Tagmnuchin

Tax Reform Pushing Ahead

By:  Amanda Wilson

Despite the political controversy swirling around the firing of James Comey and the appointment of a special prosecutor, the White House and Republicans are determined to push forward with tax reform.  Later this week, Treasury Secretary Steven Mnuchin will testify on Trump’s Budget Proposal before the House Ways and Means Committee, the committee drafting the House of Representatives tax reform bill.  The House Ways and Means Committee also held a hearing last week on “How Tax Reform Will Grow Our Economy and Create Jobs.”

Mnuchin: Tax Overhaul by August

By:  Amanda Wilson

Treasury Secretary Mnuchin stated that his goal is to have an overhaul of the Internal Revenue Code by August.  He recognized that this is an aggressive time table, and that reform may slip to later in the year.  We will have to wait and see!

IRS Holding Off on Issuing Guidance

By: Amanda Wilson

In response to President Trump’s executive order requiring two regulations to be repealed for every new regulation issued and the regulatory freeze memorandum issued on Inauguration Day, an IRS official has stated that the IRS is stepping back from issuing regulatory guidenace on anything but the most routine items (such as interest rate announcements). This freeze on issuing regulatory guidance will include a freeze on issuing revenue procedures and revenue rulings.

Hopefully, the recent confirmation of Steven Mnuchin as Treasury Secretary will allow the IRS to move past this guidance freeze, as there are  areas for which guidance is desperately needed, especially with respect to the new partnership audit regime that will go into effect on January 1st.

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