It was a busy week for the IRS and presented below is our weekly roundup for July 16 – 20, 2018 on significant IRS guidance and tax matters.
July 16, 2018: Last week the IRS issued Notice 2018-60 providing guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average rates under § 430(h)(2).
July 16, 2018: The IRS has released Notice 2018-61 clarifying the effect of § 67(g) on trusts and estates with the intent on publishing regulations in the near future.
July 16, 2018: The IRS released Internal Revenue Bulletin No. 2018-29 which includes Rev. Proc. 2018-37 providing specifications for the private printing of red-ink substitutes for the 2018 Forms W-2 and W-3. This procedure will be produced as the next revision of Publication 1141. Rev. Proc. 2017-42 is superseded.
July 17, 2018: Under Rev. Proc. 2018-38, the IRS instructed that organizations exempt from tax under § 501(a), other than those described in § 501(c)(3), are no longer required to report the names and addresses of their contributors on the Schedule B of their Forms 990 or 990-EZ.
July 17, 2018: In Rev. Rul. 2018-21 the IRS announced the Applicable Federal Rates for August 2018.
July 18, 2018: The IRS has released LB&I Process Unit Knowledge Base – Corporate/Business Issues & Credits regarding the rules for capitalizing transaction costs (legal fees, accounting fees, consulting fees, investment advisory service fees and other transaction costs) under Treas. Reg. 1.263(a)-5(a).
July 20, 2018: The IRS published T.D. 9835 amending the definition of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) under regulations regarding certain qualified retirement plans.
July 20, 2018: The IRS released it weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum, and Chief Counsel Advice).
Special thanks to Christy Vouri-Misso and Greg Berson in our DC office for this week’s roundup.