TAXDAY, 2017/03/16, C.1).

The nonpartisan Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) released a cost estimate of the AHCA (TAXDAY, 2017/03/14, C.1), generating significant feedback from lawmakers on both sides of the aisle (TAXDAY, 2017/03/15, C.1).

Potential for changes notwithstanding, the House Budget Committee, in a markup of the proposed legislation, approved the bill by a 19-to-17 vote (TAXDAY, 2017/03/17, C.1).

IRS

Filing. The IRS announced that certain businesses affected by Winter Storm Stella have additional time to request a six-month extension to file their 2016 federal income tax returns. (IR-2017-61 ; TAXDAY, 2017/03/16, I.2).

AFRs. The IRS provided the various prescribed rates for federal income tax purposes for April 2017 (Rev. Rul. 2017-8 ; TAXDAY, 2017/03/17, I.2).

Foreign Housing. The IRS released foreign housing expense exclusion/deduction amounts (Notice 2017-21, I.R.B. 2017-13; TAXDAY, 2017/03/14, I.2).

Retirement Plans. The IRS reminded taxpayers about required minimum distributions (IR-2017-63 ; TAXDAY, 2017/03/20, I.1).

IRAs. The IRS reminded taxpayers about contributing to an IRA (IR-2017-60 ; TAXDAY, 2017/03/16, I.1).

Refunds. The IRS reminded taxpayers about its “Where’s My Refund?” tool (IR-2017-62 ; TAXDAY, 2017/03/17, I.1).

By Jalisa Mathis, Wolters Kluwer News Staff

AUTHOR

CCHTaxGroup

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