Weekly IRS Roundup May 13 – May 17, 2019

McDermott Will & Emery

McDermott Will & Emery

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 13 – May 17, 2019.

May 13, 2019: The IRS released a statement regarding the National Taxpayer Advocate position announcing it as seeking candidates from the tax community to fill the vacancy.

May 13, 2019: The IRS released two draft forms. Form 8027 for employer tip reporting under Section 6053 and Form 8922 for reporting third-party sick pay under Section 3121.

May 14, 2019: The IRS released a statement regarding the recent CCH software outage advising taxpayers with a May 15 deadline who file late and do not file an extension to include the phrase “Late filed return due to CCH Software Outage” as a statement of reasonable cause.

May 16, 2019: The IRS issued Notice 2019-35 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).

May 16, 2019: The IRS issued Revenue Ruling 2019-14 providing monthly tables of prescribed rates under numerous Code sections, including the applicable federal rate for the month of June 2019.

May 16, 2019: The IRS issued a news release announcing it was now accepting applications for the Tax Counseling for the Elderly (TCE) grant program. There is a May 31 deadline for applications.

May 16, 2019: The IRS issued a news release announcing that the Large Business and International Division (LB&I) began a new application of data analytics for determining the population of large and complex corporate taxpayers.

May 17, 2019: The IRS released Proposed Regulations under Section 954(d)(3) regarding the attribution of ownership of stock and other interests for determining whether a person is a related person with regard to a controlled foreign corporation (CFC).

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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