Daily Tax Update - September 13, 2017: Ways and Means Holds Hearing on Taxpayer Dispute Resolution Process

Ways and Means Holds Hearing on Taxpayer Dispute Resolution Process:  Today, the House Committee on Ways and Means held a hearing on reforming how the IRS resolves taxpayer disputes. The hearing focused on the taxpayer perspective and considered ways the agency can resolve taxpayer disputes in a timely, efficient, and cost-effective manner.  The following witnesses testified:

  • Kathy Petronchak
    Director of IRS Practice & Procedures, alliantgroup, LP
  • Pete Sepp
    President, National Taxpayers Union and NTU Foundation
  • Byron Shinn
    Founder and Managing Partner, Shinn & Co
  • Chastity Wilson
    Principal, National Tax Office, CliftonLarsonAllen LLP

Hatch Announces Hearing on Reforming Business Tax Code:  Senate Finance Committee Chairman Orrin Hatch (R-UT) announced a hearing on Tuesday, September 19 to examine ways to improve the tax code’s business provisions and create a healthier economic environment that will encourage job creators to invest in the United States and increase their competitiveness in the global market.

European Commission State of the Union Address Includes Tax Reforms:  Today, European Commission President Jean-Claude Juncker delivered his 2017 State of the Union Address before the members of the European Parliament in Strasbourg. The address outlined the priorities for the Commission Work Programme for the next 16 months up to the end of 2018, including adoption of the Commons Consolidated Corporate Tax Base, proposals to improve the value added tax environment for e-commerce businesses in the EU, proposals requiring multinational companies to publish key tax information on a country-by-country basis, and establishing rules at the EU level allowing taxation of profits generated by multinationals through the digital economy. 
Miscellaneous Guidance:
Notice 2017-50 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2). The notice also provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).