Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 12 – 16, 2018:
November 14, 2018: The IRS Criminal Investigation Division released the 2018 Annual Report regarding its significant accomplishments and criminal enforcement actions taken in fiscal year 2018.
November 14, 2018: The IRS Advisory Council released its 2018 Annual Report, which addresses and provides recommendations for relevant tax administration issues.
November 14, 2018: The IRS in IRS Tax Reform Tax Tip 2018-176 provides a list of tax reform’s effects on itemized deductions under Code Section 63.
November 15, 2018: The IRS in a news release reminds small business owners of the benefits of the bonus depreciation and immediate asset expensing under Code Section 179, as amended by tax reform.
November 15, 2018: The IRS in Revenue Procedure 2018-57 provides the annual inflation adjustments, which cover 62 items including the tax rate tables.
November 16, 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 Alex Cheng-Yi Lee in our DC office for this week’s roundup.