Overview
Treasury, IRS Issue Proposed Disguised Sales Regulations: Today, Treasury and the IRS released proposed regulations concerning how partnership liabilities are allocated for disguised sale purposes. If finalized, the proposed regulations would replace existing temporary regulations with final regulations that were in effect prior to the temporary regulations. The Treasury and the IRS withdrew portions of proposed regulations that cross-referenced the temporary regulations.
Treasury, IRS Release Applicable Federal Rates: Today, Treasury and the IRS released Revenue Ruling 2018-19 providing various prescribed rates for federal income tax purposes for July 2018, including short-term, mid-term, and long-term applicable federal rates.
Office of Government Ethics Releases Guidance for Reporting Virtual Currency on Financial Disclosure Forms: Today, the US Office of Government Ethics issued guidance stating that executive branch employees are required to report holdings of virtual currency on their public or confidential financial disclosure reports, subject to applicable reporting thresholds. Filers must identify the name of the virtual currency and the exchange or platform on which it is held. Filers are also required to report purchases, sales, or exchanges of a virtual currency or digital asset that is a security. The guidance also states that virtual currency is covered by the conflict of interest laws.
OECD and IGF Request Comments on Draft Toolkit Designed to Assist Developing Countries Design Tax Incentives for Mining: Today, the OECD and Intergovernmental Forum on Mining, Minerals, Metals, and Sustainable Development (IGF) released a draft toolkit designed to help governments anticipate and limit the cost of mining tax incentives. The draft toolkit aims to address some of the challenges developing countries face in raising revenue from their mining sectors. Comments on the draft will be accepted until July 6, 2018.