Daily Tax Update - August 16, 2013: Rep. Camp Will Not Run for Senate in 2014

Rep. Camp Will Not Run for Senate in 2014:  House Ways and Means Committee Chairman Dave Camp said today that he will not seek the U.S. Senate seat to replace retiring Sen. Carl Levin (D-MI).  In a statement, Camp said, “After much thought and careful consideration, I have decided not to run for the United States Senate. I will continue to put my full focus and effort on serving my constituents in mid- and northern-Michigan as their representative and as chairman of the Ways and Means Committee.”

IRS Releases Draft FATCA Form:  The IRS has released a draft form for overseas banks and withholding agents to use to report information on U.S. accounts under the Foreign Account Tax Compliance Act (FATCA).

Miscellaneous Guidance Released:
Revenue Procedure 2013-30 provides the exclusive simplified methods for taxpayers to request relief for late Subchapter S corporation elections, qualified Subchapter S trust (QSST) elections, electing small business trust (ESBT) elections, and certain other elections.