INCOME TAX

Notice 2017–23, page 1100. This Notice provides interim guidance for determining eligibility for and making the payroll tax credit election under section 41(h) to claim the payroll tax credit under section 3111(f). In addition, the Notice provides interim guidance for claiming the payroll tax credit. Finally, the Notice requests comments on the interim guidance and other issues impacting payroll tax credit elections that may require future guidance.

Rev. Proc. 2017–31, page 1104. This revenue procedure provides an updated list of countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under §§1.6049–8(a) and 1.6049–4(b)(5) (Section 4). This rev. proc. adds three countries (Belgium, Colombia, and Portugal) to the list set forth in Section 4.