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Individual Tax

President signs IRS reform bill, the Taxpayer First Act

Thomson Reuters Tax & Accounting  

· 1 minute read

Thomson Reuters Tax & Accounting  

· 1 minute read

On July 1, President Trump signed the IRS reform bill, the Taxpayer First Act. The Act changes the management and oversight of IRS with the aim of improving customer service and the process for assisting taxpayers with appeals; modifies IRS’s organization; and provides some new safeguards to taxpayers in their interactions with IRS.

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FDII Deduction’s Fate in Question

While some lawmakers have called for expanding the foreign-derived intangible income (FDII) deduction – which was intended to keep intellectual …