Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4 – 8, 2019.
March 4, 2019: The IRS issued proposed regulations under Section 250 of the Code for determining domestic corporations’ deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI).
March 4, 2019: The IRS issued a news release kicking off the annual list of what the agency terms the most prevalent or “Dirty Dozen” tax scams.
March 5, 2019: The IRS released Notice 2019-18 informing taxpayers that the Treasury Department and the IRS no longer intend to amend the required minimum distribution regulations under § 401(a)(9) of the Internal Revenue Code.
March 6, 2019: The IRS scheduled a public hearing for March 25, 2019, on proposed regulations relating to the Base Erosion and Anti-Abuse Tax.
March 6, 2019: The IRS released Notice 2019-20 providing a waiver of penalties under Sections 6722 and 6698 to certain partnerships for the 2018 tax year.
March 8, 2019: The IRS issued a news release postponing tax return filing and payment deadlines for victims of tornadoes and severe storms in parts of Alabama.
March 9, 2019: The IRS issued a news release advising business owners and self-employed individuals that Publication 5318 contains information of recent tax law changes that might affect their bottom line.
March 9, 2019: The IRS scheduled a March 20 public hearing on proposed regulations on hybrid entities and transactions under section 267A, and scheduled an April 10 public hearing on proposed regulations regarding withholding requirements.
Special thanks to Terence McAllister in our New York office for this week’s roundup.