Senate Passes Short-Term Debt Deal: In an 80-17 vote, the Senate approved a short-term bill to raise the debt ceiling and fund the government through December 8. The bill also includes more than $15 billion in hurricane and disaster recovery aid.

Ways and Means Marks Up Trump Tax Return Resolution: The House Committee on Ways and Means rejected H. Res. 479. The resolution, sponsored by Rep. Pascrell (D-NJ), would require the Secretary of the Treasury to provide the House of Representatives with President Trump’s tax returns as well as the tax returns of each business entity disclosed in the president’s public financial disclosure, Form 278e.

OECD Releases Tax Policy Reforms Report: Today the OECD released a new report titled “Tax Policy Reforms 2017 – OECD and Selected Partner Economies,” which provides comparative information on the tax reforms that were implemented, legislated, or announced in 2016 in the 35 OECD countries, as well as in Argentina and South Africa. The report tracks reforms to personal income tax, social security contributions, corporate income tax, value-added/general sales tax, excise duties, environmental taxes, and property taxes across countries.

OECD Sets Out Recommendation for Country-by-Country Reports: Yesterday, the OECD’s Inclusive Framework on BEPS released two sets of guidance to give greater certainty to tax administrations and multinational entities on the implementation and operation of the Country-by-Country Reporting described in BEPS Action 13. The new guidance addresses the definition of revenues, the treatment of multinational entities with a short accounting period, and the treatment of the amount of income tax accrued and income tax paid.

IRS Provides Safe Harbor for Normalization Rules: Today the IRS issued Revenue Procedure 2017-47 providing a safe harbor for inadvertent or unintentional uses of a practice or procedure that is inconsistent with sections 50(d)(2) and 168(i)(9), which require the use of the normalization rules.

Senate Releases Top 10 for Tax Reform: Today the Senate Committee on Finance released their top 10 fact sheets on the need for comprehensive tax reform.

 

DTU In Depth

Ardmore Substantially Expands the Reach of California’s Documentary Transfer Tax: California’s documentary transfer tax (DTT) applies to transfers of interests in legal entities owning real property following the state supreme court’s denial of the taxpayer’s petition for rehearing in 926 N. Ardmore Ave. LLC v. County of Los Angeles. Click here for more in-depth coverage.