IRS Issues FAQs on Filing Date Extension, Clarifies Due Date for IRA, HSA Contributions
The IRS has issued a set of frequently asked questions related to the recently announced delay in filing dates for tax returns and certain tax payments.
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ABA Seeks Exemption for Banks from EIN Application Requirements for Trusts, Estates
The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.
IRS Issues Guidance on Reporting of Mortgage Insurance Premiums
The IRS on Friday issued important guidance on how banks and other servicers of mortgage loans must report the deductibility of mortgage interest premiums.
IRS Issues a Package of Proposed, Final Tax Regulations
In a move long awaited by taxpaying firms with international operations, the Internal Revenue Service and the Treasury Department late Monday issued a series of proposed and final regulations related to the base erosion and anti-abuse tax, or BEAT, and the operation of the foreign tax credit as required by the 2017 tax reform law.
ABA Submits Feedback on Proposed Income Inclusion Regulations
ABA this week filed a comment letter on regulations proposed by the IRS on the timing of income inclusion under Section 451 of the Internal Revenue Code, as required by the tax reform law.
New Treasury Guidance Offers Greater Flexibility for Americans with High-Deductible Plans
Following an executive order by President Trump, the Treasury Department and IRS today issued guidance expanding the preventative care benefits that may be provided by high-deductible health plans linked to Health Savings Accounts for a range of chronic conditions.
ABA Offers Feedback on Second Round of Proposed ‘Opportunity Zones’ Regulations
The American Bankers Association submitted a comment letter to the Internal Revenue Service this week offering feedback on the second tranche of proposed regulations related to the Opportunity Zones tax incentive.
ABA, Trade Groups Welcome DOL Clarifications of ‘Regular Rate’ of Pay
The Partnership to Protect Workplace Opportunity—a coalition of industry groups, including the American Bankers Association—this week expressed support for the Labor Department’s proposed clarifications of the types of payments and employee benefits that employers may exclude from the determination of the employee’s regular rate of pay.
ABA Offers Recommendations for IRS Priority Guidance Plan
The American Bankers Association this week submitted to the Internal Revenue Service its feedback on what should be included in the agency’s 2019-20 priority guidance plan.
IRS Issues Proposed Regulations on BOLI Transfers
The Internal Revenue Service and the Treasury Department has issued proposed regulations related to new reporting rules for certain transfers of life insurance policies that were included in the 2017 tax reform law.