Daily Tax Update - March 24, 2014: Camp Updates Committee Members on Tax Reform and Extenders

CAMP UPDATES COMMITTEE MEMBERS ON TAX REFORM AND EXTENDERS: Today, House Ways and Means Committee Chairman Dave Camp (R-MI) sent a memo to Committee members updating them on tax reform and the “tax extenders.”  On the issue of tax reform, Camp said that he would continue to “educate Members and stakeholders on the draft as well as collect and analyze feedback from Members and taxpayers on the policy decisions contained in it.” Camp said that the Committee would hold additional meetings with the staff of the Joint Committee on Taxation, hold public hearings on “specific portions of the bill,” and “begin advancing permanent legislation through the Committee that paves the way for tax reform by making incremental progress towards full reform.” On the issue of the extenders, Camp said that, beginning in April, the Committee would go “policy by policy to determine which extenders should be made permanent.”  Camp said that the specific dates for hearings and mark-ups would be announced in the future.

IRS RELEASES FY 2013 DATA BOOK:  The IRS has released the fiscal year 2013 Data Book, which includes an update of the agency’s activities for the year. 

According to the IRS, “The report describes activities conducted by the IRS from Oct. 1, 2012, to Sept. 30, 2013, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others. During fiscal year 2013, the IRS collected almost $2.9 trillion in federal revenue and processed 240 million returns, of which 151 million were filed electronically. Out of the 146 million individual income tax returns filed, almost 83 percent were e-filed. More than 118 million individual income tax return filers received a tax refund, which totaled almost $312.8 billion. On average, the IRS spent 41 cents to collect $100 in tax revenue during the fiscal year, matching low-cost results for 2008 and 2001.”

The book can be accessed via: 2013 Data Book

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Procedure 2014-25 provides the list of countries for tax year 2013 for which the minimum time requirements are waived  for purposes of the foreign earned income exclusion.