Notice 2018-48 Archives - TAX CONTROVERSY 360

Weekly IRS Roundup July 9 – 13, 2018

Presented below is our weekly roundup for July 9 – 13, 2018 on significant IRS matters.

July 9, 2018: The IRS released Internal Revenue Bulletin No. 2018-28 including: Notice 2018-48 (lists the population census tracts designated as qualified opportunity zones); Notice 2018-59 (provides two methods for taxpayers to begin construction for the investment tax credit under Section 48); Announcement 2018-11 (Office of Professional Responsibility [OPR] announces recent disciplinary sanctions); Rev. Rul. 2018-20 (rendering obsolete several previous revenue rulings); and Rev. Proc. 2018-35 (modifying Rev. Proc. 2018-31 regarding accounting methods for citrus plant replanting costs).

July 11, 2018: The IRS issued final regulations (T.D. 9834) addressing inversion transactions structured to avoid the purposes of sections 7874 and 367 and other post-inversion tax avoidance transactions.

July 13, 2018: The IRS issued proposed regulations (REG-103474-18) related to the Code section 6695(g) return preparer penalty amending previous guidance to reflect changes made by 2017 federal tax reform.

July 13, 2018: The IRS released it weekly list of written determination (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Christy Vouri-Misso and Greg Berson in our DC office for this week’s roundup.

Weekly IRS Roundup: June 18 – 22

Presented below is our weekly roundup for June 18-22, 2018 on significant IRS guidance and relevant tax matters.

June 18, 2018: The IRS issued Internal Revenue Bulletin No. 2018-25 including: Rev. Rul. 2018-17 (withholding and reporting payments from IRAs to state unclaimed property funds under Internal Revenue Code (Code) Section 3405); and REG-102951-16 (proposing amendments to rules for determining whether information returns must be filed electronically).

June 18, 2018: In IR-2018-139 the IRS stated that people with disabilities can now put more money into their tax-favored ABLE accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers.

June 19, 2018: The IRS published Rev. Rul. 2018-19 listing the applicable federal interest rates for July 2018.

June 19, 2018: The IRS proposed regulation REG-131186-17 to reinstate T.D. 9787, including allocations of excess nonrecourse liabilities of a partnership among other changes and removing T.D. 9788.

June 19, 2018: The IRS released a Practice Unit on “Interest Capitalization for Self-Constructed Assets,” which identifies taxpayers subject to Code Section 263A(f) and covers the steps involved in determining how much interest must be capitalized to the basis of designated property.

June 20, 2018: IRS published Rev. Proc. 2018-35 modifying Rev. Proc. 2018-31, to not apply Section 263A to replanting costs for lost or damaged citrus plants pursuant to Code Section 263A(d)(2)(C).

June 21, 2018: The IRS published Notice 2018-48 listing the population census tracts designations by the Treasury for qualified opportunity zones relevant to new Code Section 1400Z-2.

June 22, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Christy Vouri-Misso and Greg Berson in our DC office for this week’s round-up.