Daily Tax Update - September 15, 2014: Final Regulations Relating to Voluntary Withholding Agreements Released

Final Regulations Relating to Voluntary Withholding Agreements Released:  The IRS has released final regulations under Section 3402(p) of the Internal Revenue Code relating to voluntary withholding agreements.  The final regulations adopt without change the proposed regulations and the temporary regulations that permit the Secretary to describe other payments subject to voluntary withholding agreements in guidance published in the Internal Revenue Bulletin (IRB).  Additionally, the final regulations provide that the IRB guidance will set forth requirements regarding the form and duration of the voluntary withholding agreement specific to the type of payment from which withholding is authorized.  The final regulations are scheduled to be published in the Federal Register on September 16, 2014.

The final regulations can be accessed at TD 9692.

JCT Releases Report on Tax-Favored Retirement Savings:  The congressional Joint Committee on Taxation (JCT) released a report earlier today providing a summary of the present tax law rules applicable to tax-favored retirement savings arrangements, a discussion of related economic issues, and data on tax-favored retirement savings.  The Senate Finance Committee has scheduled a public hearing for tomorrow entitled “Retirement Savings 2.0:  Updating Savings Policy for the Modern Economy.”

The text of the report can be accessed here.