Overview
IRS Modifies the Automatic Changes List for Accounting Methods to Reflect Changes Made By TCJA: Today, in Rev. Proc. 2018-44, the IRS modified in Rev. Proc. 2018-31, dealing with automatic changes of accounting methods, to reflect the addition of section 481(d) by the Tax Cuts and Jobs Act. Section 481(d) provides rules of adjustment required by section 481(a)(2) that are attributable to some revocations of S corporation elections under section 1362(a).
IRS Announces New Individual Tax Transcripts to Better Protect Taxpayer Data: Today, the IRS announced a new format for individual tax transcripts that will redact identifying information from Forms 1040. The new transcript will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23, 2018. For more information and a sample of the new transcript format, click here.
IRS Updates Excise Tax Table: The IRS updated its “Federal Excise Taxes or Fees Reported to or Collected by the Internal Revenue Service, Alcohol and Tobacco Tax and Trade Bureau, and Customs Service, by Type of Excise Tax” to include Fiscal Year 2017 data.
Treasury Nominees: Ranking Senate Finance Committee member Ron Wyden (D.-Ore.) stated today that he would place a hold on certain Treasury nominees.