Conference Committee on Tax Reform Bill Begins: Today, negotiations began in the House-Senate Conference Committee on H.R. 1, the Tax Cuts and Jobs Act, to arrive at final legislation. Senate Finance Chairman Orrin Hatch (R-UT) released an opening statement, and Ranking Member Ron Wyden (D-OR) also released a statement.
IRS Issues Guidance on Casualty Losses: Today, the IRS issued Revenue Procedure 2018-08, which provides safe harbor methods that individual taxpayers may use in determining the amount of casualty and theft losses under section 165 for personal residences and personal belongings. The IRS also released Revenue Procedure 2018-09, which provides cost indexes that can be used under a safe harbor method to determine the amount of loss to individuals’ homes as a result of Hurricane and Tropical Storm Harvey, Hurricane Irma, and Hurricane Maria.