Weekly Report from Washington, D.C.

During the week of October 8, the Treasury Inspector General for Tax Administration (TIGTA) determined that the IRS needs to improve its review of referrals alleging impermissible political activity by Code Sec. 501(c)(4) tax-exempt groups. The IRS highlighted the implications of the Tax Cuts and Jobs Act (P.L. 115-97) as part of its ongoing initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities.

Treasury

TIGTA noted that the IRS needs to improve its review of referrals alleging impermissible political activity by Code Sec. 501(c)(4) tax-exempt groups, (Ref. No. 2019-10-006; TAXDAY, 2018/10/10, T.1).

Internal Revenue Service

Social Security Wage Cap. The IRS announced that for 2019, the Social Security wage cap will be $132,900, and social security and Supplemental Security Income (SSI) benefits will increase by 2.8 percent, (TAXDAY, 2018/10/12, I.1).

Tips. The IRS provided tips on the implications of the new tax reform for small business owners, (TAXDAY, 2018/10/12, I.2).

TAP. Taxpayer Advocacy Panels (TAPs) scheduled open meetings, (TAXDAY, 2018/10/11, I.1).

Electronic Filing. The IRS reminded extension filers that benefits of electronic filing and other options are still available to help them file their returns ahead of the October 15 filing deadline, (IR-2018-198; TAXDAY, 2018/10/11, I.2).

Depreciation Deduction. The IRS alerted business taxpayers about availing the new 100-percent depreciation deduction, (TAXDAY, 2018/10/11, I.3).

Prohibited Transactions. The authority to make determinations on individual prohibited transactions exemptions and perform all functions necessary in the administration of Code Sec. 4975(c)(2) was delegated to the Director, Employee Plans, (TAXDAY, 2018/10/10, I.1).

Small Businesses. The IRS highlighted the implications of the Tax Cuts and Jobs Act (P.L. 115-97) as part of its ongoing initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities, (IR-2018-197; FS-2018-17; TAXDAY, 2018/10/10, I.2).

Procedural Memos. The IRS released memos to address timeframes to close-agreed and no-change examinations and expedited statute processing chart, (TAXDAY, 2018/10/10, I.3).

Comment Requests. The IRS requested comments regarding Form 8908, Energy Efficient Home Credit, (TAXDAY, 2018/10/10, I.4).

Disaster Relief. The Federal Emergency Management Agency (FEMA) announced that certain areas in Commonwealth of the Northern Mariana Islands are eligible for assistance from the federal government as a result of Typhoon Mangkhut, (TAXDAY, 2018/10/10, I.5).

Upcoming Deadlines. The IRS reminded taxpayers who requested an extension about the upcoming October 15 filing deadline, (TAXDAY, 2018/10/10, I.6).

FEMA. A September 16, 2018 notice (FEMA-4394-DR) in which the Federal Emergency Management Agency (FEMA) announced that the president determined that certain areas in South Carolina were eligible for assistance from the federal government was amended, (TAXDAY, 2018/10/08, I.1).

Comment Requests. The IRS requested comments on a regulation related to deemed IRAs and various forms used by business entity taxpayers, (TAXDAY, 2018/10/08, I.2).

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CCHTaxGroup

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