Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 24 – 28, 2018:

December 28, 2018: The IRS released final regulations concerning the public approval requirement under section 147(f) of the Code for tax-exempt private activity bonds issued by state and local governments.

December 28, 2018: The IRS released proposed regulations addressing when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150 of the Code.

December 28, 2018: The IRS released Revenue Procedure 2019-12, providing safe harbors under section 162 of the Code for certain payments made to organizations described in section 170(c) of the Code, in reaction to the reduction, under the Tax Cuts and Jobs Act, in the deductibility of state and local taxes.

The weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice) was not released by the IRS on Friday. 

Special thanks to Le Chen in our DC office for this week’s roundup.