Weekly Report from Washington, D.C.

During the week of November 12, the Senate Finance Committee’s (SFC) top ranking Democrat introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The federal government released its semiannual regulatory agenda and annual regulatory plan in accordance with the Regulatory Flexibility Act. The IRS announced that becoming and remaining an enrolled agent or enrolled retirement plan agent will soon cost more.

Congress

The Senate Finance Committee’s (SFC) top ranking Democrat introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year, (TAXDAY, 2018/11/16, C.1).

Treasury

Semiannual Regulatory Agenda. The federal government released its semiannual regulatory agenda and annual regulatory plan in accordance with the Regulatory Flexibility Act, (TAXDAY, 2018/11/16, T.1).

TIGTA. Taxpayers had not been using the IRS’s Virtual Service Delivery (VSD) service option that facilitates virtual face-to-face interactions with taxpayers, according to a report by the Treasury Inspector General for Tax Administration (TIGTA), (Ref. No. 2019-IE-R002; TAXDAY, 2018/11/16, T.2).

FinCEN. The Financial Crimes Enforcement Network (FinCEN) issued a revised Geographic Targeting Order (GTO) that require U.S. title insurance companies to collect and report information about the persons involved in certain residential real estate transactions, (TAXDAY, 2018/11/16, T.3).

IRS

Enrolled Agent Application. The IRS announced that becoming and remaining an enrolled agent or enrolled retirement plan agent would soon cost more, (NPRM REG-122898-17; TAXDAY, 2018/11/16, I.1).

2019 Inflation Adjustment Amounts. The IRS released new inflation-adjusted amounts for 2019, (IR-2018-222; Rev. Proc. 2018-57; TAXDAY, 2018/11/16, I.2).

IRSAC. The Internal Revenue Service Advisory Council (IRSAC) released its annual report for 2018, including recommendations on issues concerning tax administration, (IR-2018-221; TAXDAY, 2018/11/16, I.3).

Expensing Property. The IRS reminded small business taxpayers that changes to the tax law meant they could immediately expense more of the cost of certain business properties, (IR-2018-223; TAXDAY, 2018/11/16, I.4).

Tax Tip. The IRS discussed tax reform which modifies depreciation limits for luxury automobiles, (TAXDAY, 2018/11/16, I.6).

Tax Reform. The IRS announced that tax reform implementation was at the “top” of IRS Commissioner Charles Rettig’s list of areas on which he will focus as chief of the agency, (TAXDAY, 2018/11/15, I.1).

Disaster Notice. The IRS granted tax relief to California victims of wildfires, (TAXDAY, 2018/11/15, I.2).

CI Annual Report. The IRS Criminal Investigation (CI) issued its annual report highlighting significant accomplishments and criminal enforcement actions taken in the 2018 fiscal year (FY), (IR-2018-219; TAXDAY, 2018/11/15, I.3).

Tax Withholding. The IRS urged taxpayers to check their tax withholding to guard against unexpected year-end tax bill by updating the withholding form they give to their employer, (IR-2018-220; TAXDAY, 2018/11/15, I.4).

Notice. The Taxpayer Advocacy Panel (TAP) scheduled an open meeting, (TAXDAY, 2018/11/15, I.5).

Tax Tip. The IRS provided guidance on changes to itemized deductions after the tax reform, (TAXDAY, 2018/11/15, I.6).

IRS Commissioner Speech. IRS Commissioner Charles Rettig reportedly gave his first speech since being confirmed as the 49th chief of the Service, (TAXDAY, 2018/11/14, I.1).

Delegation Order. The IRS commissioner issued a delegation order delegating authorities regarding waiving of claims against current or former employees for erroneous payments, (TAXDAY, 2018/11/14, I.2).

Comment Request. The IRS requested comments on various forms, procedures and regulations, (TAXDAY, 2018/11/14, I.4).

FEMA Notice. The Federal Emergency Management Agency (FEMA) announced that certain areas in Montana were eligible for assistance as a result of flooding, (TAXDAY, 2018/11/14, I.5).

Tax Tip. The IRS provided guidance on smooth filing of taxes, (TAXDAY, 2018/11/14, I.6).

Hardship Distribution Regulations. The IRS proposed to amend hardship distribution regulations to reflect changes in the law, (NPRM REG-107813-18; TAXDAY, 2018/11/12, I.1).

E-Filing. The IRS informed taxpayers, including those in disaster areas, that the deadline to file 2017 federal tax returns is November 17, 2018, after which the e-file system would shut down for annual maintenance purposes, (IR-2018-218; TAXDAY, 2018/11/12, I.2).

Disaster Relief. The Federal Emergency Management Agency (FEMA) announced that certain areas in Virginia were eligible for assistance as a result of Hurricane Florence, (TAXDAY, 2018/11/12, I.3).

Comment Request. The IRS requested comments on the Recapture of Investment Credit Form, (TAXDAY, 2018/11/12, I.4).

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CCHTaxGroup

All stories by: CCHTaxGroup