Treasury and IRS Release Priority Guidance Plan Update: Today Treasury and the IRS have released the second quarter update to the 2017–2018 Priority Guidance Plan. Eighteen projects are listed with respect to the initial implementation of tax reform, P.L. 115-97.
Congressional Budget Office Explains Cost Estimate Process: The Congressional Budget Office released a description of how it prepares the cost estimates used by Congress to evaluate legislation.
Miscellaneous Guidance: Revenue Procedure 2018-14 provides a safe harbor method that allows taxpayers to treat amounts paid to repair damage to a personal residence that occurred prior to 2018 as a casualty loss on their 2017 returns if the payments are made prior to the last day for filing a timely Form 1040X for the 2017 taxable year.