Today, AGC sent a comprehensive comment letter to the IRS in advance of the July 14 public hearing. The letter offered recommendations that would curtail the proposed regulation’s effects on domestic construction companies. The letter is in addition to the comments sent last week asking for a withdrawal of the rules and, at a minimum, an extension of the public comment period and study of the regulations on industries. Visit AGC’s Action Center and urge your members of Congress to oppose the 385 regulations in their current form.
On Wednesday, Ways and Means Committee members met with the Treasury Department to gain answers regarding their concerns about the proposed regulations. Additionally, IRS has scheduled a July 14th public hearing on the proposed 385 regulations and AGC plans to have an expert witness provide recommendations and examples of how the proposed regulations, if finalized in their current form, would affect construction firms.
For more information, please contact Brian Lenihan at email@example.com or (703) 837-4733.