Daily Tax Update - May 6, 2015: IRS Updates List of Designated Private Delivery Services

IRS Updates List of Designated Private Delivery Services:  In Notice 2015-38, the IRS has updated the list of private delivery services for purposes of the timely mailing treated as timely filing rule under section 7502.  The Notice removes DHL Express from the list of service providers, and updates the services from Federal Express and UPS.

Senate Committee Approves Bill Requiring Disclosure of Certain Tax Deductions:  The Senate Homeland Security and Governmental Affairs Committee advanced a number of bills including S. 1109 which requires disclosure of the tax treatment of payments under settlement agreements entered into with federal agencies.  Under the provisions of the bill corporations are required to disclose the information in their filings with the Securities and Exchange Commission, and federal agencies would be required to post copies of certain settlements on their websites and disclose how much of any fines imposed might be offset by tax deductions or credits.