Treasury Issues Plan to Reduce Regulations’ Burden (TDNR SM-0172)
The Treasury Department on October 4 issued a report on its plans to change or repeal eight regulations identified as imposing undue burdens on U.S.…
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Lawmakers Question IRS’s New Sole-Source Identity Verification Contract with Equifax
The House Ways and Means Oversight Subcommittee held an October 4 hearing on the IRS’s efforts and challenges toward modernizing its information technology (IT) infrastructure.…
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IRS Not Authorized to Assess Interest, Penalties on Restitution Award (Klein, TC)
The IRS was not authorized under Code Sec. 6201(a)(4) to add underpayment interest or failure-to-pay penalties to a criminal restitution award. In addition, the IRS…
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IRS Updates Defined Benefit Mortality Table Regulations, Substitute Table Procedures; Issues 417(e)(3) and Static Tables (T.D. 9826, Rev. Proc. 2017-55, Notice 2017-60)
The IRS has issued final regulations prescribing general mortality tables to be used by most defined benefit pension plans that replace the 2008 mortality tables,…
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Senate Finance Committee Examines International Tax Reform
The Senate Finance Committee (SFC) held an October 3 hearing on international tax reform. The goal of the hearing, according to the committee, was to…
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Canadian’s U.S. Unemployment Income Subject to U.S. Tax (Guo, TC)
In a case of first impression, a Canadian citizen was not entitled to exclude from income unemployment benefits she received from a U.S. state (Ohio).…
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Application Date Delayed for Translating Foreign Branch Income Rules (Notice 2017-57)
The IRS has postponed the application date of the final regulations for translating foreign branch income, published as T.D. 9794. In addition, certain provisions of…
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Weekly Report from Washington, D.C.
The White House and GOP leaders in Congress released a framework for tax reform. Disaster relief legislation headed to the White House. The IRS announced…
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GOP’s 2017 Tax Reform Framework, Special Tax Briefing Now Available
The Trump administration and congressional GOP leadership have unveiled a tax reform outline, the “Unified Framework for Fixing Our Broken Tax Code.” Wolters Kluwer’s latest…
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Senate Budget Committee Releases Budget Resolution to Enable Tax Reform
The Senate Budget Committee on September 29 unveiled its fiscal year 2018 budget resolution (BR). The Republican BR will serve as the legislative vehicle to…
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