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.

The Internal Revenue Service on Thursday issued a notice providing guidance to lenders on reporting mortgage insurance premiums treated as qualified residence interest.

With the 2018 tax filing season kicking off this week, the IRS today issued a warning about an emergent identity theft tax scam that targets tax preparers’ computers and, in some cases, involves depositing funds in victims’ bank accounts.

A bipartisan group of lawmakers -- led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) -- wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.

In a comment letter with nine trade associations on Friday, ABA urged the IRS to take immediate steps to fix problems with the tax transcript process that could result in significant delays for consumers attempting to purchase or refinance a home.