Daily Tax Update - December 11, 2014: Chairman Camp Introduces Tax Reform Bill

Chairman Camp Introduces Tax Reform Bill:  House Ways and Means Committee Chairman Dave Camp (R-MI) formally introduced the Tax Reform Act of 2014 (H.R. 1). Chairman Camp previously released a discussion draft of the legislation in February, and there are no modifications in the final bill.

Senate Finance Committee Republican Staff Issues Report on Tax Reform:  The Republican Staff of the Senate Finance Committee prepared a report that provides an overview of the current tax law and potential proposals for tax reform.  According to Ranking Member Orrin Hatch (R-UT), the report “is intended to provide background on where we are and where we have been with regard to our tax system as well as some possible direction on where our reform efforts should go in the near future."

Treasury Issues Final Regulations on Reporting of Specified Foreign Financial Assets:  Treasury issued final regulations and removed temporary regulations regarding the reporting of specified foreign financial assets under Section 6038D of the Internal Revenue Code of 1986.  The final regulations provide guidance for reporting foreign financial assets on Form 8938, and generally follow the temporary regulations. The final regulations specifically exclude from the reporting requirements dual resident taxpayers who determine their US tax liability as if they were nonresident aliens and claim treaty benefits as nonresidents of the United States.  The final regulations also clarify the reporting requirements for nonvested property, assets held by a disregarded entity, jointly owned assets, and certain retirement accounts.

IRS Releases Notice Regarding Qualifying Gasification Project Program:  Notice 2014-81 establishes and provides procedures for the third phase of the qualifying gasification project program under Section 48B.  The procedures apply to the reallocation of Section 48B Phase I credits that are available for allocation after the conclusion of the Section 48B Phase I program.