Overview
Ways & Means Committee Announces Full Committee Markup for ‘Tax Reform 2.0’: The House Ways & Means Committee will hold a full committee markup on Thursday, September 13, at 10:00 AM of the following bills: Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760); Family Savings Act of 2018 (H.R. 6757); and American Innovation Act of 2018 (H.R. 6756).
TIGTA Issues Audit Report on IRS Levy Actions: Treasury Inspector General for Tax Administration (TIGTA) released its Fiscal Year 2018 Audit Report on the IRS’s compliance with legal guidelines when issuing levies. TIGTA concluded that levy proceeds decreased by 70% following the suspension of the Automated Collection System (ACS) in January 2016 and recommended that the IRS restart ACS systemic levies for the most significant taxpayer delinquent accounts.
OECD Releases New Report on Its Work: Today, the OECD released a new brochure outlining its work on tax issues. The brochure covers the OECD’s efforts regarding international and domestic issues, direct and indirect tax matters, and the relationship between OECD members, non-members, the G20, and developing countries.