Weekly Report from Washington, D.C.
Congress was in recess during the week of May 4. Lawmakers are expected to return to Washington on May 7. Congress House. House Ways and…
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Definition of U.S. Property Exception Modified (Notice 2018-46)
The IRS modified the exception from the definition of U.S. property under Code Sec. 956 for obligations that arise in connection with derivative financial instruments. In addition,…
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Participation Dividends Received Deduction Reporting Clarified
Specific details can be found on the IRS website for reporting the participation dividends received deduction (DRD) under Code Sec. 245A. The participation DRD was…
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Neal Asks Treasury, IRS for Passthrough Deduction Guidance
House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new passthrough…
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Brady Talks “Phase Two” of Tax Reform
Congress and the president should work to make the tax code better every year according to House Ways and Means Committee Chairman Kevin Brady, R-Tex.…
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ACA Emergency Services Rules Clarified (T.D. 9744)
The federal government clarified emergency services rules under the the Patient Protection and Affordable Care Act (ACA). The government clarified the rules, which were issued in…
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Weekly Report from Washington, D.C.
During the week of April 23, lawmakers continued to discuss tax law changes under the Tax Cuts and Jobs Act, as well as the possibility…
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Senate Finance Chair Praises Trump’s IRS Commissioner Nominee
President Trump’s IRS Commissioner nominee, Charles Rettig, has begun meeting with lawmakers on Capitol Hill. Senate Finance Committee (SFC) Chairman Orrin G. Hatch praised Rettig…
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2018 Inflation Adjusted Limit for HDHP Family Coverage Deduction Changed Back to $6,900 (IR-2018-107; Rev. Proc. 2018-27)
The IRS modified the annual limit on deducting contributions to Health Savings Accounts (HSAs). A lower limit for individuals with family coverage under a high…
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Life Insurance Transfer Transition Guidance Planned; Reporting Requirements Delayed (IR-2018-104; Notice 2018-41)
The IRS will provide guidance on the new information reporting obligations for certain life insurance contract transactions under Code Sec. 6050Y. In addition, the proposed…
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