June 2019 / United States

June 28 2019

Protocol to treaty between Switzerland and United States approved by US Senate Foreign Relations Committee

According to a press release of 26 June 2019, published by the US Senate Committee on Foreign Relations, on 25 June 2019 the US Senate Committee on Foreign Relations approved the amending protocol, signed on 23 September 2009, to the Switzerland - United States Income Tax Treaty (1996). The protocol will amend the existing 1996 treaty, if and when ratified by the full US Senate. Further developments will be reported as they occur.
June 5 2019

Congressional Research Service issues report on US tariffs on Chinese products

The Congressional Research Service (CRS) of the US Library of Congress has released a report entitled "Enforcing US Trade Laws: Section 301 and China". The CRS report indicates an updated date of 4 June 2019 and is designated IF10708 (Version 48). Due to its concerns over China's policies on intellectual property (IP), technology and innovation, the United States has implemented three rounds of tariff increases on a total of USD 250 billion worth of Chinese products under sections 301 through 310 of the Trade Act of 1974, as amended, which are commonly referred to as section 301. China has increased tariffs on USD 110 billion worth of US products. The CRS report states that a protracted and expanding US-China trade conflict could sharply reduce bilateral commercial ties, disrupt international supply chains, diminish global economic growth, and be costly to US consumers and firms that depend on trade with China. The CRS report also states that China could further retaliate by curbing operations of US-invested firms in China, reducing its holdings of US Treasury securities, and curtailing rare earth material exports to the United States. The CRS previously issued a related report entitled "China's Retaliatory Tariffs on US Agricultural Products" (IF11085, 29 January 2019). The CRS is an agency within the US Library of Congress and serves the US Congress throughout the legislative process by providing legislative research and analysis for an informed national legislature.
June 19 2019

Third quarter update to 2018-2019 Priority Guidance Plan released

The US Treasury Department and the US Internal Revenue Service (IRS) have issued the third quarter update to their Priority Guidance Plan for 2018-2019. The third quarter update indicates an updated date of 31 March 2019, and a release date of 17 June 2019. The third quarter update to the Priority Guidance Plan for 2018-2019 reflects additional projects which have been published (or released) during the period from 1 January 2019 through 31 March 2019.
June 21 2019

National Taxpayer Advocate issues report on 2019 filing season

On 20 June 2019, the National Taxpayer Advocate (NTA) released the FY 2020 Objectives Report To Congress. The US Internal Revenue Service (IRS) issued a News Release (IR-2019-119) on the same day to announce the issuance of the Report. The Report provides an assessment of the key challenges facing the IRS and the Taxpayer Advocate Service (TAS) in the coming years. The Report also presents a review of the 2019 filling season. Further, the Report identifies and discusses 12 priority issues that the TAS plans to focus on during the fiscal year 2020. The TAS is an independent organization within the IRS whose mission is to help taxpayers resolve tax problems with the IRS and recommend changes that will prevent problems. The TAS is under the supervision and direction of the NTA.