During the week of June 18, House tax writers moved two tax bills through the House Ways and Means Committee. Treasury Secretary Steven Mnuchin announced that the new IRS Form 1040 is expected to be released next week. TIGTA noted that the IRS needs to improve oversight of its workers’ compensation claims filed under the Federal Employees’ Compensation Act (FECA) program.
House tax writers moved two bills through the House Ways and Means Committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies, (TAXDAY, 2018/06/22, C.1).
A Senate Appropriations subcommittee has approved an $11.26 billion IRS budget for fiscal year (FY) 2019, (TAXDAY, 2018/06/21, C.1).
The Joint Committee on Taxation (JCT) issued reports primarily on the Tribal Social Security Fairness Act Of 2018 and an act pertaining to the IRS workforce, (TAXDAY, 2018/06/21, C.2).
The Treasury Inspector General for Tax Administration (TIGTA) noted that the IRS needs to improve oversight of its workers’ compensation claims filed under the Federal Employees’ Compensation Act (FECA) program, (TAXDAY, 2018/06/19, T.1).
Internal Revenue Service
Practice Unit. IRS Large Business and International (LB&I) issued new a Practice Unit, Interest Capitalization for Self-Constructed Assets, (TAXDAY, 2018/06/22, I.1).
Tax Inquiries. The IRS urged taxpayers to connect with the Service using their phones for gaining insight on common tax-related inquiries, (TAXDAY, 2018/06/22, I.2).
New Form 1040. Treasury Secretary Steven Mnuchin announced that the new IRS Form 1040 is expected to be released next week. The new individual income tax form will be smaller and easier to complete, according to Mnuchin, (TAXDAY, 2018/06/21, I.1).
QOZs. The IRS provided an official list of population census tracts designated as Qualified Opportunity Zones (QOZs), (Notice 2018-48; TAXDAY, 2018/06/21, I.2).
IRS Letters. The IRS provided certain tips to taxpayers on how to go about dealing with a letter sent by the Service, (TAXDAY, 2018/06/21, I.3).
Tax Forum Registration. The IRS has reminded tax professionals that they can save $115 by registering soon for the IRS Nationwide Tax Forum in Atlanta, (IR-2018-140; TAXDAY, 2018/06/20, I.1).
Accounting Methods. The IRS released guidance on an automatic change in accounting method procedure for qualifying investors for the purposes of opting out of the uniform capitalization (UNICAP) rules of Code Sec. 263A, (Rev. Proc. 2018-35; TAXDAY, 2018/06/20, I.2).
Disaster Relief. The IRS reminded certain residents of Hawaii that they may qualify for disaster-related tax relief given the volcanic eruptions and earthquakes that began on May 3, 2018, in parts of Hawaii, (TAXDAY, 2018/06/20, I.3).
Online Resources. The IRS discussed the availability of online resources charities could use for tax-filing purposes, (TAXDAY, 2018/06/20, I.4).
Guidance. The IRS proposed regulations concerning how partnership liabilities are allocated for disguised sale purposes, (NPRM REG-131186-17; TAXDAY, 2018/06/19, I.1).
TAP. The Taxpayer Advocacy Panel (TAP) Joint Committee announced that it will hold an open meeting on Tuesday, July 10, and Wednesday, July 11, 2018 from 8:30 a.m. to 5:00 p.m. ET, (TAXDAY, 2018/06/19, I.2).
AFRs. Various prescribed applicable federal interest rates (AFRs) for federal income tax purposes for July 2018 were been provided by the IRS, (Rev. Rul. 2018-19; TAXDAY, 2018/06/19, I.3).
Comment Request. The IRS requested comments on forms, regulations and third-party disclosure requirements (TAXDAY, 2018/06/19, I.4).
FEMA. A May 4, 2018 notice in which the Federal Emergency Management Agency (FEMA) announced that the president determined that certain areas in Indiana were eligible for disaster relief was been amended, (TAXDAY, 2018/06/19, I.5).
TBOR. Taxpayers were reminded to review the fundamental rights that have been made available to them, which become especially important in their dealings with the Service. The Taxpayer Bill of rights (TBOR) presents these rights in 10 categories, (TAXDAY, 2018/06/19, I.6).
ABLE Accounts. The IRS announced that taxpayers with disabilities can put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts, (IR-2018-139; TAXDAY, 2018/06/18, I.1).
Interim Guidance. Memos addressing applicability of Lead Sheet 300 and other various topics were released, (TAXDAY, 2018/06/18, I.2).
CDO. The IRS released a delegation order delegating the authority to accept offers in compromise based on certain scenarios, (TAXDAY, 2018/06/18, I.3).