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 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.
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.
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.
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.
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.
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.
In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.
With the government shutdown entering its third week, mortgage lending and servicing operations are being affected.
The Internal Revenue Service will on Monday resume processing requests for tax transcripts made through its Income Verification Express Service program — a service that has been suspended since the partial government shutdown began on Dec. 22, 2018.