Notice 2018-55 Archives - TAX CONTROVERSY 360

Weekly IRS Roundup June 25 – 29, 2018

Presented below is our weekly roundup for June 25 – 29, 2018 on significant IRS guidance and relevant tax matters.

June 25, 2018: The IRS has scheduled a public hearing on the proposed regulations that would bar nongovernment attorneys from questioning summoned witnesses on behalf of the IRS for July 31.

June 25, 2018: The IRS has published Internal Revenue Bulletin No. 2018-26 including Rev. Rul. 2018-18 (regarding interest rates); Notice 2018-55 (proposed regulations regarding calculations of net investment income for purposes of the section 4968); and Notice 2018-57 (noting that the IRS intends to delay the applicability date of the final section 987 regulations by an additional year).

June 27, 2018: Nina E. Olson, the United States National Taxpayer Advocate, released her statutorily mandated mid-year report to Congress. The report notes that the most significant challenge the IRS faces in the upcoming year is implementing the 2017 tax reform act.

June 27, 2018: Pursuant to its continuing effort to reduce paperwork, the IRS has requested comments on Rev. Prov. 2015-41 related to the process of applying for Advance Pricing Agreements and TD 8742 concerning requirements respecting the adoption or change of accounting method, and extensions of time to make elections.

June 27, 2018: The IRS added an additional FAQ to its FAQs on Foreign Account Tax Compliance Act requirements discussing the good faith standard for intermediary withholding agents.

June 29, 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 in our DC office for this week’s round-up.

Yeehaw! McDermott’s Tax Weekly Round Up

Here’s what happened in the world of IRS guidance for the week June 11 – 15, 2018.

June 11, 2018: The IRS issued Notice 2018-55 describing potential proposed regulations that would offer relief to some private colleges and universities by providing a stepped-up basis rule that could reduce the amount of gain subject to a new 1.4 percent excise tax on their endowments.

June 12, 2018: The IRS issued proposed regulations, under Code section 148 applicable to tax-exempt and other tax-advantaged bonds, aimed to restrict arbitrage investments and providing an exception to the definition of investment-type property for capital projects that further the public purpose for which the bonds were issued.

June 12, 2018: Pursuant to its continuing effort to reduce paperwork, the IRS requested comments on a number of published guidance, including: Rev. Proc. 2003-33 (extension of time to file a section 338 election to treat stock purchases as asset acquisitions); TD 8379 and TD 9407 (regulations regarding the manner and method of reporting and paying the excise tax on the receipt of greenmail); TD 8791 (relating to charitable remainder trusts and to special valuation rules for transfers of interests in trusts); and, TD 8571 (relating to the reporting of certain information relating to payments of mortgage interest). All comments are due by August 13, 2018.

June 15, 2018: The IRS announced the corporate bond monthly yield curve, the 24-month average segments rats, the 30-year Treasury securities interest rate, the 30-year Treasury weighted average rate, and the minimum present-value segment rates in Notice 2018-56.

June 15, 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 and Greg Berson in our DC office for this week’s round-up.