Fixes for the New GOP Tax Law. A technical corrections bill is registering as a weak blip on the radar — it’s all talks at the moment, and prospects remain dim. Democrats have shown little interest in getting a package of fixes done this year. Tom Barthold, chief of staff for the Joint Committee on Taxation (JCT), said that his team is still working to determine all the necessary fixes, encouraging individuals and companies to help lawmakers identify areas that require corrections or clarifications.
JCT Bluebook. The new tax law is also pushing the JCT staff to consider issuing its bluebook sooner rather than later. The JCT bluebook is generally published at the end of each Congress* and provides a general explanation of all tax legislation enacted in the first and second sessions. Based on recent statements by JCT officials, the enactment of the tax bill last year may require staff to put together a bluebook for just the first session of the 115th Congress. However, the final decision is yet to be made.
*Each Congress typically covers a two-year period and is split into two sessions. For example, the first session of the 115th Congress ended on Jan. 3, 2018.
Priority Guidance Plan. The Internal Revenue Service (IRS) will soon update its 2017-2018 Priority Guidance Plan issued in Oct. 2017 to reflect new priorities stemming from the GOP tax law. Urgent guidance projects include clarifications for the following:
- pass-through income – Sec. 199A
- interest deductibility – Sec. 163(j)
- bonus depreciation – Sec. 168(k)
- deemed repatriation tax