Weekly Report from Washington, D.C.

The Weekly Report from Washington, D.C. for November 13, rounds up the latest on the tax legislation moving through Congress and IRS Commissioner John Koskinen’s last days on the job. Pending tax legislation moved forward in the House after the Ways and Means Committee approved the GOP tax bill. The Senate GOP unveiled its tax reform plan. IRS Commissioner John Koskinen left office on November 12.

Congress

House. The House Ways and Means Committee approved the GOP’s amended Tax Cuts and Jobs Bill (HR 1), along party lines on November 9. A floor vote on the bill is expected during the week of November 13.

Senate. Senate Republicans unveiled a tax reform plan on November 9. The Senate Finance Committee is expected to begin a mark-up of the GOP plan during the week of November 13.

IRS

IRS Commissioner. John Koskinen highlighted his service as IRS commissioner during a press conference in Washington, D.C. Koskinen’s last day as commissioner was November 12 .

Disaster Relief. The IRS provided guidance on leave-based donation programs to aid victims of recent wildfires in California. Under these programs, employees forgo their vacation, sick or personal leave in exchange for cash payments the employer makes to charitable organizations providing relief for the victims of this disaster.

Cybersecurity. The IRS Office of Professional Responsibility (OPR) is asking how cybersecurity concerns could impact professional responsibility, OPR Director Stephen A. Whitlock said on November 8. Whitlock spoke at the AICPA Fall Tax Division Meeting in Washington, D.C.

Filing Season. The IRS released the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. The IRS gave tips to encourage problem-free filing of returns .

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

Need to know more? Join Wolters Kluwer Principal Analyst Mark Luscombe on  Nov. 29 for Tax Legislation Update: Tax Cuts and Jobs Act, a 2 CPE webinar from CCH® CPElink. Mark will discuss what you need to know about the proposed legislation and its impact on businesses and individuals.

 

Link is: http://www.cpelink.com/product/detail/?p=12149&t_id=1039&t_ref=3&s=r53bz8f

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