IRS Proposes Eliminating 298 Tax Regulations: In a proposed rulemaking, the IRS proposes the removal of 298 regulations that it says are no longer necessary because they do not have any current or future applicability. The proposed rule would also amend an additional 79 regulations to reflect the removal of the 298 regulations.
Miscellaneous Guidance: Revenue Procedure 2018-17 modifies the circumstances under which the IRS will approve requests for changes in annual accounting periods made by certain foreign corporations in 2017. The IRS will not approve the change if it could result in avoiding, reducing, or delaying the transition tax required by the 2017 Tax Cuts and Jobs Act.
Senator Orrin Hatch: Interpreting Tax Reform Bill is Congress’ Job: In remarks today at the Brookings Institution’s Tax Policy Center, Senate Finance Committee Chairman Orrin Hatch (R-UT) said, in connection with work on the implementation of P.L. 115-97: “I’m going to keep working to ensure that everyone recognizes and respects Congress’ role in this process. Where things are potentially unclear in the law, Congress should be the one to determine and explain what was intended. I will continue to pursue facilitating this type of consistent interaction as things move forward.”