Overview
OECD Releases New Set of Bilateral Exchange Relationships: Today, the OECD released a new set of bilateral exchange relationships established under the Common Reporting Standard Multilateral Competent Authority Agreement. There are now over 2,700 bilateral relationships for the automatic exchange of offshore financial account information under the Common Reporting Standard in place around the world. The OECD also released the second edition of the Common Reporting Standard Implementation Handbook, which is available here.
IRS Requests Comments on the Potential Expansion of the Scope of the Determination Letter Program for Individually Designed Retirement Plans: Today, the IRS issued Notice 2018-24 requesting comments on the potential expansion of the scope of the determination letter program for individually designed retirement plans during the 2019 calendar year, beyond the provision of determination letters for initial qualification and qualification upon plan termination. The notice states that the Treasury Department and the IRS will consider the factors regarding the scope of the determination letter program set forth in Rev. Proc. 2016-37 and will issue guidance if they identify any additional types of plans for which plan sponsors may request determination letters during the 2019 calendar year.
Senate Finance Committee to Hold Hearing on Future Challenges at the IRS: On April 12, the Senate Finance Committee will hold a hearing on the 2018 tax filing season and plans to address future challenges at the IRS. The hearing will take place at 10.a.m. in Dirksen Senate Office Building Room 215.