The IRS plans to issue regulations clarifying the new three-year holding period for certain carried interests. Additionally, the IRS released a new withholding calculator.
Lawmakers discussed the Tax Cuts and Jobs Act (P.L. 115-97). House Ways and Means Tax Policy Subcommittee announced it will hold a hearing to examine certain tax breaks relevancy post-tax reform (TAXDAY, 2018/02/28, C.1).
EITC. Treasury Inspector General for Tax Administration (TIGTA) found that 1.4 million tax returns contained a discrepancy in wages reported on the tax return and wages reported on third-party Forms W-2 that were not reviewed by the Service prior to refunds being released on February 15, 2017 (TAXDAY, 2018/03/02, T.1).
MOU. The IRS has not prioritized implementation of the worker misclassification Memorandum of Understanding (MOU) with the Department of Labor (DOL), according to a TIGTA report (TAXDAY, 2018/02/27, T.1).
Carried Interest. The IRS plans to issue regulations clarifying the new three-year holding period for carried interest applies to partnership interests held by S corporations (IR-2018-37; Notice 2018-18) (TAXDAY, 2018/03/02, I.2).
TAP. The TAP Taxpayer Assistance Center Improvements Project Committee has scheduled an open meeting on Thursday, March 22, 2018, from 8:00 a.m. to 5:00 p.m. (TAXDAY, 2018/03/02, I.1).
Filing. The IRS has reminded taxpayers that 70 percent of individuals are eligible for free filing service (IR-2018-38) (TAXDAY, 2018/03/02, I.3).
Energy Credits. The IRS has requested comments regarding Notice 2015-4, I.R.B. 2015-5, 407, Property Qualifying for the Energy Credit under Section 48 (Specifically, Performance and Quality for Small Wind Energy Property) (TAXDAY, 2018/03/02, I.4).
Tips. The IRS shared tips on avoiding refund fraud (TAXDAY, 2018/03/02, I.5).
Per Diem. March maximum Per Diem rates for travel in foreign areas were released (TAXDAY, 2018/03/01, I.1).
Withholding. The IRS has released a new withholding calculator, as well as a new version of Form W-4 (IR-2018-36, FAQs, TDNR SM-0300) (TAXDAY, 2018/03/01, I.2).
Tips. The IRS has issued tips on return preparation options for taxpayers (TAXDAY, 2018/03/01, I.4).
EITC. The IRS will begin releasing refunds for taxpayers who claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) starting February 27 (IR-2018-35; FS-2018-3) (TAXDAY, 2018/02/28, I.1).
Disaster Relief. The IRS has extended the relief provided to individuals who might otherwise lose their status as bona fide residents of Puerto Rico or the U.S. Virgin Islands (USVI) (Notice 2018-19) (TAXDAY, 2018/02/28, I.2).
Tips. The IRS shared tips on obtaining Form W-2 (TAXDAY, 2018/02/28, I.4).
Credits. The IRS has requested comments on Oil and Gas Credit and Offshore Voluntary Disclosure Program (OVDP) Forms (TAXDAY, 2018/02/28, I.5).
Safe Harbor. The IRS has issued a clarification of the safe harbor rules for inadvertent normalization violations published in Rev. Proc. 2017-47, I.R.B. 2017-38, 233 (TAXDAY, 2018/02/27, I.1).
Art Advisory. The IRS has renewed the charter of the Art Advisory Panel for a two-year period beginning on February 3, 2018 (TAXDAY, 2018/02/26, I.1).
Direct Pay. The IRS has reminded taxpayers about Direct Pay, a free online tool available 24 hours a day, seven days a week (IR-2018-34) (TAXDAY, 2018/02/26, I.2).
Safe Harbor. The IRS has extended the safe harbor of Rev. Proc. 2010-28, I.R.B. 2010-34, 270, which applies Code Secs. 7702 and 7702A to certain life insurance contracts (Rev. Proc. 2018-20, I.R.B. 2018-11) (TAXDAY, 2018/02/26, I.3).
SB/SE. SB/SE memo released provides sample templates for accepted offers (TAXDAY, 2018/02/26, I.4).
By Jessica Jeane, Wolters Kluwer News Staff