IRS Proposes Removal of Debt-Equity Documentation Rules: Today, the IRS issued proposed regulations that would remove final regulations setting forth minimum documentation requirements that ordinarily must be satisfied in order for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes.

TIGTA Releases Two Audit Reports: Today, the Treasury Inspector General for Tax Administration (TIGTA) released two audit reports. One audit examined whether the IRS improperly withheld information requested by taxpayers in writing based on section 6103 or 5 U.S.C. section 552(b)(7). While TIGTA determined that information was properly withheld in most cases, TIGTA identified instances in which information was improperly withheld. The other audit examined whether lien notices issued by the IRS comply with the legal requirements set forth in section 6320(a).

Study Shows EU Member States Lost Almost €150 Billion in VAT Revenues in 2016: The European Commission published a new study today indicating that European Union (EU) countries lost almost €150 billion in value-added tax (VAT) revenues in 2016. These figures suggest that while EU countries have improved VAT collection, reform of the current EU VAT system combined with better cooperation at EU level are needed so that Member States can make full use of VAT revenues in their budgets.

Miscellaneous Guidance: Notice 2018-75 provides that reimbursements an employer pays to an employee in 2018 for qualified moving expenses incurred in a prior year are not subject to federal income or employment taxes. The same is true if the employer pays a moving company in 2018 for qualified moving services provided to an employee prior to 2018.