IRS Issues Proposed Regulations on Hardship Distributions From 401(k) Plans: Today, the IRS issued proposed regulations relating to hardship distributions from section 401(k) plans. The regulations reflect statutory changes affecting 401(k) plans, including the Bipartisan Budget Act.
Federal Circuit Rules on Interest Netting Issue: Today, the Federal Circuit issued an opinion in Ford Motor Company v. United States regarding the application of section 6621(d). The court ruled that the interest netting rule of that section did not apply to interest payable to Ford and interest payable by a foreign sales corporation subsidiary because they were not the “same taxpayer” when the interest payments were made.
IRS Reminds Disaster Victims That E-File Closes Nov. 17: Today, the IRS issued a reminder that taxpayers, including those in disaster areas, who wish to file a 2017 tax return electronically must do so by November 17. Taxpayers can still file paper returns after that date. While the vast majority of individuals have already filed their 2017 tax returns, victims of Hurricane Michael, Hurricane Florence, and other recent disasters qualify for an additional extension.