Daily Tax Update - April 19, 2017: IMF Releases Reports on Financial Stability and World Economic Outlook

IMF Releases Reports on Financial Stability and World Economic Outlook:  The International Monetary Fund (IMF) published an updated World Economic Outlook as well as a report on global financial stability.  The latter report highlights the potential impact of US tax reform on global financial stability, and emphasizes the importance of a careful policy mix, noting that reforms could “spur increased financial risk taking and, in some sectors, could raise leverage from already-elevated levels” and that “reforms that reduce incentives for debt financing could help attenuate risks of a further buildup in leverage, and possibly even encourage firms to lower existing tax-advantaged leverage.”

Miscellaneous Guidance Released:  Revenue Procedure 2017-30 provides an updated list of automatic changes to which the automatic change procedures in Rev. Proc. 2015-13, as clarified and modified by Rev. Proc. 2015-33 and Rev. Proc. 2016-1, apply.