Presented below is our summary of significant IRS guidance and relevant tax matters for the week of August 13 – 17, 2018:
August 13, 2018: The IRS and Treasury withdrew and re-proposed certain portions of proposed regulations regarding the new partnership audit regime. These proposed regulations make changes to four different regulation packages under the new rules.
August 15, 2018: Revenue Procedure 2018-42 extends the deadline for submitting on-cycle applications for opinion letters or pre-approved defined contribution plans.
August 17, 2018: The IRS published Revenue Ruling 2018-23, announcing the applicable federal rates for September 2018.
August 17, 2018: The IRS released their weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).
Special thanks to Kevin Hall in our DC office for this week’s roundup.