Weekly Report from Washington, D.C.

Congress was in recess the week of February 19. Lawmakers are expected to return to Washington, D.C. on February 26.

IRS

Restructuring. IRS corrected guidance on when restructuring no longer requires new exempt status applications (Rev. Proc. 2018-15, Corrected; TAXDAY, 2018/02/23, I.1).

Health Insurance. The IRS has released final health insurance provider fee regulations (T.D. 9830; TAXDAY, 2018/02/23, I.2).

Tax Extenders. The IRS has urged taxpayers to redeem the benefits of certain renewed tax benefits by filing amended tax returns (IR-2018-33; TAXDAY, 2018/02/23, I.3).

Deductions. The IRS has advised taxpayers that home equity loan interest is still deductible under new tax law (IR-2018-32; TAXDAY, 2018/02/22, I.1).

Tips. The IRS shared tips on minimizing the effect of data theft (TAXDAY, 2018/02/22, I.2).

Health Insurance. Proposed regulation would expand ACA-exempt short-term insurance (NPRM REG-133491-17; TAXDAY, 2018/02/21, I.1).

Taxpayer Service. IRS has reminded taxpayers of online options for faster query resolution and shared tips on taxpayer’s right to quality service (IR-2018-31; TAXDAY, 2018/02/21, I.3).

Filing. The IRS has reminded taxpayers that they must validate their identity to obtain prior year’s tax return (IR-2018-30; TAXDAY, 2018/02/19, I.1).

Rates. Various prescribed rates for federal income tax purposes for March 2018 have been provided by the IRS (Rev. Rul. 2018-6; TAXDAY, 2018/02/19, I.2).

Filing. A calendar-year U.S. taxpayer has until April 15 to file Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (TAXDAY, 2018/02/19, I.3).

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

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