The IRS issued final regulations removing "minimum documentation requirements that ordinarily must be satisfied in order for certain related-party interests in a corporation to be treated as indebtedness for Federal tax purposes."
The IRS proposal amending certain regulations to address the transition from interbank offered rates to other reference rates for debt instruments and non-debt contracts was published in the Federal Register.
A U.S. District Court granted a DOJ and IRS request to uncover the identities of Finnish residents who may be using U.S.-issued payment cards in Finland to avoid reporting income and paying Finnish income tax.
An IRS and U.S. Treasury Department notice of proposed rulemaking relating to the new Opportunity Zone tax incentive was published in the Federal Register. Comments on the proposal must be submitted by December 28, 2018.