Weekly Report from Washington, D.C.

During the week of February 18, top Democrats on the House Ways and Means Committee asked the IRS for information on the new individual 2018 Form 1040. A Treasury spokesperson said that most taxpayers were seeing tax reform’s benefits in larger paychecks rather than refunds. The IRS urged businesses to file certain cash transaction reports for cash payments exceeding $10,000.

Congress

Top Democrats on the House Ways and Means Committee asked the IRS for information on the new individual 2018 Form 1040, (TAXDAY, 2019/02/20, C.1).

Treasury

Tax Reform Benefits. A Treasury spokesperson said that most taxpayers were seeing tax reform’s benefits in larger paychecks rather than refunds, (TAXDAY, 2019/02/18, T.1).

IRS

Cash Transaction Reports. The IRS urged businesses to file certain cash transaction reports for cash payments exceeding $10,000, (FS-2019-1; IR-2019-20; TAXDAY, 2019/02/22, I.1).

Comment Request. The IRS accompanied by the Department of the Treasury, the Department of Labor and the Department of Health and Human Services, requested comments on Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage, (TAXDAY, 2019/02/22, I.2).

FEMA. The Federal Emergency Management Agency (FEMA) announced that certain areas in North Carolina and Minnesota were eligible for assistance, (TAXDAY, 2019/02/22, I.3).

Locational Rule Criticism. The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses garnered criticism from stakeholders and lawmakers alike, (TAXDAY, 2019/02/19, I.1).

Acquiescence Announcement. The IRS recommended acquiescence in result only to the Tax Court decision in J.M Jacobs, 148 TC —, No. 24, Dec. 60,947, (TAXDAY, 2019/02/18, I.1).

I.R.B. The IRS released I.R.B. 2019-8, dated February 19, 2019, (TAXDAY, 2019/02/18, I.2).

Applicable Federal Rates. The IRS released the applicable federal interest rates for March 2019, (Rev. Rul. 2019-7; TAXDAY, 2019/02/18, I.3).

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CCHTaxGroup

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