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Proposed Regulations Intend to Reduce FATCA Withholding Compliance Burden

Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 – 1474) and Chapter 3 ( Code Secs. 1441, 1461). The proposed regulations can generally be relied upon, until final regulations are issued. The proposed regulations […]

TIGTA Presents Semiannual Report to Congress

The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes challenges faced with the IRS impersonation scam with more than 14,700 taxpayers losing upwards of $72.8 million to the scam’s perpetrators. In a particular case, 15 individuals in connections with […]

Senate Confirms Key Tax Reform Architect for Top Treasury Role

A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on December 11 by a nearly party-line 55-to-44 vote. Muzinich played a pivotal role in crafting last year’s tax reform legislation, the Tax Cuts and Jobs Act (TCJA) […]

Tax Court Adopts Amended, New Practice Rules

The Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first proposed in January 2016. The new rules also cover cases involving passport revocation certification. Amended Electronic Filing and Payment Rules The Tax Court issued proposed […]

Brady Introduces Revised Tax, IRS Reform Package

The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform, tax law corrections, and the delay and repeal of certain Affordable Care Act (ACA) taxes, among other things. “This package delivers bipartisan relief from some of [the ACA’s] most […]

NC – Notice regarding revisions to alcoholic beverages tax forms issued

The Excise Tax Division of the North Carolina Department of Revenue (department) has issued an important notice to alcoholic beverage excise taxpayers regarding revisions to several of its alcoholic beverages tax forms, as well as the revision, or creation, of instructions for these tax forms. The forms that have been revised include the monthly Forms […]

Eligibility for Allocation of Deduction for Energy Efficient Commercial Building Property Clarified

The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property under Code Sec. 179D(d)(4). The Service also analyzed if designers could qualify for the maximum Code Sec. 179D deduction of $1.80 per square foot, […]

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