Tax Committee Content

The Internal Revenue Service (IRS) issued a proposed regulation that would provide permanent relief from the physical presence requirement for spousal consents required to be witnessed by a plan representative or a notary public. The proposal includes conditions very similar to the...

The next monthly Tax Committee call will be held on Thursday, January 19, 2023, at 11:00 a.m. ET. The agenda is attached.

On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023 (H.R. 2617), which includes the SECURE 2.0 Act of 2022 ("SECURE 2.0 Act" or the "Act"). The US Senate approved the year-end spending package by a 68-29 vote on December 22, 2022 and the US House of...

On December 23, ICI filed a comment letter with the Securities and Exchange Commission on its proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct...

EU Member States reached an agreement to implement the OECD Pillar Two proposal through the adoption of the EU Minimum Tax Directive. The Directive was adopted as part of a package along with aid to Ukraine and the disbursement of EU funding to Hungary.

ICI submitted the attached letter asking the Treasury Department and the Internal Revenue Service (IRS) to provide regulatory relief exempting certain registered investment funds from the tax provisions enacted by the Inflation Reduction Act of 2022 (the "Act"). Specifically, the new...

The Institute's 2022 surveys on state tax matters are now available on the Institute's website.

The IRS and Treasury Department have released their 2022–2023 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2023.

The 2022 Primary Layout and Instructions have been updated to account for the new "FATCA filing requirement" checkbox that has been assigned box number 11. Subsequently, Form 1099-DIV box numbers 11 through 15 have been renumbered 12 through 16, respectively.

A coalition of financial services industry organizations submitted the attached letter to the European Commission regarding a proposed withholding tax relief procedure. The letter, crafted by the ICI, summarizes several key observations and thoughts from coalition members that met in...