Weekly Report from Washington, D.C.

The Trump administration and House Republicans are working on a “phase-two” of tax reform. Additionally, an IRS reform bill is expected to be released from the House Ways and Means Committee in the coming weeks.

A Ways and Means spokesperson told Wolters Kluwer that a phase-two of tax reform could include “opportunities in making individual tax cuts permanent, increasing innovation, [and] encouraging household savings,” (TAXDAY, 2018/03/16, C.1).

Lawmakers and the White House continue tax reform talks, (TAXDAY, 2018/03/14, C.1).

House

The House Ways and Means Tax Policy Subcommittee held a hearing in which lawmakers and stakeholders examined the future of various temporary tax extenders post-tax reform, (TAXDAY, 2018/03/15, C.1).

The House Ways and Means Committee is currently crafting legislation to reform the IRS, TAXDAY, 2018/03/13, C.1.

IRS

Fraud. Schemes to falsify claim tax credits is on the annual list of tax scams known as the “Dirty Dozen” again for the 2018 filing season (IR-2018-55), (TAXDAY, 2018/03/16, I.1).

RMD. The IRS has reminded taxpayers about required minimum distributions (RMD) (IR-2018-56), (TAXDAY, 2018/03/16, I.2).

Payment. The IRS has encouraged taxpayers to take advantage of a wide array of tax payment options the Service provides to address tax liabilities (IR-2018-57), (TAXDAY, 2018/03/16, I.3).

Pensions. Treasury has set the security rate for computing current plan liability for March 2018 (Notice 2018-22), (TAXDAY, 2018/03/16, I.4).

Fraud. Fraudulent inflation of deductions earns a spot on IRS “Dirty Dozen” Tax Scams list (IR-2018-54), (TAXDAY, 2018/03/15, I.1).

Fees. The IRS has reduced the user fee applicable to a determination letter request submitted on Form 5310, Application for Determination for Terminating Plan (Rev. Proc. 2018-19), (TAXDAY, 2018/03/15, I.2).

Deductions. IRS releases top things to know about charitable deductions (TAXDAY, 2018/03/15, I.3).

Comments. The IRS has requested comments on regulations addressing qualified lessee construction allowances for short-term leases and Form 928 (TAXDAY, 2018/03/15, I.4).

Fraud. Fraudulent business credit claims earns a spot on IRS “Dirty Dozen” Tax Scams List (IR-2018-49), (TAXDAY, 2018/03/14, I.1).

Extension. Certain businesses affected by winter storms get extra time to request extension (IR-2018-50), (TAXDAY, 2018/03/14, I.2).

Fraud. Fraudulent inflation of refunds earns a spot on IRS “Dirty Dozen” Tax Scams list (IR-2018-48), (TAXDAY, 2018/03/13, I.1).

Regulations. Final regulations regarding allocation of mortgage insurance premiums is corrected (T.D. 9588), (TAXDAY, 2018/03/13, I.2).

The State Department will be allowed to disclose return information to contractors (NPRM REG-129260-16), (TAXDAY, 2018/03/13, I.1).

I.R.B. IRS releases I.R.B. 2018-11 (TAXDAY, 2018/03/12, I.1).

Fraud. The IRS warns taxpayers of scammers impersonating charitable organizations (IR-2018-47), (TAXDAY, 2018/03/12, I.2).

The IRS announces dates regarding pre-approved plan second six-year remedial amendment cycle (Ann. 2018-5), (TAXDAY, 2018/03/12, I.3).

Principal Deputy Chief Counsel and Deputy Chief Counsel (Technical) William M. Paul has resumed the position of Acting Chief Counsel, effective March 9, 2018, the IRS has announced (CC-2018-004), (TAXDAY, 2018/03/12, I.4).

By Jessica Jeane, Wolters Kluwer News Staff

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