Chamber submits request for tax-law guidance to IRS

Chamber submits request for tax-law guidance to IRS
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The U.S. Chamber of Commerce sent the Treasury Department and IRS feedback this week about areas where its members think they would benefit from guidance relating to the new tax law.

"The Chamber strongly urges Treasury and the I.R.S. to work closely with the business community to implement the recent tax changes in a manner to ensure as little disruption as possible to normal business operations and to ensure this law encourages the U.S. economy to achieve its true growth potential," Caroline Harris, vice president of tax policy at the Chamber, said in a letter to Treasury and IRS officials.

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The Chamber gave Treasury and the IRS a chart identifying areas under the new law where it would like clarification, and also provided recommendations for what the guidance should stipulate. 

Areas where the Chamber would like to see guidance include the new deduction for income of pass-through businesses, the limit on the deduction for businesses' interest expenses, and international tax provisions.

Harris wrote that the Chamber's comments "are neither exhaustive nor categorical, but instead emphasize some of the most pressing concerns of U.S. Chamber members presented by recent tax reform enactment."

The Chamber is one of a number of stakeholders that has been pressing for guidance on the new tax law. The IRS has already started releasing guidance related to the new law and is planning to put out more over the course of the year.