Daily Tax Update - April 30, 2014: IRS Releases Foreign Intermediary Form

IRS RELEASES FOREIGN INTERMEDIARY FORM:  Today, the IRS released the revised Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding.  The instructions for the revised form have not yet been released.

The form can be accessed via: Form W-8IMY

SENATE BLOCKS MINIMUM WAGE BILL WITH ENHANCED SECTION 179 PROVISION:  Today, the Senate failed to overcome a procedural hurdle to advance a bill increasing the minimum wage. The bill also contained a provision to expand the Section 179 provision.  The bill fell short of the 60 votes needed to advance it in the Senate.   

TAX BILL INTRODUCED APRIL 29TH:

H.R.4512:  To amend the Internal Revenue Code of 1986 to establish a maximum rate of Federal, State, and local tax imposed on taxpayers. Sponsor: Rep Jolly, David [FL-13] (introduced 4/29/2014)      Cosponsors (None) Latest Major Action: 4/29/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.