Weekly Report from Washington, D.C.

During the week of May 14, congressional lawmakers on Capitol Hill remained focused on tax reform. In other news, Acting IRS Commissioner David Kautter has said the IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July.

Congress

Congressional lawmakers on Capitol Hill continue to focus on tax reform.

House. The House Ways and Means Committee held a hearing to examine the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97).

Senate. The top lawmakers on the Senate Finance Committee (SFC) are focusing on IRS reform).

Treasury

The IRS procedures did not contain a process to assess the quality or completeness of background investigations the Office of Personnel Management (OPM) provided to it, according to a report by the Treasury Inspector General for Tax Administration (TIGTA), (Ref. No. 2018-10-021).

The Financial Crimes Enforcement Network (FinCEN) has provided limited relief to covered financial institutions from the beneficial ownership requirements (FIN-2018-R002).

The Treasury Department has published a current list of countries that may require participation in, or cooperation with, an international boycott.

The Financial Crimes Enforcement Network (FinCEN) has provided relief from the beneficial ownership requirements in connection with most premium finance arrangements, (FIN-2018-R001).

IRS Guidance

The IRS has issued procedural guidance regarding charitable deductions and reliance on exempt status that simultaneously combines four existing procedural rulings and updates them for recent changes, (Rev. Proc. 2018-32).

Various prescribed rates for federal income tax purposes for June 2018 have been provided by the IRS, (Rev. Rul. 2018-16).

The IRS has urged taxpayers who itemize their deductions on Schedule A, Form 1040, to check their tax withholding and to perform a “paycheck checkup” by using the Withholding Calculator, (IR-2018-120).

The IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said.

The inflation adjustment factors and reference prices to be used in computing the Indian coal credit for calendar year 2017 have been provided by the IRS (Notice 2018-36.

The IRS has released the inflation adjustment factor for the credit for carbon dioxide (CO2) sequestration under Code Sec. 45Q for 201 (Notice 2018-40).

Taxpayers have a new template for requesting an Advance Pricing Agreement (APA) under Rev. Proc. 2015-41.

IRS Other News

The IRS has requested comments on various forms and regulations.

The IRS has launched a new online tool for exempt organizations.

The IRS has announced that the application period for Low Income Taxpayer Clinic (LITC) grants for the 2019 calendar year would run from May 16 to June 27, 2018, (IR-2018-121.

The Taxpayer Advocacy Panel Joint Committee meeting that was originally scheduled for Friday, May 4, 2018, has been changed to Thursday, May 31, 2018.

The IRS has reminded taxpayers to register for the IRS Nationwide Tax Forums.

The Federal Emergency Management Agency (FEMA) has announced that the president on April 12, 2018, determined that certain areas in Kentucky are eligible for assistance from the federal government under the Disaster Relief and Emergency Assistance Act (42 USC 5121).

By Jessica Jeane, Wolters Kluwer News Staff

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