Treasury Department

The Treasury aims to kill proposed Section 2704 rules

President Donald Trump announced Thursday his intention to designate Assistant Secretary of the Treasury for Tax Policy David Kautter as acting commissioner of the Internal Revenue Service.

The Trump administration urged the overhaul of key rules underpinning trading in U.S. stock, bond and derivatives markets, calling on regulators to loosen dozens of restrictions.

The Treasury Department plans a set of actions to reduce eight tax regulations it identified earlier this year as burdensome.

The Senate confirmed the new assistant secretary for tax policy just before its summer recess.

The Treasury Department and the Internal Revenue Service have delayed implementation of the Obama administration’s Section 385 documentation regulations for discouraging corporate tax inversions and earnings stripping until 2019.

The retirement account savings program is winding down and officials are encouraging participants to move their funds to a Roth IRA.

The American Institute of CPAs sent a set of tax reform recommendations to Senate Finance Committee chairman Orrin Hatch, R-Utah, as the committee held back-to-back hearings Tuesday morning on tax reform and confirmation of an Assistant Secretary of the Treasury who will be in charge of tax policy and came from a firm that promoted controversial tax shelters.

Corporate America and money managers are hugely divided on the prospects of changing the U.S. tax code.

The White House is “absolutely committed” to getting its tax overhaul proposal through Congress by the end of the year—and that plan won’t include a 40 percent tax rate for the richest Americans, Treasury Secretary Steven Mnuchin said.

A federal rule aimed at limiting corporate “earnings stripping’’ for tax-avoidance purposes may pose an undue burden on taxpayers and may be changed or rescinded, according to an Internal Revenue Service notice.

The Treasury Department has issued a notice proposing to rescind or modify eight tax regulations under President Trump’s executive order aimed at reducing burdensome regulations.

The American Institute of CPAs has written a letter to the Internal Revenue Service and the Treasury Department asking them to postpone the effective date of the centralized partnership audit regime for one year until the end of 2018.

President Donald Trump won’t veto a tax bill even if it provides the wealthiest Americans with a tax cut, according to Treasury Secretary Steven Mnuchin.

U.S. tax revenue is running as much as $70 billion behind estimates more than halfway through the fiscal year, leaving the government with less cash than planned and adding to pressure on Congress to raise the debt ceiling.

Trump's budget aims to cut approximately $3.6 trillion in spending, in part from eligibility changes for the Earned Income Tax Credit and Child Tax Credit.

President Trump has nominated David Kautter, partner-in-charge of the Washington National Tax practice of RSM US, as Assistant Secretary of the Treasury for Tax Policy.

Sen. Chuck Grassley, R-Iowa, and a group of 14 other senators from both parties are asking the Internal Revenue Service and the Treasury Department to clarify their rules to enable more lenders to refinance student loans.

The president is directing the Treasury to review regs to see if they’re too burdensome.

The Internal Revenue Service has released a revenue procedure that provides guidance on several aspects of the Protecting Americans from Tax Hikes Act of 2015, including the expensing of section 179 property, the additional first-year depreciation deduction, and the qualified Indian reservation property depreciation provision.