The Treasury Department and the Internal Revenue Service today issued proposed guidance on the Opportunity Zones tax incentive. The incentive — which was part of the new tax reform law —  aims to drive long-term equity capital to distressed communities by providing tax benefits on investments in qualified projects, or “Opportunity Funds.” Treasury has certified 8,761 communities in the U.S., ...

As Congress continues to consider ways to modernize and strengthen the IRS’ taxpayer authentication procedures, the American Bankers Association joined eight other finance and housing groups in calling for a modern, secure and fully integrated business to government solution for taxpayer authentication.

The Internal Revenue Service today issued initial guidance addressing changes made by the new tax reform law to the deductibility of compensation for corporate executives.

As part of the Federal Housing Finance Agency’s “single security initiative” to standardize the terms for mortgage pass-through certificates issued by Fannie Mae and Freddie Mac, holders of existing related GSE securities will have an opportunity to exchange them for the new standard security.

In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers.

The American Bankers Association today wrote to the Internal Revenue Service outlining several key issues that the IRS and the Treasury Department should include in their 2018-2019 Priority Guidance Plan.

The Department of Labor today announced a temporary enforcement policy on prohibited transaction rules applicable to investment advice fiduciaries. 

The Treasury Department has eliminated or proposed to eliminate or modify a total of 305 regulations, according to a new report released today.

The largest credit unions should be required to file Form 990 -- the standard return filed by most nonprofit entities -- with the Internal Revenue Service, Senate Finance Committee Chairman Orrin Hatch (R-Utah) said in a letter to the IRS’ acting commissioner today.

With the new tax law limiting the deductibility of net business interest expense, the Treasury Department and the Internal Revenue Service today issued guidance on the calculation of the limitations and related rules, pending the formal release of proposed regulations.