Daily Tax Update - February 15, 2017: Treasury Department Announces Appointment of Chief of Staff

Treasury Department Announces Appointment of Chief of Staff:  Today, Secretary of Treasury Steven Mnuchin announced that Eli Miller will serve as his chief of staff.  Mr. Miller previously served as the chief operating officer of finance for President Trump's campaign.  He also served as the deputy finance director for Senator Marco Rubio's 2016 presidential bid and as an aide to former Speaker of the House John Boehner.

IRS Will Not Reject Returns for Failing to Provide Information About Health Coverage:  The Treasury Department and the IRS announced that the IRS will process tax returns even if taxpayers do not provide the insurance information required by the Affordable Care Act.  The IRS had previously set up its systems to reject tax returns if the taxpayer did not provide information related to health coverage.  The IRS's policy change comes as a result of President Trump's executive order directing federal agencies to exercise authority and discretion available to them to reduce potential burden. 

House Small Business Committee Holds Hearing Regarding Start-Ups and Tax Reform:  Today, the House Small Business Committee held a hearing titled “Start-Ups Stalling?  The Tax Code as a Barrier to Entrepreneurship.”  Chairman Steve Chabot (R-OH) delivered an opening statement, which can be found here.

The following witnesses testified:

  • Kyle Pomerleau
    Director of Federal Projects, Tax Foundation
  • David Burton
    Senior Fellow, Economic Policy Institute for Economic Freedom and Opportunity at the Heritage Foundation
  • Tim Reynolds
    President of Tribute Inc., Testifying on behalf of the National Small Business Association (NSBA)
  • Troy K. Lewis, CPA, CGMA
    Tax Executive Committee Immediate Past Chair, American Institute of CPAs