Daily Tax Report ®

Tax Law ‘Retail Glitch’ in Congress’ Hands, Not IRS’s: Officials (1)

Oct. 5, 2018, 1:13 PMUpdated: Oct. 5, 2018, 2:05 PM

It’s up to Congress to fix an error in the 2017 tax overhaul that denies a major benefit to many retail and restaurant businesses that make renovations, Treasury Department and IRS officials said.

In August close to 300 lobbying groups and retail and restaurant companies, including McDonald’s Corp., Hobby Lobby Stores Inc., J.C. Penney Co. Inc., and Wendy’s Co., asked Treasury Secretary Steven Mnuchin to issue guidance to fix the error.

“I think we’ve come to the point now where we need a technical correction,” Ellen Martin, a tax policy adviser in Treasury’s Office of Tax Policy, said Oct. 5...

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