Treasury, OMB Agree to Increased Oversight of Tax Regulations
Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations. The MOA […]
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Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS's highest priorities, but issuing guidance will likely take years. "Preliminary efforts to implement this new law are already underway," Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA) […]The post Tax Reform Guidance Will Take Years, IRS Chief Says appeared first on Tax & Accounting Blog.
Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told lawmakers that the 2018 filing season has gone well with regard to tax return processing and IT systems operations. 2018 Tax Filing Season "It […]The post Kautter Updates Lawmakers on 2018 Tax Filing Season, IRS Operations appeared first on Tax & Accounting Blog.
The IRS has provided updated answers to frequently asked questions (FAQs) about filing 2017 returns and making tax payments relating to the transition tax under Code Sec. 965. The instructions in the FAQs cover filing 2017 tax returns with an amount required by Code Sec. 965. Background Generally, U.S. shareholders pay tax on the untaxed foreign earnings of certain […]The post Updated FAQs Issued on Filing 2017 Tax Returns Including Transition Tax (FAQs) appeared first on Tax & Accounting Blog.