Weekly Report from Washington, D.C.

During the week of November 5, President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., issued a joint statement in connection with the new 10 percent tax cut for middle income taxpayers. The Treasury and IRS released their 2018-2019 Priority Guidance Plan. The IRS announced that more families would be able to get more money under the newly revised Child Tax Credit (CTC).

White House

President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., issued a joint statement in connection with the new 10 percent tax cut for middle income taxpayers, (TAXDAY, 2018/11/01, W.1).

Congress

Congressional Republicans were anticipating to move forward with certain legislative tax efforts during the lame-duck session, (TAXDAY, 2018/11/08, C.1).

Treasury

The Treasury and IRS have released their 2018-2019 Priority Guidance Plan, (TAXDAY, 2018/11/09, T.1).

The Treasury Inspector General for Tax Administration (TIGTA) observed that the Tax Advocacy Service’s (TAS’s) Centralized Case Intake (CCI) program provided some benefits to taxpayers; however, improvements were needed to provide better customer service, (Ref. No. 2019-10-009; TAXDAY, 2018/11/06, T.1).

TIGTA noted that the Tax Exempt and Government Entities (TE/GE) Division did not share detailed results of quality reviews with group managers and examiners who were responsible for performing Employee Plans (EP) function examinations, (Ref. No. 2019-10-001; TAXDAY, 2018/11/02, T.1).

Internal Revenue Service

Announcement. The IRS announced that no articles were submitted for publication in I.R.B. 2018-46, (Ann. 2018-14; TAXDAY, 2018/11/09, I.1).

IRB. The IRS released I.R.B. 2018-46, (TAXDAY, 2018/11/09, I.2).

Comment Request. The IRS requested comments on regulations addressing relief for service in combat zone and disaster areas, (TAXDAY, 2018/11/09, I.3).

ITIN Renewals. The Service urged taxpayers with expiring Individual Taxpayer Identification Numbers should submit their renewal applications as soon as possible, (TAXDAY, 2018/11/09, I.4).

IRSAC. The IRS has renewed the charter of the Internal Revenue Service Advisory Council (IRSAC) for a two-year period beginning October 17, 2018, (TAXDAY, 2018/11/08, I.1).

Disaster Relief. Alabama victims of Hurricane Michael were granted tax relief, (TAXDAY, 2018/11/08, I.2).

CTC. The IRS announced that more families would be able to get more money under the newly revised Child Tax Credit (CTC), (IR-2018-217; TAXDAY, 2018/11/08, I.3).

Contraception Coverage Exemption. The government released a joint agency rule finalizing and expanding the exemption from the contraceptive coverage mandate under the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) for various entities and individuals on the basis of sincerely held religious beliefs, (T.D. 9840; TAXDAY, 2018/11/08, I.4).

Preventative Services. The government has released a joint agency rule finalizing and expanding exemptions for various entities and individuals with sincerely held moral convictions opposed to coverage of some or all contraceptive or sterilization methods that are otherwise required under the ACA (P.L. 111-148, (T.D. 9841; TAXDAY, 2018/11/08, I.5).

Graduated Tax Structure. The IRS reminded taxpayers that after tax reform, many corporations will pay blended tax rate, (TAXDAY, 2018/11/08, I.6).

Grants. The IRS recently awarded over $24 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation, (IR-2018-215; TAXDAY, 2018/11/07, I.1).

Delegation Orders. The IRS released delegation orders addressing employee plans, exempt organizations and private foundation matters, (TAXDAY, 2018/11/07, I.2).

Memos. Electronic Proofs of Claim (EPOC), paperless Collection Due Process (CDP) casework, (TAXDAY, 2018/11/07, I.3).

Accounting Methods. The IRS discussed how tax reform changed accounting methods for small businesses, (TAXDAY, 2018/11/07, I.4).

Proposed Regulations. The IRS anticipated releasing proposed regulations for tax reform’s new business interest limitation, (TAXDAY, 2018/11/06, I.1).

Health Insurance Plans. The IRS announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 2018, and before October 1, 2019, is $2.45, (Notice 2018-85; TAXDAY, 2018/11/06, I.2).

Due Diligence Regulations. The IRS released final due diligence regulations for return preparers, (T.D. 9842; TAXDAY, 2018/11/06, I.3).

Insurance Company Discounting Rules. The IRS proposed regulations that would provide guidance on the new Section 846 discounting rules for unpaid losses and estimated salvage recoverable of insurance companies, implementing changes made by the Tax Cuts and Jobs Act (P.L. 115-97) (TCJA), (NPRM REG-103163-18; TAXDAY, 2018/11/06, I.4).

Excise Taxes. The IRS proposed regulations that prescribe which return to use to pay certain excise taxes and the time for filing the return. The regulations also implement the statutory addition of two excise taxes to the first tier taxes subject to abatement, (NPRM REG-107163-18; TAXDAY, 2018/11/06, I.5).

ITIN Renewal Applications. The IRS urged taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications by the end of the year to avoid refund and processing delays in 2019, (IR-2018-214; TAXDAY, 2018/11/06, I.6).

Practice Unit. The IRS Large Business and International (LB&I) issued new a Practice Unit, Identifying a Taxpayer Electing a Partial Disposition of a Building, (TAXDAY, 2018/11/06, I.7).

Publication 5307. The IRS issued a new publication to help taxpayers learn about tax reform and how it affects their taxes, (TAXDAY, 2018/11/06, I.8).

Free File Alliance. The IRS announced an agreement with the Free File Alliance that will strengthen and expand options for taxpayers choosing to use the free online software program during the 2019 filing season, (IR-2018-213; TAXDAY, 2018/11/05, I.1).

FEMA. The Federal Emergency Management Agency (FEMA) announced that certain areas in Kansas were eligible for disaster relief assistance, (TAXDAY, 2018/11/05, I.2).

Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.

Not a subscriber? Sign up for a free trial or contact us for a representative.

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup