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.