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Weekly IRS Roundup February 11 – 15, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 11 – 15, 2019.

February 11, 2019: The IRS issued a news release promoting online resources for answering taxpayer questions, in anticipation of high call volume over the Presidents Day weekend.

February 12, 2019: The IRS issued a news release announcing the release of the National Taxpayer Advocate’s 2018 Annual Report to Congress, which reported on, among other things, the effect of the shutdown on IRS operations and the need to modernize the IRS’s IT systems.

February 12, 2019: The IRS issued a news release promoting its “Where’s My Refund?” online tool as a way for taxpayers to check on the status of their tax refunds.

February 13, 2019: The IRS released Revenue Procedure 2019-13, providing a safe harbor method of accounting for determining depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction under section 168(k) of the Code, but that are also subject to depreciation limitations under section 280F of the Code.

February 13, 2019: The IRS issued a news release outlining various payment options available to taxpayers who owe additional tax after filing.

February 14, 2019: The IRS issued Notice 2019-16, providing baseline interest rates referenced in various provisions of the Code dealing with employee benefits.

February 14, 2019: The IRS issued a news release reminding taxpayers that they will be asked to verify their identities when calling the IRS for assistance.

February 15, 2019: The IRS released Revenue Ruling 2019-07, providing various prescribed rates for federal income tax purposes for March 2019.

February 15, 2019: The IRS issued a news release promoting online resources for obtaining prior-year tax records, in anticipation of high call volume over the Presidents Day weekend.

February 15, 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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Weekly IRS Roundup October 29 – November 2, 2018

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 29 – November 2, 2018:

October 30, 2018: The IRS issued a notice of public hearing on November 28, 2018, regarding the proposed regulations the first-year additional depreciation deductions under section 168(k).

October 30, 2018: The IRS Large Business and International Division in an announcement identified five compliance campaigns it approved, which are Individual Foreign Tax Credit Phase II, Offshore Service Providers, FATCA Filing Accuracy, 1120-F Delinquent Returns Campaign and Work Opportunity Tax Credit. We recently blogged about this here.

October 31, 2018: The IRS and the Treasury submitted proposed regulations that would reduce the amount determined under Internal Revenue Code Section 956 with respect to certain domestic corporations.

November 2, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Alex Cheng-Yi Lee in our DC office for this week’s roundup.




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