Budget/Government Shutdown/Extenders: The Senate is expected to take up the Bipartisan Budget Act of 2018 in an attempt to avoid a government shutdown. The Senate Finance Committee released its Summary of the Tax Extenders Agreement included in the Bipartisan Budget Act explaining the extension of several temporary tax provisions, (including several relating to the energy industry) that expired at the end of 2016, revisions to the section 45Q carbon sequestration credit, and relief with respect to natural disasters. The Joint Committee on Taxation issued JCX-4-18, estimating that the tax provisions in the Bipartisan Budget Act of 2018 will cost about $17.4 billion over the next decade.
Administration to Nominate Charles P. Rettig for Commissioner of IRS: The Trump Administration today announced its intent to nominate Charles P. Rettig to serve as Commissioner of the IRS. Mr. Rettig is a practicing tax attorney with the California firm Hochman, Salkin, Rettig, Toscher & Perez, P.C.
OECD Issues Additional Guidance and Information on BEPS Implementation: Today, the Organisation for Economic Co-operation and Development (OECD) released additional guidance and information on the implementation of country-by-country reporting. It also released a compilation of the approaches adopted by member jurisdictions regarding country-by-country reporting where alternative approaches are permitted under the BEP’s framework.
Miscellaneous Guidance: Under Revenue Procedure 2018-15, the IRS generally will not require a new exemption application from a domestic section 501(c) organization that changes its form or place of organization, obsoleting Revenue Rulings 67-390 and 77-469.
Revenue Procedure 2018-16 provides guidance on how certain population census tracts may be designated as Qualified Opportunity Zones for purposes of I.R.C. §§ 1400Z–1 and 1400Z–2.
Notice 2018-17 provides additional relief to victims of Hurricane Maria, expanding on the relief provided in Revenue Procedures 2014-49 and 2014-50.