- Treasury Department and IRS Public Hearing Scheduled for Tuesday -
Morristown, N.J. – Financial Executives International (FEI) today announced that Arlene Schwartz will testify at a Treasury Department and Internal Revenue Service public hearing on proposed regulations to implement the new deduction for some pass-through business income established by last year’s Tax Cuts and Jobs Act (TCJA).
Ms. Schwartz serves as the chair of FEI’s Committee on Private Companies (CPC). Drawing from more than 30 years of experience as a financial tax professional, she will comment on the Treasury Department’s proposed rule to implement the TCJA’s qualified business income (QBI) deduction for pass-through businesses under Section 199A of Internal Revenue Code. The hearing is scheduled for Tuesday, October 16 at 10:00 a.m. at the IRS Auditorium, 1111 Constitution Avenue, N.W. in Washington, D.C.
The Treasury Department and the IRS issued a notice of proposed rulemaking that outlines how the new deduction will be implemented. FEI submitted a comment letter offering recommendations on how the proposed regulations could be modified to reduce compliance burdens on private companies and their owners. In addition, FEI has requested clarification on aspects of the proposed rules.
“FEI’s Committee on Private Companies advocated extensively during the tax reform process for a more equitable tax treatment of pass-through businesses to level the playing field with their C-corporation competitors and applauds establishment of the pass-through deductions under Section 199A of the Internal Revenue Code,” commented Ms. Schwartz. “We look forward to offering the perspective of FEI’s private company members on how the new deduction can be most effectively implemented by the Treasury Department and IRS.”
“The CPC regularly advocates for sensible legislation and regulation to enable private companies to thrive and grow, fueling the economy and creating jobs. Specific to the proposed QBI rules, we will recommend an elective option to streamline the computation and reporting of the new deduction. We will also suggest simplification of rules applicable to taxpayers who have multiple businesses and clarification that the new provision serves as a means to lower the tax burden of private business owners,” added Ms. Schwartz.
FEI will publish a recap of Ms. Schwartz’s testimony following the hearing on www.financialexecutives.org.
About FEI
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 chapters in the U.S. FEI is located in Morristown, NJ. Visit www.financialexecutives.org for more information.
Media Contacts:
Claudine Cornelis
Crimson Communicates
845.424.6342
[email protected]
Lili DeVita
FEI
973.765.1021
[email protected]