Weekly Report from Washington, D.C.

During the week of December 31, Ron Wyden, a top ranking Democrat on the Senate Finance Committee (SFC) urged the IRS to waive certain underpayment penalties for taxpayers during the 2019 tax filing season. The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain individuals to file a Report of Foreign Bank and Financial Accounts (FBAR). Further, proposed regulations relating to the deferral of gain for investments in a qualified opportunity fund were corrected.

Congress

Ron Wyden, a top ranking Democrat on the Senate Finance Committee (SFC) urged the IRS to waive certain underpayment penalties for taxpayers during the 2019 tax filing season, (TAXDAY, 2019/01/04, C.1).

Top congressional Republicans and Democrats met with President Donald Trump at the White House on January 2 and discussed the ongoing partial government shutdown, (TAXDAY, 2019/01/03, C.1).

Treasury

FinCEN Notice. The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain individuals to file a Report of Foreign Bank and Financial Accounts (FBAR), (TAXDAY, 2019/01/04, T.1).

Identity Theft. The IRS continued to expand its efforts to detect and prevent identity theft, according to a report by the Treasury Inspector General for Tax Administration (TIGTA), (Ref. No. 2019-40-012; TAXDAY, 2019/01/02, T.1).

IRS

Proposed Regulations. Proposed regulations relating to the deferral of gain under for investments in a qualified opportunity fund were corrected, (TAXDAY, 2019/01/03, I.1).

Parachute Payments. Interim guidance on the excise tax payable by exempt organizations on remuneration and excess parachute payments made to highly compensated current and former employees in the tax year was issued, (Notice 2019-9; TAXDAY, 2019/01/02, I.1).

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AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup