IRS offers Pilot stock distribution Letter Ruling Program

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A new IRS pilot program will allow taxpayers to obtain rulings on tax-free stock distributions. In Revenue Procedure 2017-52, the IRS introduced a pilot program expanding the scope of available letter rulings for an 18-month period to include requests for rulings on the tax consequences of a distribution of stock, or stock and securities, of a controlled corporation under Internal Revenue Code Section 355. The guidance provides procedures to request these rulings and clarifies how to ask for a ruling on significant issues related to these transactions.

Senate Bill Funds IRS at Lowest Level Since 2008

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The U.S. House-passed appropriations bill would fund the IRS below 2008 levels. On September 14, the U.S. House of Representatives passed a bill that includes 2018 appropriations for the IRS. The bill would provide $1.1 billion in funding for the IRS. This is a cut of $149 million from the fiscal year 2017 enacted level and $111 million above President Trump’s budget request. It would hold the IRS’s budget to below the 2008 level. The bill would provide increased funds to “Operations Support” to strengthen cybersecurity and IRS information technology.

Revised health care plan to be unveiled Thursday

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U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that a revised version of major health care legislation would be made public on 7/13 and a vote is expected sometime next week. McConnell didn’t disclose any of the changes that some Republican senators have opposed in the bill to repeal the Affordable Care Act. He also pushed back the Senate’s planned August recess by two weeks to allow senators more time to work on the measure.

What’s up with health care reform?

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President Trump has been prodding the Republican-led U.S. Congress to pass a major health care law, but huge obstacles remain, as key Senators voiced pessimism about the chances of repealing the Affordable Care Act. Sen. Pat Toomey (R-PA) said a new version of the Senate bill is expected to be released soon and that “there’s a shot” of getting to the 50 votes needed to win passage in the 100-seat Senate. However, other Republicans were more pessimistic. Sen. John McCain (R-AZ) said the legislation is “probably going to be dead.”