Weekly IRS Roundup June 25 – 29, 2018

By on July 2, 2018

Presented below is our weekly roundup for June 25 – 29, 2018 on significant IRS guidance and relevant tax matters.

June 25, 2018: The IRS has scheduled a public hearing on the proposed regulations that would bar nongovernment attorneys from questioning summoned witnesses on behalf of the IRS for July 31.

June 25, 2018: The IRS has published Internal Revenue Bulletin No. 2018-26 including Rev. Rul. 2018-18 (regarding interest rates); Notice 2018-55 (proposed regulations regarding calculations of net investment income for purposes of the section 4968); and Notice 2018-57 (noting that the IRS intends to delay the applicability date of the final section 987 regulations by an additional year).

June 27, 2018: Nina E. Olson, the United States National Taxpayer Advocate, released her statutorily mandated mid-year report to Congress. The report notes that the most significant challenge the IRS faces in the upcoming year is implementing the 2017 tax reform act.

June 27, 2018: Pursuant to its continuing effort to reduce paperwork, the IRS has requested comments on Rev. Prov. 2015-41 related to the process of applying for Advance Pricing Agreements and TD 8742 concerning requirements respecting the adoption or change of accounting method, and extensions of time to make elections.

June 27, 2018: The IRS added an additional FAQ to its FAQs on Foreign Account Tax Compliance Act requirements discussing the good faith standard for intermediary withholding agents.

June 29, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Christy Vouri-Misso in our DC office for this week’s round-up.

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