January 24, 2021

Volume XI, Number 24

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January 21, 2021

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Weekly IRS Roundup May 20 – May 24, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 20 – May 24, 2019.

May 20, 2019: The IRS issued a news release announcing the release of its Data Book for 2018. The Data Book contains a summary of IRS activities for the year spanning October 1, 2018, through September 30, 2018. The information covered includes details regarding tax returns, refunds, examinations and appeals.

May 20, 2019: The IRS released Announcement 2019-06 correcting a typographical error in Notice 2019-32.

May 21, 2019: The IRS released Revenue Procedure 2019-26 providing tables of limitations on depreciation deductions and inclusion amounts for owners or lessors of passenger automobiles first placed in service or leased by the taxpayer during calendar year 2019.

May 22, 2019: The IRS released Notice 2019-39 providing guidance regarding the issuance of tax-exempt state and local bonds under Section 103 and on the issuance of tax-exempt Indian tribal government bonds under Section 7871.

May 23, 2019: The IRS issued a news release urging taxpayers who work multiple jobs or may be adding a summer job to complete a Paycheck Cleanup. The IRS recommends using the withholding calculator on IRS.gov to complete this task.

May 23, 2019: The IRS issued final regulations reducing the amount determined under Section 956 with respect to certain domestic corporations. The regulations exclude corporations that are United States Shareholders as defined in Section 951(b) from the application of Section 956.

May 24, 2019: The IRS issued a notice requesting applications for the Internal Revenue Service Advisory Counsel. Written nominations are required on or before June 10, 2019.

Special thanks to Terence McAllister in our New York office for this week’s roundup.

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© 2020 McDermott Will & EmeryNational Law Review, Volume IX, Number 150
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About this Author

In 1934 E.H. McDermott opened a law practice that focused exclusively on taxes. As chief counsel to the Joint Committee on Taxation of the United States Congress, McDermott observed firsthand how the rapidly expanding federal tax laws were affecting businesses and individuals. He recognized the need for a law firm to assist people and their businesses to understand and comply with their changing tax obligations.

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