Daily Tax Update - July 19, 2017: Ways and Means Holds Hearing on Tax Reform, Announces Hearing on Record Retention

Ways and Means Holds Hearing on Tax Reform, Announces Hearing on Record Retention:  The House Ways and Means held a hearing titled “How Tax Reform Will Simplify Our Broken Tax Code and Help Individuals and Families.” 

Witnesses included:

  • Bill Archer
    Former Chairman, Committee on Ways and Means
  • Bernard F. McKay
    Chairman of the Board of Directors, Council for Electronic Revenue Communication Advancement
  • Jania Stout
    Practice Leader and Co-Founder, Fiduciary Plan Advisors at HighTower
  • Eric Rodriguez
    Vice President – Office of Research, Advocacy, and Legislation, UnidosUS

Chairman Vern Buchanan (R-FL) also announced a hearing on the IRS’s record retention policies. The hearing will take place on July 25 at 10:00 a.m.

IRS Issues Regulations Updating Due Dates:  Treasury and the IRS issued final, temporary, and proposed regulations that update the due dates and extensions of time to file certain tax returns and information returns to reflect the new statutory requirements set by section 2006 of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 and section 201 of the Protecting Americans from Tax Hikes Act of 2015. Many of these updated due dates already went into effect for taxable years beginning after December 31, 2015, but the regulations have now been updated to reflect these statutory changes.