IRS Issues Final Regulations on Qualified Contributions: Today, the Treasury Department and the IRS issued final regulations regarding the definition of qualified matching contributions and qualified nonelective contributions made by employers to certain retirement plans under sections 401(k) and 401(m). The regulations provide that employer contributions are qualified if they satisfy applicable nonforfeitability requirements and distribution limitations at the time they are allocated to participants’ accounts, but need not meet these requirements when they are contributed. These regulations finalize the proposed regulations issued in January 2017.
House Passes IRS Funding Bill: Today, the House of Representatives voted 217-199 to pass legislation that would appropriate about $11.6 billion for 2019 for the IRS, a $186 million increase from the current fiscal year. The bill allocates $77 million of the total amount to implement P.L. 115-97, commonly known as the Tax Cuts and Jobs Act.
Senate Finance Approves IRS Commissioner Nominee: Today, the Senate Finance Committee voted 14-13 along party lines to approve the nomination of Charles Rettig as IRS commissioner, advancing his nomination to the full Senate.
Hatch, Wyden Introduce IRS Administration Bill: Today, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced the Taxpayer First Act, S. 3246. The bipartisan bill aims to increase taxpayer protections and electronic filing, enhance whistleblower protections, reform policies concerning IRS employees, increase scrutiny of IRS audit criteria, and support prevention of identity theft and tax refund fraud. The legislation follows H.R. 5444, which unanimously passed the House in April.