Senator Orrin Hatch Announces Retirement: Today, Senate Finance Committee Chairman Orrin Hatch (R-UT) announced that he will not seek reelection in 2018 after his current term in the Senate expires.
Tax Court Issues Opinion on Statute of Limitations Effective Date: Today, the US Tax Court issued an opinion in Rafizadeh v. Comm’r, 150 T.C. No. 1 (2018) holding that the six-year period of limitations provided in section 6501(e)(1)(A)(ii) is effective only for tax years beginning after March 18, 2010. The court reasoned that because section 6501(e)(1)(A)(ii) applies solely to omissions from gross income attributable to assets subject to the reporting requirement of section 6038D, the subsection is only effective for tax years with respect to which the reporting requirement of section 6038D is effective.