Regulations and Notices to Provide Guidance on New Tax Bill

As the early guidance period for the new tax bill continues, the Treasury and IRS plan to shift to focusing on developing regulations over the next six months. A less notice-oriented approach is expected, with only five to ten limited-scope notices addressing basic questions, such as section 163(j) business interest issues, anticipated. IRS and Treasury tax reform projects will be included in the soon-to-be-released amended 2017-2018 priority guidance plan and are predicted to tackle repatriation provisions and other major international provisions, including base erosion, GILTI, and FDII.

Read More:  More Regs, Fewer Notices Are Expected for Tax Bill Implementation

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