Overview
President Trump Renews Call for Tax Reform: In a speech today, President Trump repeated his call for comprehensive tax reform. Mr. Trump reiterated the need to simplify a tax code that is “unworkable” for most Americans and said the corporate income tax made US businesses uncompetitive in a global market.
IRS Expands Tax Relief for Hurricane Harvey Victims: Today, the IRS issued Announcement 2017-11, expanding the tax relief available for victims of Hurricane Harvey. The announcement provides those affected by Hurricane Harvey easier access to funds held in workplace retirement plans and IRAs for the period August 23, 2017 through January 31, 2018. The relief provided in the announcement is in addition to the relief already provided by the IRS pursuant to News Release IR-2017-135, which extended the filing deadline for certain individual and business tax returns and payments to January 31, 2018.