Weekly IRS Roundup May 6 – 10, 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 6 – 10, 2019.

May 7, 2019: The IRS released Revenue Procedure 2019-22 updating Revenue Procedure 75-50 in order to reflect technological advances. Revenue Procedure 75-50 provides guidelines to determine whether a private school has adopted racially nondiscriminatory policies for tax exemption purposes.

May 7, 2019: The IRS released Notice 2019-33 requesting comments regarding possible normalization issues stemming from the decrease in the corporate tax rate under Section 11 of the Code.

May 7, 2019: The IRS issued a news release recognizing National Small Business Week and reminding taxpayers that a tax identification number will now be required when requesting an employer identification number.

May 8, 2019: The IRS released Notice 2019-34 providing the inflation-adjusted maximum value of employer provided vehicles first made available to employees for personal use in 2019.

May 9, 2019: The IRS released Revenue Ruling 2019-13 ruling that if a former S corporation makes a Section 301 cash distribution during its post termination period it should reduce its accumulated adjustments account to the extent of the proceeds of the redemption.

May 9, 2019: The IRS issued a news release highlighting tax reform changes that impact depreciation and expensing for businesses as part of a series of news releases during National Small Business Week.

May 10, 2019: The IRS released final regulations providing guidance regarding qualified business units subject to Section 987 of the Code and withdrawing foreign currency partnership allocation rules.

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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