Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4 – 8, 2019.
March 11, 2019: The IRS cancelled a public hearing scheduled for March 14 on proposed regulations on changes to the foreign tax credit under Section 904 of the Code.
March 12, 2019: The IRS issued Notice 2019-10 requesting comments on possible changes to rules regarding the excise tax treatment of fuel used in a motor vehicle to operate auxiliary equipment via a power take-off.
March 12, 2019: The IRS issued a notice listing the names of individuals losing US citizenship (within the meaning of section 877(a) or 877A) pursuant to Section 6039G of the Code.
March 12, 2019: The IRS announced that a private letter ruling pilot program addressing whether stock distributions are tax free under Section 355 would be extended indefinitely.
March 13, 2019: The IRS issued Revenue Ruling 2019-06 providing tables of covered compensation under Section 401(1)(5)(e) of the Code.
March 13, 2019: The IRS issued a news release providing information on up to $1.4 billion of unclaimed income tax refunds from 2015. The unclaimed refunds potentially affect up to 1.2 million taxpayers who did not file 2015 returns.
March 13, 2019: The IRS issued a news release detailing the rise in the use of IRS FreeFile to prepare and electronically file returns. The IRS states 1.4 million taxpayers took advantage of FreeFile as of March 8, a 5 percent increase from the same time last year.
March 14, 2019: The IRS issued Notice 2019-21 providing guidance on the corporate bond monthly yield curve, spot segment rates under Section 417(e)(3) and the 24 month average segment rates under Section 430(h)(2).
March 15, 2019: The IRS released Revenue Ruling 2019-08 providing monthly tables of prescribed rates under numerous Code sections including the applicable federal rate for April.
Special thanks to Terence McAllister in our New York office for this week’s roundup.