- The “oil spill” excise tax imposed on crude oil and imported petroleum products under section 4611 expired at the end of 2017.
- The two-year moratorium suspending the medical device excise tax has expired. Thus, absent congressional action, the first semi-monthly deposit of the 2.3% excise tax on sales of taxable medical devices by manufacturers and importers will be due January 29, 2018, and the first return for the medical device excise tax—filed on Form 720, Quarterly Federal Excise Tax Return—will be due April 30, 2018.
- The U.S. Tax Court issued an opinion holding that the six-year statute of limitations period, expanded in 2010 with respect to reporting requirements for “specified foreign financial assets,” is effective only for tax years to which the reporting requirement is applicable.
- The IRS released a “practice unit” titled: Substantial contribution test for CFC manufacturing exception.
In case you missed it, the following items were released over the holidays:
- Notice 2018-08 states the IRS and Treasury Department are suspending the application of withholding measures under new Code section 1446(f) in the case of a disposition of certain publicly traded partnership interests.
- Notice 2018-07 provides guidance for computing the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies that are deemed to be repatriated pursuant to new Code section 965. The transition tax generally may be paid in installments over an eight-year period.
- Certain mandatory repatriation measures in the new tax law may affect insurers.
- Final regulations set forth rules and procedures for electing out of the centralized partnership audit regime.
- Six “annual revenue procedures” for 2018 were released by the IRS.
Read TaxNewsFlash-United States