Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 10 –14, 2018:
December 10, 2018: The IRS issued Notice 2018-99, providing interim guidance on sections 274 and 512 of the Code, as amended by the Tax Cuts and Jobs Act, dealing with nondeductibile expenses for employer-provided parking.
December 10, 2018: The IRS issued Notice 2018-100, providing relief to tax-exempt organizations from penalties for underpayments related to nondeductible expenses for employer-provided parking under section 512 of the Code, as amended by the Tax Cuts and Jobs Act.
December 12, 2018: The IRS posted a set of FAQs to its website, answering questions regarding return filing and payment obligations under the transition tax of section 965 of the Code.
December 13, 2018: The IRS issued proposed regulations revising withholding requirements under the Foreign Account Tax Compliance Act (FATCA).
December 13, 2018: The IRS issued proposed regulations providing guidance on the Base Erosion and Anti-Abuse Tax (BEAT) of section 59A of the Code, enacted as part of the Tax Cuts and Jobs Act.
December 13, 2018: The IRS issued Revenue Procedure 2019-10, providing procedures for an insurance company to obtain automatic consent to change its accounting method to comply with section 807(f) of the Code, as amended by the Tax Cuts and Jobs Act.
December 14, 2018: The IRS issued Notice 2018-96, providing a phase-out schedule for the qualified plug-in electric drive motor vehicle credit on vehicles sold by Tesla, Inc.
December 14, 2018: The IRS issued Notice 2019-01, providing initial guidance on issues, arising from the enactment of the Tax Cuts and Jobs Act, related to previously taxed earnings and profits under section 959 of the Code.
December 14, 2018: The IRS issued Notice 2019-02, providing the 2019 optional standard mileage rates for use in computing deductible expenses in operating an automobile, plus related information.
December 14, 2018: The IRS issued Notice 2019-03, providing the monthly update to interest rates used for pension plan funding and distribution purposes.
December 14, 2018: 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.