Senate Republicans Release Budget Resolution: Today, Senate Republicans released a fiscal 2018 budget resolution allowing for tax cuts that would increase the budget deficit by as much as $1.5 trillion. This budget resolution sets a target for the Senate Finance Committee to provide a draft tax bill by November 13.
President Trump Signs Hurricane Relief Tax Bill: Today, President Trump signed into law the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (H.R. 3823). The bill modifies several tax provisions for individuals and businesses in areas affected by Hurricanes Harvey, Irma, and Maria, including provisions regarding: early withdrawals and loans from retirement plans, employment-related tax credits, deductions for charitable contributions, deductions for personal casualty losses, and income requirements for the earned income tax credit and the child tax credit.
Forum on Tax Administration Announces Priorities: Today, the Forum on Tax Administration released its communiqué from its plenary meeting held in Oslo, Norway on September 27-29. The Forum on Tax Administration brings together tax commissioners from 50 advanced and emerging countries. The priorities announced in the communiqué are the effective implementation of the Base Erosion and Profit Shifting outcomes, the Common Reporting Standard for exchange of information on offshore accounts, and the use of new technologies and analytical tools in tax administration. At the plenary meeting, a handbook on effective implementation of country-by-country reporting was released.
IRS Issues Guidance Updating List of Exchange of Information Countries: Today, the IRS issued Revenue Procedure 2017-46, which adds to the list of countries set forth in Section 3 and Section 4 of Revenue Procedure 2014-64. Section 3 lists the countries with respect to which the reporting requirement of Treas. Reg. sections 1.6049-8(a) and 1.6049-4(b)(5) applies, while Section 4 lists the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under those regulatory provisions. This guidance adds two countries (Faroe Islands and Greenland) to the Section 3 list and two countries (Croatia and Panama) to the Section 4 list.