Weekly IRS Roundup May 27 – May 31, 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 27 – May 31, 2019.

May 28, 2019: The IRS released Announcement 2019-05 listing recent disciplinary sanctions against attorneys, CPAs, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.

May 30, 2019: The IRS released a Tax Tip advising taxpayers to include tax planning in their wedding plans. The Tax Tip focuses on advice on filing a couple’s first tax return as newlyweds.

May 31, 2019: The IRS issued a news release announcing a draft of the 2020 Form W-4, Employees Withholding Allowance Certificate. The revised form is intended to be more compatible with changes made by the 2017 Tax Cuts and Jobs Act.

May 31, 2019: The IRS released Proposed Regulations regarding withholding on certain periodic and nonperiodic distributions under Section 3405. The Proposed Regulation is based on earlier guidance under Notice 87-7 which the Treasury and IRS concluded provides an administrable standard with respect to withholding under Section 3405.

May 31, 2019: The Treasury Department and the IRS in the May 31 edition of the Federal Register requested comments concerning various forms, guidance and regulations. Topics include Treasury Decision 9452, Form 13441-A, mortgage interest and reporting requirements, and the Employee Plans Compliance Resolution System (EPCRS).

May 31, 2019: The IRS issued a notice of public hearing on proposed regulations regarding the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). The hearing is scheduled for July 10, 2019, and speaker’s outlines are due July 1, 2019.

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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