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.
The Structured Finance Industry Group submitted comments to the Internal Revenue Service regarding the application of new provisions of the Internal Revenue Code affecting middle-market collateralized loan obligations and other securitizations.
The Internal Revenue Service withdrew and re-proposed certain portions of centralized partnership regime regulations that have not been finalized to reflect the changes in the 2018 Technical Corrections Act.
The U.S. Department of the Treasury released a report recommending actions to reduce certain tax regulatory burdens. "Pending enactment of tax reform," Treasury recommended retaining core elements of related party debt regulations on tax-free stock distributions.