Memo #
31247

ICI Submits Recommendations for IRS 2018-2019 Priority Guidance List
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[31247]

June 15, 2018 TO: ICI Members
Tax Committee SUBJECTS: Tax RE: ICI Submits Recommendations for IRS 2018-2019 Priority Guidance List

 

Notice 2018-43 invited public comment on recommendations for Treasury’s 2018-2019 Priority Guidance Plan.[1] The Institute submitted the attached letter recommending guidance to resolve uncertainties arising from the 2017 tax law changes, as well as additional items largely based on prior requests for guidance.[2] Specifically, the Institute requested guidance regarding:

  1. pass-through of Section 199A deduction for RIC shareholders;
  2. amended Section 451(b);
  3. Section 965 transition tax on deferred foreign income;
  4. Section 163(j) interest expense limitation;
  5. Section 851 investments in CFCs and PFICs;
  6. qualified interest income;
  7. foreign tax recoveries from the EU;
  8. RIC Mod;
  9. deemed distributions under Section 305(c);
  10. cost basis reporting;
  11. FBAR;
  12. ownership tracking requirements under Section 382;
  13. electronic filing of Forms 1120-RIC;
  14. money market fund reform; and
  15. FATCA. 

The letter includes only tax items; the Institute will submit a separate letter with recommendations regarding retirement plan issues.

 

Katie Sunderland
Counsel - Tax Law

 

Attachment

endnotes

[1]  Notice 2018-43 is available at https://www.irs.gov/pub/irs-drop/n-18-43.pdf 

[2] For a copy of the Institute’s recommendations for the 2017-2018 Priority Guidance Plan, see Institute Memorandum No. 30736 available at https://www.ici.org/my_ici/memorandum/memo30736