Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 23 – 27, 2019. December 20, 2019: The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice further extending the time for certain FBAR filings, citing the 2016 notice of proposed rulemaking that has not yet been finalized. Taxpayers whose filing due dates were previously extended by Notice 2018-1 will now have until April 15, 2021, to file. For all other taxpayers with an FBAR filing obligation, the filing due date remains April 15, 2020. December 23, 2019: The IRS released proposed regulations that modify how to determine the source of income from sales of inventory produced within the United States and sold without the United States, or vice versa. The regulations also propose new rules regarding how to determine the source of income from sales of personal property (including inventory)...

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