Daily Tax Update - March 28, 2017: Senators Introduce Tax Parity Bill for Pass-Throughs

Senators Introduce Tax Parity Bill for Pass-Throughs:  Yesterday, Senate Finance Committee member Bill Nelson (D-FL) and Senator Susan Collins (R-ME) announced the introduction of their bill, the Main Street Fairness Act.  This bill would prevent the income derived from pass-through companies from being taxed at a higher rate than that applicable to C corporations.  Companion legislation has been introduced in the House by Representative Vern Buchanan (R-FL).

IRS Requests Comments on Changes in Method of Accounting as a Result of New FASB Standards:  Today, the Treasury Department and the IRS issued Notice 2017-17, which invites comments on a proposed revenue procedure that would provide procedures by which a taxpayer may request consent to change a method of accounting for recognizing income when the change is made due to the taxpayer adopting new accounting revenue recognition standards in accordance with the new standards announced by the Financial Accounting Standards Board (FASB) titled “Revenue from Contracts with Customers.”