Daily Tax Update - June 26, 2014: Senate Finance Committee Delays Vote on Highway Bill

Senate Finance Committee Delays Vote on Highway Bill:  Leaders of the Senate Finance Committee have decided to delay a final vote on the Preserving America’s Transit and Highways Act, a bill that would extend the solvency of the Highways Trust Fund and also includes extensions of over 50 tax benefits that either expired at the end of 2013 or are set to expire at the end of this year.  The delay is intended to allow the Senate Finance Committee to work together with the House Ways and Means Committee to produce a bipartisan bill that can pass both houses of Congress.

The statement can be accessed here.

Competent Authority Danilack Resigns:  Michael Danilack, U.S. Competent Authority and Deputy Commissioner (International) of the Large Business & International (LB&I) Division, has resigned effective July 2, 2014.  As the U.S. Competent Authority, Danilack oversaw the implementation of tax treaties and represented the IRS before multilateral tax organizations.  As Deputy Commissioner, he oversaw the reorganization of the former Large and Mid-Size Business Division into the current LB&I Division.

IRS Updates FATCA Frequently Asked Questions:
The IRS added new questions and answers to its FAQs regarding the Foreign Financial Institution (FFI) List and updated answers to certain FFI List FAQs.

The IRS also updated its FATCA FAQs, adding a question and answer regarding how withholding foreign partnerships and trusts can renew their agreements, given that the revised agreements are not anticipated to be published before the June 30, 2014 expiration of existing agreements.  The FAQs can be accessed here.

Miscellaneous Guidance Released:
In T.D. 9672, the IRS and Treasury Department issued final regulations regarding the tax credit available to certain small employers that offer health insurance coverage to their employees under section 45R, enacted by the Patient Protection and Affordable Care Act.