Weekly IRS Roundup April 15 – 19, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15 – 19, 2019.

April 16, 2019: The IRS issued Revenue Ruling 2019-12 providing monthly tables of prescribed rates under numerous Code sections, including the applicable federal rate for May.

April 16, 2019: The IRS issued Notice 2019-29 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).

April 17, 2019: The IRS released Proposed Regulations offering highly anticipated additional guidance related to investment in opportunity zones.

April 17, 2019: The IRS issued numerous corrections for Treasury Decision 9847 providing guidance under Section 199A of the code.

April 18, 2019: The IRS released Proposed Regulations relating to rules for electing small business trusts with nonresident alien beneficiaries.

April 18, 2019: The IRS issued a News Release detailing a six year plan to modernize the agency’s IT systems.

April 19, 2019: The IRS issued Revenue Procedure 2019-19 providing updated information regarding the Employee Plans Compliance Resolution System.

Special thanks to Terence McAllister in our New York office for this week’s roundup.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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