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Weekly IRS Roundup July 2 – 6, 2018

Presented below is our weekly roundup for July 2-6, 2018 on significant IRS matters.

June 29, 2018: The IRS announced in IR-2018-146 that they plan to streamline the Form 1040 to shorten and simplify it for the 2019 tax filing season. The new approach would allow all taxpayers to use the same form. Draft of new Form 1040.

July 2, 2018: The IRS released Internal Revenue Bulletin No. 2018-27 including: Notice 2018-56 (updating the corporate bond monthly yield curve); Rev. Rul. 2018-19 (providing the various prescribed rates for federal income tax purposes for July 2018); and REG-106977-18 (proposing amendment to the definition of investment-type property for purposes of tax-advantaged bonds and the arbitrage investment yield restrictions under § 148 that apply to those bonds).

July 2, 2018: The IRS has announced the identification and selection of five Large Business and International compliance campaigns. These are 1) Restoration of Sequestered AMT Credit Carryforward; 2) S Corporation Distributions; 3) Virtual Currency; 4) Repatriation via Foreign Triangular Reorganizations; and 5) Section 965 Transition Tax.

July 6, 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 round-up.

© 2018 McDermott Will & Emery

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