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