Weekly Report from Washington, D.C.

Congress was in recess during the week of May 4. Lawmakers are expected to return to Washington on May 7.

Congress

House. House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. Neal, in a letter to Treasury Secretary Steven Mnuchin and Acting IRS Commissioner David Kautter, asked for clarifying guidance on Code Sec. 199A, (TAXDAY, 2018/05/03, C.1).

House Ways and Means Committee Chairman Kevin Brady, R-Tex., discussed his and President Trump’s goals for a “phase two” of tax reform, (TAXDAY, 2018/05/02, C.1).

Senate. Senate Finance Committee Chairman Orrin G. Hatch, R-Utah, has praised President Trumps’ nominee for IRS Commissioner, (TAXDAY, 2018/04/30, C.1).

Treasury

The Treasury’s Financial Crimes Enforcement Network (FinCEN) has requested comments on proposed renewal without change to CISADA reporting requirements, (TAXDAY, 2018/05/02, T.1).

IRS

The IRS has warned small businesses to be on guard against a growing wave of identity theft attempts against employers, (IR-2018-111), (TAXDAY, 2018/05/04, I.1).

Specific details can be found on the IRS website for reporting the participation dividends received deduction (DRD) under Code Sec. 245A, (TAXDAY, 2018/05/04, I.2).

As part of National Small Business Week (April 29-May 5), the IRS has reminded small business owners to take advantage of the home office deduction, (IR-2018-112), (TAXDAY, 2018/05/04, I.3).

The IRS has provided figures for calculating Low-Income Housing Tax Credits (Notice 2018-45), (TAXDAY, 2018/05/04, I.4).

As part of the National Small Business Week, the IRS has highlighted several tax resources to help small business owners and self-employed individuals in fulfilling their tax obligations, (IR-2018-109), (TAXDAY, 2018/05/03, I.1).

To mark National Small Business Week, the IRS has highlighted online resources to help taxpayers who are small business owners or self-employed individuals, (IR-2018-110), (TAXDAY, 2018/05/03, I.2).

Victims of severe storms and tornadoes that began on March 19, 2018, in parts of Alabama may qualify for tax relief from the IRS, (TAXDAY, 2018/05/03, I.3).

The IRS has provided the correct amount for the maximum foreign earned income exclusion to calculate the housing cost amount for 2018, (Notice 2018-44), (TAXDAY, 2018/05/02, I.2).

IRS hosted daily webcasts during National Small Business Week, (TAXDAY, 2018/05/04, I.4).

A domestic parent was not allowed to amortize a lump-sum payment to a foreign subsidiary because the parent and the subsidiary were related entities and the anti-churning rules applied, (FAA 20181701F), (TAXDAY, 2018/05/01, I.1).

The U.S. State Department has released a listing of maximum travel per diem allowances for travel in foreign areas, (TAXDAY, 2018/05/01, I.2).

2015 T.D. 9744 has been clarified in response to law suit over Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) emergency services rules, (TAXDAY, 2018/05/01, I.3).

The IRS has informed small business owners of YouTube channel providing tax information, (TAXDAY, 2018/05/01, I.4).

The IRS has provided the prevailing state assumed interest rates that are used by insurance companies to determine their reserves under Code Sec. 807 for certain contracts, (Rev. Rul. 2018-13), (TAXDAY, 2018/04/30, I.1).

Certain employers without SHOP marketplace plans receive health insurance credit relief, (Notice 2018-27; IR-2018-108), (TAXDAY, 2018/04/30, I.2).

The IRS has invited the public to suggest items that should be included on the 2018-2019 Priority Guidance Plan, (Notice 2018-43), (TAXDAY, 2018/04/30, I.3).

The IRS has requested comments on various forms and regulations, (TAXDAY, 2018/04/30, I.4).

By Jessica Jeane, Wolters Kluwer News Staff

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