Daily Tax Update - January 15, 2015: Senate Finance Committee Launches Five Bipartisan Tax Reform Working Groups

Senate Finance Committee Launches Five Bipartisan Tax Reform Working Groups:  Today, Senate Finance Committee Chairman Orrin Hatch (R-UT) and ranking member Ron Wyden (D-OR) announced the creation of five working groups, each of which will pursue different aspects of tax reform.  Each group will be co-chaired by one Republican and one Democrat.  The designated topic areas for the groups are: 1) individual income tax; 2) business income tax; 3) savings and investment; 4) international tax; and 5) community development and infrastructure.  The stated goal is to have a final comprehensive report featuring recommendations from each of the five groups completed by the end of May.

IRS Releases FATCA IDES Reporting Guidance:  Yesterday, the IRS alerted taxpayers to certain International Data Exchange Services (IDES) reporting issues that may have prevented users from properly reporting data through the system, which launched this Monday.  Today, the IRS updated its FATCA IDES Technical FAQs to address those issues and related questions.