The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations, recently submitted a letter to the IRS a requesting clarification and guidance on the provisions of the Tax Cuts and Jobs Act (TCJA).
One of the primary issues addressed in the official request was the need for specific language to define qualified business income and limitations on business interest. The Chamber document cited a letter from the AICPA which also asked for clarification on this topic.
The Chamber also called for the IRS to issue guidance providing that mutual fund shareholders who receive dividends from real estate investment trusts can also receive the 20% deduction for pass-through businesses. Additionally, the Chamber requested an expansion of the provisions related to the 30-year alternative depreciation system, or ADS, to apply to existing property of real estate businesses.
Other issues on the Chamber’s list include foreign tax credits, the new Base Erosion and Anti-Abuse Tax (BEAT), and another new feature of the tax reform law, Global Intangible Low-Taxed Income (GILTI).
The detailed requests for clarification on these issues, among others, can be found in the document sent with the Chamber’s letter, General Feedback for Issues Requiring Regulatory Attention as of 3/7/18.