Weekly Report from Washington, D.C.

Congress returned to Capitol Hill after the Independence Day recess. Treasury Secretary Steven Mnuchin discussed tax reform. The Senate released a revised health care bill and Senate leadership announced a delay in its upcoming August recess. The IRS reminded tax professionals that cyberthieves are active year-round.

Congress

Lawmakers discussed the direction of corporate tax reform (TAXDAY, 2017/07/13, C.1).

Senate. Senate Republicans unveiled a revised health care bill. The revised Senate GOP bill would retain the net investment income (NII) tax and the additional Medicare tax (TAXDAY, 2017/07/14, C.1).

Senate leadership announced a delay in its upcoming August recess (TAXDAY, 2017/07/12, C.1).

House. The House Ways and Means Tax Policy Subcommittee held a hearing examining tax reform and small business growth (TAXDAY, 2017/07/14, C.2).

Treasury

Tax Reform. Treasury Secretary Mnuchin predicted that the White House would release a detailed tax reform proposal in September (TAXDAY, 2017/07/11, T.1).

IRS

Multiemployer Plans. The IRS posted revised procedures for applications for a suspension of benefits under a multiemployer defined benefit plan. Generally, the plan must be in critical or declining status. (Rev. Proc. 2017-43; TAXDAY, 2017/07/13, I.2).

Nonrecognition Transactions. The IRS withdrew the remaining part of a notice of proposed rulemaking (NPRM REG-163314-03, 2005-1 CB 835) containing proposed regulations that would have required an exchange or distribution of net value in certain nonrecognition transactions under Code Secs. 332, 351 and 368 (TAXDAY, 2017/07/13, I.1).

Pension Plans. For pension plan years beginning in July 2017, the IRS has released the 30-year Treasury bond weighted average interest rate, the unadjusted segment rates, the adjusted rates and the minimum present value segment rates (TAXDAY, 2017/07/14, I.1).

Tax Scams. The IRS reminded tax professionals about the dangers of so-called “spear phishing emails.” The reminder is part of the Service’s ongoing campaign to educate the tax community about phishing and other scams (TAXDAY, 2017/07/12, I.1).

Correspondence. The IRS posted a tax tip about handling correspondence with the Service. The IRS reminded taxpayers that they must respond to a notice they dispute (TAXDAY, 2017/07/11, I.1).

Vacation Property. The IRS posted a tax tip about renting out residential or vacation property. The Service highlighted the tax treatment of residential and vacation home rentals (TAXDAY, 2017/07/10, I.7).

Child and Dependent Care Credit. The IRS posted a tax tip about the child and dependent care credit. The Service reminded taxpayers about the requirements for claiming the credit (TAXDAY, 2017/07/13, I.3).

By Jessica Jeane, George Jones and George L. Yaksick, Jr., Wolters Kluwer News Staff

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup

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