Weekly Report from Washington, D.C.

During the week of October 1, the House approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December. The IRS released guidance that allows deduction for some meals provided in connection with entertainment. TIGTA noted that the IRS did not fully use the National Tip Reporting Compliance Program (NTRCP) to detect unreported tip income.

Congress

The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code, (TAXDAY, 2018/10/04, C.1).

The House approved a tax bill that would make permanent tax reform’s individual and small business tax cuts enacted last December, (TAXDAY, 2018/10/01, C.1).

Treasury

The federal depository institutions regulators and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement to discuss how banks and credit unions may benefit from using shared resources to manage certain Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) obligations, (TAXDAY, 2018/10/04, T.1).

The Treasury Inspector General for Tax Administration (TIGTA) noted that the IRS did not fully use the National Tip Reporting Compliance Program (NTRCP) to detect unreported tip income, (TAXDAY, 2018/10/02, T.1).

TIGTA observed that fair tax collection practices were not accurately reported and administrative actions did not always follow guidelines, (TAXDAY, 2018/10/01, T.1).

Internal Revenue Service

Final, temporary and proposed regulations regarding partnership disguised sales and allocations of excess nonrecourse liabilities were corrected, (TAXDAY, 2018/10/05, I.1).

The IRS released information letters, (TAXDAY, 2018/10/05, I.2).

The IRS warned taxpayers about the fast-approaching deadline to elect out of 100-percent depreciation, (IR-2018-196; TAXDAY, 2018/10/05, I.3).

The IRS released I.R.B. 2018-41, (TAXDAY, 2018/10/05, I.4).

The Federal Emergency Management Agency (FEMA) determined that a September 14, 2018 notice in which certain areas in North Carolina were eligible for assistance from the federal government was amended, (TAXDAY, 2018/10/05, I.5).

Drought stricken farmers and ranchers were provided tips on deferring taxes, (TAXDAY, 2018/10/05, I.6).

The IRS released guidance that allows deduction for some meals provided in connection with entertainment, (Notice 2018-76; IR-2018-195; TAXDAY, 2018/10/04, I.1).

The IRS provided letter ruling procedures for divisive reorganizations, (Rev. Proc. 2018-53; TAXDAY, 2018/10/04, I.2).

The IRS urged taxpayers to use the Service’s tool, Withholding Calculator, to check their tax withholding, (TAXDAY, 2018/10/04, I.3).

South Carolina victims of Hurricane Florence were granted tax relief, (TAXDAY, 2018/10/03, I.1).

The IRS urged extension filers to double-check their tax returns and file their returns on or before the October 15 filing deadline, (IR-2018-194; TAXDAY, 2018/10/03, I.2).

The IRS’s new commissioner, Charles “Chuck” P. Rettig, was officially sworn in on October 1 by Treasury Secretary Steven Mnuchin, (TAXDAY, 2018/10/03, I.3).

Northern Mariana Islands victims of Typhoon Mangkhut were granted tax relief, (TAXDAY, 2018/10/03, I.4).

The IRS updated procedures on proof of residency requirements, (TAXDAY, 2018/10/03, I.5).

The IRS provided tips to help taxpayers understand different filing statuses, (TAXDAY, 2018/10/03, I.6).

The IRS provided additional guidance on Code Sec. 965 transition tax, (Notice 2018-78; TAXDAY, 2018/10/02, I.1).

The IRS released draft instructions for the 2018 Form 1040, (TAXDAY, 2018/10/02, I.2).

The IRS issued an updated version of the Chief Counsel telephone directory, dated October 1, 2018, (TAXDAY, 2018/10/02, I.3).

The Federal Emergency Management Agency (FEMA) announced that certain areas in South Carolina are eligible for assistance from the federal government as a result of Hurricane Florence, (TAXDAY, 2018/10/02, I.4).

The IRS provided tips to discuss subtle signs of data theft to increase taxpayer awareness, (TAXDAY, 2018/10/02, I.5).

The IRS has updated the Employee Plans Compliance Resolution System (EPCRS), (Rev. Proc. 2018-52; TAXDAY, 2018/10/01, I.1)

The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought, (Notice 2018-79; TAXDAY, 2018/10/01, I.2).

IRS requested comments on various forms, notices and regulations, (TAXDAY, 2018/10/01, I.3).

The U.S. State Department released a listing of maximum travel per diem allowances for travel in foreign areas, (TAXDAY, 2018/10/01, I.4).

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CCHTaxGroup

All stories by: CCHTaxGroup