Tax reform continues to dominate discussions off Capitol Hill while Congress is on Thanksgiving break. The Senate is expected to take up a sweeping tax reform bill during the week of November 27. The House has already passed its tax reform bill. The IRS, meanwhile, announced the launch of “National Tax Security Awareness Week.”
The Senate Finance Committee (SFC) released the legislative text of its tax reform proposal. The SFC passed its measure to overhaul the tax code on a party-line vote just before recessing for the Thanksgiving holiday.
EFIN. The Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS’s security measures to prevent the misuse of Electronic Filing Information Numbers (EFINs). TIGTA reported that the IRS failed to timely deactivate EFINs and also failed to verify citizenship in some cases (Ref. No. 2018-40-003).
Cybersecurity. The IRS will observe the week of November 27 to December 1, 2017 as “National Tax Security Awareness Week.” The Service will post special tips to educate and remind taxpayers about tax-related identity theft and refund fraud (IR-2017-190).
AFRs. The IRS released the Applicable Federal Rates (AFRs) for December 2017 (Rev. Rul. 2017-24).
Safe Harbor. The IRS announced a safe harbor method that treats certain damage resulting from deteriorating concrete foundations as a casualty loss. The Service provided a formula for determining the amount of the loss (Rev. Proc. 2017-60).
By Jessica Jeane, George Jones and George L. Yaksick, Jr., Wolters Kluwer News Staff