Overview
IRS Issues Proposed Section 163(j) Regulations: Today, the IRS issued proposed regulations under section 163(j). As amended by the Tax Cuts and Jobs Act, section 163(j) limits the business interest expense deduction for certain taxpayers. The proposed regulations provide general rules and definitions, as well as rules for calculating the limitation in consolidated group, partnership, and international contexts.
IRS Issues Interim Guidance on Withholding for 2019: The IRS issued Notice 2018-92, which provides interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions. The IRS and Treasury intend to develop withholding regulations under sections 3401 and 3402 that will reflect, among other things, changes made by the Tax Cuts and Jobs Act.
Global Forum on Transparency and Exchange of Information for Tax Purposes Holds Annual Meeting: The Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting in Punta del Este, Uruguay on November 20 through 22, bringing together over 200 delegates from more than 100 jurisdictions, international organizations, and regional groups to strengthen further the international community’s fight against tax evasion. The meeting marked the widespread rollout of automatic exchange of financial account information.