Overview
Proposed Regulations Would Raise User Fees for Offers in Compromise: Today, the IRS issued proposed regulations that would raise the user fees for a taxpayer submitting an offer in compromise on amounts owed to the IRS. The current fee of $186 would increase to $300 under the proposal, but the IRS will continue to waive the fee for low-income taxpayers.
Senate Finance Committee Republicans Urge Delay of Earnings-Stripping Regulations: Yesterday, six Republican members of the Senate Finance Committee wrote a letter to the Office of Management and Budget director asking to delay approval of the controversial earnings-stripping regulations under section 385 until “the economic impact of these regulations can be fully assessed.” The senators asked that if the regulations are finalized, cash-pooling transactions, foreign-to-foreign transactions, and domestic-to-domestic transactions be exempted from the rules.