Weekly Report from Washington, D.C.

During the week of December 24, the IRS issued final regulations implementing the centralized partnership audit regime. The IRS also made significant changes to its processes and procedures to address legislative requirements in preparation for the 2018 filing season, according to a report by the Treasury Inspector General for Tax Administration (TIGTA).

Treasury

The IRS made significant changes to its processes and procedures to address legislative requirements in preparation for the 2018 filing season, according to a report by the Treasury Inspector General for Tax Administration (TIGTA), (Ref. No. 2019-40-013; TAXDAY, 2018/12/27, T.1).

The Treasury Inspector General for Tax Administration (TIGTA) released a report related to Research Tax Credit Payroll Tax Offset claimed by qualified small businesses, (Ref. No. 2019-40-014; TAXDAY, 2018/12/27, T.2).

IRS

FEMA. The Federal Emergency Management Agency (FEMA) announced that certain areas in Tohono O’odham Nation were eligible for assistance, (TAXDAY, 2018/12/27, I.1).

Final Regulations. The IRS issued final regulations implementing the centralized partnership audit regime, (T.D. 9844; TAXDAY, 2018/12/24, I.1).

Revenue Procedure. The IRS announced that real property and farming businesses that elect out of the business interest deduction limitations need not file an accounting method change when switching to the MACRS alternative depreciation system (ADS), (Rev. Proc. 2018-31; IR-2018-257; TAXDAY, 2018/12/24, I.2).

Health Insurance Marketplace. The IRS identified additional hardship exemptions from the individual shared responsibility payment under Code Sec. 5000A that a taxpayer may claim on their 2018 federal income tax return without obtaining a hardship exemption certification from the Health Insurance Marketplace (Marketplace), (Notice 2019-5; TAXDAY, 2018/12/24, I.3).

Notice. The IRS released the maximum allowable value of certain employer-provided automobile that are first made available to employees for personal use during calendar year 2018, (Notice 2019-8; TAXDAY, 2018/12/24, I.4).

I.R.B. The IRS released I.R.B. 2018-52, dated December 24, 2018, (TAXDAY, 2018/12/24, I.5).

Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.

Not a subscriber? Sign up for a free trial or contact us for a representative.

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup