Weekly Report from Washington, D.C.

During the week of January 21, the House’s top tax writer canceled the January 24 hearing set to examine the impacts of the partial Treasury and IRS shutdown. The IRS released final regulations concerning qualified business income (QBI) deductions.

Congress

The House’s top tax writer canceled the January 24 hearing set to examine the impacts of the partial Treasury and IRS shutdown, (TAXDAY, 2019/01/25, C.1).

Senate Finance Committee (SFC) member Sen. Mark R. Warner, D-Va., asked the IRS and Treasury for its legal justification in recalling furloughed employees for the 2019 tax filing season, (TAXDAY, 2019/01/24, C.1)

Treasury Secretary Steven Mnuchin declined an invite from the House’s top tax writer to testify on the partial Treasury and IRS shutdown, (TAXDAY, 2019/01/21, C.1)

IRS

Per Diem Rates. The U.S. State Department released a listing of maximum travel per diem allowances for travel in foreign areas for the month of January, 2019, ( TAXDAY, 2019/01/25, I.1).

Public Hearing. The Treasury and the IRS cancelled a public hearing on proposed regulations concerning imposing user fees for enrolled agents and enrolled retirement plan agents, (IR-2019-5; TAXDAY, 2019/01/23, I.1).

Final Regulations. The IRS released final regulations on qualified business income (QBI) deduction, (TAXDAY, 2019/01/22, I.1).

Qualified Business Income Deduction. The IRS extended Code Sec. 199A deduction to real estate rental activities, ( Rev. Proc. 2019-11; T.D. 98xx_1; TDNR SM-0589; NPRM REG-134652-18; IR-2019-4; Notice 2019-7; TAXDAY, 2019/01/21, I.1).

I.R.B. The IRS released I.R.B. 2019-4, dated January 22, 2019, (TAXDAY, 2019/01/21, I.2).

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AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup