Weekly Report from Washington, D.C.

first_imgCCH Tax Day ReportCongress is on recess, scheduled to return the week of April 24. The IRS issued revenue procedures about expensing and bonus depreciation, as well as accounting method changes. It also reminded taxpayers about payment options.HouseThe House Ways and Means Committee is expected to hold hearings on tax reform (TAXDAY, 2017/04/20, C.1).TreasuryTreasury Secretary Steven Mnuchin discussed the proposed border adjustment tax (TAXDAY, 2017/04/20, C.1).IRSExpensing and Bonus Depreciation. The IRS issued guidance to clarify the application of several changes made to the Code Sec. 179 expensing allowance and to the Code Sec. 168(k) bonus depreciation deduction by the Protecting Americans From Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113) (Rev. Proc. 2017-33; TAXDAY, 2017/04/21, I.1).Inflation-Adjusted Amounts. The IRS issued a number of inflation-adjusted amounts:—the applicable terminal charge and SIFL rates for determining value of noncommercial flights on employer-provided aircraft for the first half of 2017 (Rev. Rul. 2017-10; TAXDAY, 2017/04/21, I.3);—the nonconventional source fuel reference price for calendar year 2016 (Notice 2017-24; TAXDAY, 2017/04/21, I.4);—the Enhanced Oil Recovery Credit Inflation Adjustment Factor for 2017 (Notice 2017-25; TAXDAY, 2017/04/21, I.5); and—the marginal production percentage depletion rates for 2017 (Notice 2017-26; TAXDAY, 2017/04/21, I.6).Accounting Methods. The IRS provided a list of accounting method changes to which automatic change procedures apply (Rev. Proc. 2017-30; TAXDAY, 2017/04/20, I.2).AFRs. The IRS issued the applicable federal rates for May 2017 (Rev. Rul. 2017-11; TAXDAY, 2017/04/19, I.2).Scams. The IRS warned taxpayers about telephone scams and other criminal activities involving agency impersonators (IR-2017-86; TAXDAY, 2017/04/20, I.1).Filing Season. The IRS predicted that 13-million taxpayers would request extensions and reminded taxpayers how to request an extension (IR-2017-84; TAXDAY, 2017/04/18, I.2; IR-2017-83; TAXDAY, 2017/04/17, I.1). The IRS also reminded taxpayers about payment options (IR-2017-85; TAXDAY, 2017/04/19, I.1).IRPAC. The IRS announced that the Information Reporting Program Advisory Committee (IRPAC) is seeking new members IR-2017-87; TAXDAY, 2017/04/20, I.4).By George Jones and George L. Yaksick, Jr., Wolters Kluwer News Stafflast_img