Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 11 – 15, 2019.
February 11, 2019: The IRS issued a news release promoting online resources for answering taxpayer questions, in anticipation of high call volume over the Presidents Day weekend.
February 12, 2019: The IRS issued a news release announcing the release of the National Taxpayer Advocate’s 2018 Annual Report to Congress, which reported on, among other things, the effect of the shutdown on IRS operations and the need to modernize the IRS’s IT systems.
February 12, 2019: The IRS issued a news release promoting its “Where’s My Refund?” online tool as a way for taxpayers to check on the status of their tax refunds.
February 13, 2019: The IRS released Revenue Procedure 2019-13, providing a safe harbor method of accounting for determining depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction under section 168(k) of the Code, but that are also subject to depreciation limitations under section 280F of the Code.
February 13, 2019: The IRS issued a news release outlining various payment options available to taxpayers who owe additional tax after filing.
February 14, 2019: The IRS issued Notice 2019-16, providing baseline interest rates referenced in various provisions of the Code dealing with employee benefits.
February 14, 2019: The IRS issued a news release reminding taxpayers that they will be asked to verify their identities when calling the IRS for assistance.
February 15, 2019: The IRS released Revenue Ruling 2019-07, providing various prescribed rates for federal income tax purposes for March 2019.
February 15, 2019: The IRS issued a news release promoting online resources for obtaining prior-year tax records, in anticipation of high call volume over the Presidents Day weekend.
February 15, 2019: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Special thanks to Le Chen in our DC office for this week’s roundup.