IRS Issues Proposed Regulations on De Minimis Information Return Errors: Today, the Treasury Department and the IRS issued proposed regulations regarding penalties for failure to file correct information returns or furnish correct payee statements. The proposed regulations contain safe harbor rules that, for penalty purposes, generally treat as correct payee statements or corresponding information returns that contain errors relating to de minimis incorrect dollar amounts.

IRS Proposes to Remove Advance Payments Regulations: Today, the Treasury Department and the IRS issued proposed regulations to remove existing regulations which have been rendered obsolete by changes resulting from enactment of the Tax Cuts and Jobs Act. Treas. Reg. § 1.451-5 provided a deferral method for advance payments for goods and long-term contracts. This existing regulation has been overridden by the income inclusion and election rules in new section 451(c).

IRS Provides Notice of Hearing on Transition Tax Regulations: Today, the Treasury Department and the IRS provided notice that a public hearing on the proposed regulations relating to section 965 will be held on Monday, October 22 at 10 a.m.

IRS Extends Deadlines for Victims of Hurricane Michael: Today, the IRS announced the extension of the October 15 and other upcoming deadlines to the end of February 2019 for Hurricane Michael victims in parts of Florida.

EU Council Releases State of Play on Jurisdictions’ Cooperation with Good Governance Principles: Yesterday, the Council of the European Union released an updated list of the status of jurisdictions’ commitments to implement tax good governance principles in cooperation with the EU.