IRS Provides Timeline for Tax Reform Guidance
During the ABA Section of Taxation meeting in Washington, D.C. on May 12, David Kautter, the acting IRS commissioner, provided a rough timeline as to when IRS intends to release guidance related to the 2017 tax act. Kautter stated that a notice regarding section 965 (the so-called transition tax) may be released in the next two weeks and that proposed regulations are slated for release in mid to late July. Additionally, Kautter expects proposed regulations to be released for GILTI and section 168(k) in late summer, for section 163(j) in late summer or early fall, and for BEAT in November or December. Kautter also noted that the IRS plans to release updated tax forms and instructions to the public in June for comment. Kautter noted that in drafting the forms, the IRS had to “make some calls” regarding the tax reform provisions and that the instructions and forms may provide some guidance as to the IRS’ thought process for future regulations.
Read more: Kautter Talks Timelines for TCJA Guidance Projects; Politico Morning Tax