The IRS continued to announce relief for victims of Hurricanes Harvey and Irma. The Senate Finance Committee held the first of what is expected to be a series of tax reform hearings. GOP leaders in the House predicted that a tax reform framework would be unveiled before the end of September.
House. Top congressional Republicans and the White House are expected to release a framework of their tax reform plan during the week of September 25 (TAXDAY, 2017/09/14, C.1).
The House Ways and Means Oversight Subcommittee held a hearing entitled “IRS Reform: Resolving Taxpayer Disputes” on September 13. Lawmakers and witnesses discussed issues with current IRS dispute resolution procedures and how to make improvements (TAXDAY, 2017/09/14, C.2).
Senate. The Senate Finance Committee (SFC) held a tax reform hearing examining the individual side of the tax code on September 14. Lawmakers indicated that the hearing would be the first in a series of hearings leading up to the committee’s draft of comprehensive tax reform legislation (TAXDAY, 2017/09/15, C.1).
Compliance. The Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS’s Exam function and reported that staffing and audit coverage have declined in recent years (TAXDAY, 2017/09/14, T.2).
Information Technology. TIGTA reported that 64 percent of the IRS’s IT hardware is beyond its useful life (TAXDAY, 2017/09/15, T.3).
Disaster Relief. The IRS announced special relief designed to support leave-based donation programs to aid victims of Hurricane Irma (Notice 2017-52; TAXDAY, 2017/09/15, I.4). The Service also provided relief for certain employee benefit plans because of Hurricane Harvey and Hurricane Irma (Notice 2017-49; TAXDAY, 2017/09/13, I.2). Additionally, the IRS announced streamlined procedures for loans and distributions from retirement plans to help victims of Hurricane Irma (IR-2017-151, Ann. 2017-13; TAXDAY, 2017/09/13, I.6).
REMICs. The IRS updated recently released penalty relief to include real estate mortgage investment conduits (REMICs) (Notice 2017-47; TAXDAY, 2017/09/13, I.3).
FATCA. The IRS reminded foreign financial institutions (FFIs) to renew their FFI agreements if required by October 24, 2017 (IR-2017-153; TAXDAY, 2017/09/15, I.8).
By Jessica Jeane, George Jones and George L. Yaksick, Jr., Wolters Kluwer News Staff