Overview
New Version of Brady Tax Bill Released: The House Rules Committee has released a new version of H.R. 88, the package of tax legislative changes introduced by Ways and Means Committee Chairman Kevin Brady (R-TX). The Rules Committee scheduled a meeting on Wednesday, December 19 regarding the bill.
IRS Warns Tax Professionals of Fake Payroll and Wire Transfer Emails: The IRS issued a warning to tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams. The news alert includes examples of scam emails that have been reported by tax professionals and information about reporting such scams to the IRS and FBI.
European Commission Releases Report on Automatic Information Exchange: The European Commission released a report to the European Parliament and Council providing an overview and assessment of the statistics and information on the automatic exchanges in the field of direct taxation.
DHS, Treasury Release Final Regulations on Tax Drawbacks: The Department of Homeland Security and Department of Treasury adopted amendments to the US Customs and Border Protection (CBP) regulations implementing changes to the drawback regulations, as directed by the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA). These regulations establish new processes for drawback pursuant to TFTEA, which liberalize the merchandise substitution standard, simplify recordkeeping requirements, extend, and standardize timelines for filing drawback claims, and require the electronic filing of drawback claims.