Treasury Releases Regulatory Plan for 2019: Today, Treasury released its 2019 regulatory plan, which includes a list of regulatory priorities for the IRS and Treasury’s Office of Tax Policy. The plan identifies seventeen regulatory projects regarding implementation of the 2017 tax legislation as a “first priority.” The plan also states that “the IRS and Treasury’s Office of Tax Policy will continue to . . . eliminate, or in other cases reduce, the burdens imposed on taxpayers by eight regulations that the Treasury has identified for review under Executive Order 13789.” Finally, the plan identifies as priorities “implementation of the President’s Executive Order 13813, Promoting Healthcare Choice and Competition Across the United States” and “regulations under section 1101 of the Bipartisan Budget Act of 2015 (BBA) that are necessary to implement the new centralized partnership audit regime.”
IRS Reminds Taxpayers of Withholding Agreement Application Deadlines: The IRS issued a news alert reminding taxpayers that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the 2018 year is November 16, 2018. Applicants must have obtained a Global Intermediary Identification Number (GIIN) prior to submitting their applications, if needed.