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Weekly IRS Roundup February 25 – March 1, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 25 – March 1, 2019.

February 25, 2019: The IRS issued Revenue Ruling 2019-05, announcing the interest rates for underpayments and overpayments under section 6621 of the Code, applicable for the calendar quarter beginning April 1, 2019.

February 26, 2019: The IRS issued a news release as part of its new Tax Time Guide series, providing information and online resources to help taxpayers understand the changes made by the Tax Cuts and Jobs Act.

February 27, 2019: The IRS released final regulations amending the utility allowance regulations concerning the low-income housing credit under section 42 of the Code.

February 27, 2019: The IRS issued a news release reminding taxpayers who owe federal taxes about potential restrictions on their ability to obtain or renew passports.

February 27, 2019: The IRS scheduled a public hearing for March 14, 2019, on the proposed regulations implementing the Tax Cuts and Jobs Act as it relates to the foreign tax credit.

February 28, 2019: The IRS issued Notice 2019-17, providing relief from underpayment penalties to farmers and fishermen in certain circumstances.

February 28, 2019: The IRS issued a news release as part of its new Tax Time Guide series, providing information and online resources to taxpayers about how to check refund status or pay additional tax owed.

March 1, 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.




Weekly IRS Roundup February 18 – 22, 2019

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.




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