Daily Tax Update - October 28, 2014: IRS Releases New FAQs on FATCA IDES System

IRS Releases New FAQs on FATCA IDES System:  Yesterday, the IRS posted new questions and answers on the FATCA International Data Exchange Services (IDES) system, which allows the IRS to exchange taxpayer information with foreign tax authorities.  The update includes a list of approved certification authorities.

IRS Issues Final Regulations on Heavy Highway Vehicle Use Tax:  Today, the Treasury and IRS issued final regulations mandating electronic filing of Form 2290, Heavy Highway Vehicle Use Tax Return.  Effective October 29, the final regulations specify that submitting a paper Form 2290 for 25 or more vehicles constitutes a failure to file for purpose of the Section 6651 penalty.