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| || LEGISLATIVE & TAX ADMINISTRATION NEWS|
It’s Raining Tax Bills
Hopefully you’ve heard the good news, but in case you haven’t:
You can help – please contact your representative (find your representative here) to urge him or her to cosponsor H.R. 3330, the Taxpayer Protection and Preparer Proficiency Act of 2019.
- Last week, Congress passed the Taxpayer First Act, a tax reform bill in the works for over two years. The bill includes a number of provisions supported by NAEA and one championed by our members – a direction to IRS to permit taxpayers to use commercially available electronic signature software to sign, in real time, powers of attorney and disclosure authorization forms. The bipartisan bill easily passed in the House and Senate and we expect the president will sign the bill into law soon.
- This week, Congressmen Jimmy Panetta (CA) and Ted Yoho (FL) introduced H.R. 3330, The Taxpayer Protection and Preparer Proficiency Act of 2019 (Senators Wyden (OR) and Cardin (MD) introduced the Senate companion bill, S. 1192, in January). The bill will require all PTIN holders to meet minimum tax competency standards and agree to an ethical code of conduct to be paid tax return preparers. NAEA has been pushing this particular legislative rock up Capitol Hill for years and has no intention of stopping now.
To Extend or Not to Extend
The House Ways and Means Committee marked up a trio of tax bills yesterday, costing approximately $130 billion. One bill would extend expired (expiring provisions) and disaster relief, one would expand certain refundable tax credits, and one would incorporate gender neutral terms for tax purposes. The bills passed primarily on a party-line vote with all Republicans in opposition. Three Democrats also voted against the bills because they would increase the deficit, if passed as is. In remarks to reporters, Ways and Means Chairman Neal indicated these bills represent the first “marker” in what will likely be a long negotiation with Republicans in the Senate and with the White House.
President Trump has ordered federal agencies cut one-third of their advisory committees by September 30 after the federal government spent some $384 million on those panels in fiscal year 2018. The IRS has at least a half-dozen advisory panels, including the IRS Advisory Council (IRSAC) and Electronic Tax Administration Advisory Council (ETAAC).
Speaking of ETAAC
The advisory council issued its annual report to Congress this week. Two recommendations of interest to NAEA focus on assessing the current state of information security in the tax professional community (Recommendation #6) and granting IRS authority to establish and enforce security standards (Recommendation #7). As with all things, the devil is in the details and we have some concerns about the feasibility of enforcing the NIST security standards.
Nina Olsen, Taxpayer Advocate (and NTPI® keynote speaker), delivered her final report to Congress yesterday. After 18 years as Taxpayer Advocate, Ms. Olsen will retire on July 31. Not one to rest on her laurels, Ms. Olsen’s last report reflects her long-standing commitment to protecting taxpayer rights and improving customer service.
Treasury has released three regulations for the Global Intangible Low Taxed Income regime enacted in the TCJA:
- Final regulations providing guidance for determining GILTI income to be included in gross income of certain U.S. shareholders of foreign corporations.
- Final regulations under sections 78, 861, and 965 relating to certain foreign tax credit aspects of the transition to an exemption system for income earned through foreign corporations.
- Proposed regulations regarding stock ownership rules under §915A.
Revenue Ruling 2019-16 provides AFRs for purposes of Section 1274.
The Department of Revenue has issued proposed rules for the tax treatment of certain like-kind exchanges and requests public comments be submitted by July 9.
The Department of Revenue has issued technical advice on the state tax treatment of investments in qualified opportunity zones.
IRS has extended disaster relief for Ohio residents as a result of recent severe storms.
The June tax policy newsletter includes legislative and audit updates.
| || EVERYTHING BUT THE KITCHEN SINK|
Did we really need a study to prove this?
To err is human, unless you’re a fed.
Time to renew that ITIN.
“Only the guy who isn’t rowing has time to rock the boat.”
John Paul Sartre (born this day, June 21, 1905)
| || |
NAEA E@lert | Volume 1: Issue 31
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