Presented below is our weekly roundup for July 23 – 27, 2018 on significant IRS guidance and relevant tax matters.
July 20, 2018: The IRS has updated its FAQ list for the Foreign Account Tax Compliance Act (FATCA) including new questions and answers regarding the IRS’s updated processing system and certifications for compliance.
July 23, 2018: In Publication 5118, the IRS released the July updated version of the FATCA Online Registration User Guide. This includes, among other additions, changes to enable for financial institutions to submit certifications of pre-existing accounts and periodic certifications.
July 27, 2018: The IRS issued TD 9836 containing final regulations regarding the substantiation and reporting rules for cash and noncash charitable contributions. The regulations provide guidance to individuals, partnerships and corporations.
July 27, 2018: The IRS released their weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).
Special thanks to Christy Vouri-Misso and Greg Berson in our DC office for this week’s roundup.