section 199A. employee benefits

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 28 – February 1, 2019.

January 28, 2019: The IRS issued Revenue Ruling 2019-04, providing various prescribed rates for federal income tax purposes for February 2019.

January 28, 2019: The IRS issued a news release announcing the opening of the 2019 tax-filing season and providing information to taxpayers about filing and refunds.

January 29, 2019: The IRS issued a news release reminding employers about filing deadlines for wage statements and independent contractor forms.

January 30, 2019: The IRS issued Notice 2019-13, providing baseline interest rates referenced in various provisions of the Code dealing with employee benefits.

February 1, 2019: The IRS issued a corrected version of final regulations providing guidance on the deduction for qualified business income under section 199A of the Code, enacted as part of the Tax Cuts and Jobs Act.

February 1, 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.