Weekly IRS Roundup July 1 – 5, 2019

McDermott Will & Emery
Contact

McDermott Will & Emery

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 1 – 5, 2019.

July 2, 2019: The IRS issued a Chief Counsel Notice wherein the Chief Counsel’s Office advised that accruing interest and failure to pay penalties on restitution amounts cannot accrue consistent with the holding in Klein v. Commissioner, 149 T.C. No. 15. The Chief Counsel’s Office stated that any accrued interest and penalties should be abated. This guidance updates Notice CC-2011-018.

July 3, 2019: The IRS issued proposed regulations that would provide an exception to the unified plan rule for defined contribution multiple employer plans where an employer fails to satisfy the qualification requirement or to provide information to determine compliance. The proposed regulations would also provide a threshold condition for the exception. Specifically, the proposed regulations would require the plan administrator to have established practices and procedures that are reasonably designed to promote and facilitate overall compliance with applicable tax code requirements, including procedures for obtaining information from participating employers.

July 5, 2019: The IRS issued a notice that provided the 2019 renewable energy production credit and refined coal production credit inflation adjustment factors and reference prices.

July 5, 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 Alex Ruff in our Chicago 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.

© McDermott Will & Emery | Attorney Advertising

Written by:

McDermott Will & Emery
Contact
more
less

McDermott Will & Emery on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.