Weekly Report from Washington, D.C.

The Treasury Department announced the results of its much-anticipated review of eight recent tax regulations. Lawmakers continued to discuss tax reform and the IRS reminded taxpayers of the approaching October 16 filing deadline.

Congress

House Report

House Speaker Paul Ryan, R-Wis., predicted the Ways and Means Committee will unveil a tax reform bill within three weeks. The GOP has a majority on the committee and the bill is expected to reflect the White House/GOP framework for tax reform released last week.

The House Small Business Committee held a hearing on small business tax reform. Lawmakers heard testimony on a variety of small business tax reform proposals. To find out what happened at the hearing click here.

“Blue Dog Democrats” released a vision for tax reform. The lawmakers called for, among other things, revenue-neutral tax reform.

Senate Report

The Senate Finance Committee held a hearing on international taxation. To find out what happened at the hearing click here.

Treasury

The Treasury Department announced the results of its much-anticipated review of eight recent tax regulations. Some regulations are expected to be withdrawn and others modified. To find out more about the regulation review, click here.

IRS

Filing Deadline

The IRS reminded taxpayers on extension of the approaching October 16 filing deadline. In addition, the IRS reminded taxpayers affected by the recent hurricanes of special filing relief.

Disaster Relief

The IRS extended the qualification period for individuals who might otherwise lose their status as bona fide residents of Puerto Rico or the U.S. Virgin Islands (USVI) because of the dislocation caused by Hurricane Irma and Hurricane Maria.

Mortality Tables

The IRS issued final regulations updating general mortality tables to be used by most defined benefit pension plans. The rules provided, among other procedures, a simpler method for obtaining approval of a substitute mortality table.

Foreign Branch Income

The IRS announced that the application date of the final regulations for translating foreign branch income will be postponed. In addition, certain provisions of the related temporary regulations will also be postponed for one year.

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

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CCHTaxGroup

All stories by: CCHTaxGroup