Overview
House Passes 'Phase 2' Tax Bill: Today, the House of Representatives passed the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760) on a 220-191 vote. The bill would make permanent the temporary individual provisions of the Tax Cuts and Jobs Act.
EU Releases Suggested Amendments to List of Non-Cooperative Jurisdictions for Tax Purposes: Today, the Council of the European Union (EU) released a report suggesting amendments to the Annexes of the Council’s conclusions regarding the EU list of non-cooperative jurisdictions for tax purposes released on December 5, 2017.
Miscellaneous Guidance:
Revenue Procedure 2018-52 modifies and supersedes Revenue Procedure 2016-51, which sets forth the Employee Plans Compliance Resolution System, a comprehensive system of correction programs administered by the Employee Plans Division (TE/GE) for sponsors of retirement plans that have failed to satisfy certain requirements under sections 401(a), 403(a), 403(b), 408(k), or 408(p). The revenue procedure sets forth new procedures for using the www.pay.gov website to file Voluntary Correction Program submissions and pay user fees.
Notice 2018-79 provides guidance regarding an extension of the replacement period under section 1033(e) for livestock sold on account of drought in specified counties.