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Weekly IRS Roundup October 19 – October 23, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 19, 2020 – October 23, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 20, 2020: The IRS released Announcement 20-40 regarding the effective date of the termination of the shipping agreement between the United States and Hong Kong. October 22, 2020: The IRS released Draft Instructions to Form 1065, which include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065). October 23, 2020: The IRS released a statement notifying taxpayers that the IRS will resume issuing 500 series balance due notices. October 23, 2020: The IRS released Internal Revenue Bulletin 2020-44, dated October 26, 2020, containing the following highlights: TD 9924 (Employment Tax) and TD 9910 (Income Tax). October 23, 2020: The...

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Weekly IRS Roundup April 6 – 10, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 6 – 10, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. April 8, 2020: The IRS announced that four LB&I campaigns related to agricultural chemicals security credit, partial disposition election for buildings, restoration of sequestered alternative minimum tax credit carryforward and work opportunity tax credit have been retired. Even though these issues are no longer LB&I campaigns, such issues may still be identified and included in the scope of an LB&I examination. April 8, 2020: The IRS released Revenue Procedure 2020-23, allowing for eligible partnerships to file amended partnership returns for taxable years beginning in 2018 and 2019 by using Form 1065, US Return of Partnership Income, checking the “Amended Return” box and issuing an amended Schedule...

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Weekly IRS Roundup January 20 – 24, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 20 – 24, 2020. January 20, 2020: The IRS released new Instructions to IRS Form 1120-S, US Income Tax Return for an S Corporation. These changes conform to the new regulations, which changed the qualified business income deduction, addressed qualified opportunity fund investments, and removed the AMT refundable credit. In conjunction with these changes, the IRS also released updated Instructions to Form 1065, Partner’s Share of Income, Deductions, Credits, etc., so that it complied with the new rules regarding the qualified business income deduction. January 21, 2020: The IRS issued a notice updating both the corporate bond weighted average interest rates and the permissible range of interest rates used to calculate pension plan minimum funding for plan years beginning in January 2020. The IRS updated various projections,...

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Weekly IRS Roundup February 4 – 8, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 4 – 8, 2019. February 4, 2019: The IRS released final instructions for Form 1065, US Return of Partnership Income, incorporating changes made by the Tax Cuts and Jobs Act. February 5, 2019: The IRS issued a news release postponing certain tax deadlines for taxpayers affected by the earthquake that occurred in Alaska on November 30, 2018. February 6, 2019: The IRS released final instructions for Form 1041, US Income Tax Return for Estates and Trusts, and supporting schedules, incorporating changes made by the Tax Cuts and Jobs Act. February 6, 2019: The IRS released final instructions for Form 8991, dealing with the base erosion and anti-abuse tax (BEAT) of section 59A of the Code, enacted as part of the Tax Cuts and Jobs Act. February 7, 2019: The IRS issued a news release providing guidance on identifying and avoiding...

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