Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 18 – 22, 2019.
February 19, 2019: The IRS issued a news release promoting online resources for answering taxpayer questions, in light of high call volume during the period following Presidents Day.
February 19, 2019: The IRS issued a news release reminding farmers and fishermen to file Form 1040 and remit all taxes owed by March 1, 2019, if they had elected to forgo making quarterly estimated tax payments.
February 19, 2019: The IRS acquiesced to the decision only in Jacobs v. Commissioner, 148 TC No. 24 (2017), dealing with whether the Boston Bruins’ pre-game meals at away game hotels were de minimis fringe benefits under section 132(e)(2) of the Code.
February 21, 2019: The IRS issued a news release urging taxpayers to file reports of large cash transactions electronically, in lieu of filing a paper Form 8300.
February 22, 2019: The IRS released final regulations amending compliance monitoring regulations for the low-income housing credit of section 42 of the Code.
February 22, 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.