3/26/2023 0 Comments Bluebooks or greenbooksAlthough we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained in TaxNewsFlash is not intended to be "written advice concerning one or more Federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230, as the content of this document is issued for general informational purposes only, is intended to enhance the reader’s knowledge on the matters addressed therein, and is not intended to be applied to any specific reader’s particular set of facts. Note that, although a Bluebook can be relevant in interpreting a law, courts have found that it does not constitute official legislative history. See, e.g., United States v Woods, 134 S.Ct. KPMG will provide initial impressions and analysis of particular provisions of the Bluebook in subsequent reports. Release of the Bluebook could be helpful to taxpayers in better understanding the new tax law, as well as to Treasury and the IRS as they continue to issue guidance to implement the TCJA. Notably, the Bluebook indicates in footnotes certain areas in which technical corrections may be necessary to carry out congressional intent. 115–97 (also referred to as the ‘‘Act’’ throughout). This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means, the Senate Committee on Finance, and the Treasury Department’s Office of Tax Policy, provides an explanation of Public Law No. The JCT report is referred to as the “Bluebook,” but is officially titled: General Explanation Of Public Law 115-97 (JCS-1-18). 115-97, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). The staff of the Joint Committee on Taxation (JCT) today released its 457-page general explanation of Pub.
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