Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for March 3, 2026 – March 10, 2026.
IRS guidance
March 3, 2026: The IRS released Revenue Procedure 2026-15, which provides the inflation-adjusted luxury automobile depreciation limits under Internal Revenue Code (Code) Section 280F for passenger vehicles, including trucks and vans, placed in service in 2026 and the lease inclusion amounts for vehicles first leased in 2026. The guidance includes separate first-year depreciation caps depending on whether bonus depreciation under Section 168(k) applies.
March 4, 2026: The IRS released Revenue Procedure 2026-16, which provides information for individuals who failed to meet Code Section 911(d)(1) requirements for 2025 due to adverse conditions, listing countries and “date of departure on or after” thresholds (e.g., Haiti, Ukraine, and the Democratic Republic of the Congo, among others).
March 5, 2026: The IRS released Notice 2026-4, which requests comments on whether to modify requirements for electronic furnishing of certain payee statements, including for brokers and potentially other furnishers.
The IRS also released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums, and Chief Counsel Advice).
Recent court decisions
March 2, 2026: The US Tax Court held that a German parent company had zero basis in a $610 million promissory note that was contributed to a partnership after its wholly owned subsidiary elected to be disregarded for US tax purposes. Because the subsidiary’s retroactive “check-the-box” election caused the transaction to be treated as the parent’s contribution of its own note, the Tax Court concluded that the note had no tax basis since a taxpayer incurs no “cost” in issuing its own obligation, resulting in zero basis both in the partnership interest and in the partnership’s basis in the note.
