- Proposed regulations were released as guidance concerning section 59A—the “base erosion and anti-abuse tax” (BEAT) provision—as enacted as part of the new U.S. tax law.
- Proposed regulations aim to reduce taxpayer burden with regard to certain FATCA compliance rules.
- OMB’s OIRA completed review of two sets of proposed regulations from the Treasury Department—section 59A (the “base erosion and anti-abuse tax” (BEAT) provision) and section 864(c)(8) (gain or loss from sales of U.S. partnership interests), thus clearing the way for Treasury and the IRS to release text of the proposed regulations.
- The final version of Form 5471 for 2018 has been posted on the IRS website. Also, the IRS provided a draft version of instructions for Form 5471 for 2018.
- The IRS posted an “early draft release” of instructions for reporting information with respect to Form 965 about the “transition tax” imposed under section 965.
- The IRS posted a set of questions and answers (referred to as “FAQs”) concerning issues relating to section 965 filing and reporting requirements for 2018 tax returns. A KPMG report provides initial impressions of the FAQs.
- The IRS posted a draft version of the instructions for Form 8990, Limitation on Business Interest Expense Under Section 163(j) (Rev. December 2018).
- Notice 2018-99 was issued as interim guidance for taxpayers to use in determining the amount of parking expenses for qualified transportation fringe (QTF) benefits that is nondeductible under section 274(a)(4) and for tax-exempt organizations to determine the corresponding increase in the amount of unrelated business taxable income (UBTI) under section 512(a)(7) attributable to the nondeductible parking expenses.
- The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a notice extending the filing date for the “Report of Foreign Bank and Financial Accounts (FBAR)” for certain individuals who have only signature or other authority over certain foreign financial accounts to 15 April 2020.
- Puerto Rico’s Treasury Department (PRTD) issued a circular letter to provide additional information on the transition to the new internal revenue unified system (“SURI” for its Spanish acronym).
- The Colorado Department of Revenue issued updated guidance extending the grace period for implementing the economic nexus and sales tax-sourcing changes being followed as a result of the Wayfair decision.
- Delaware’s Secretary of State sent out new “invitation letters” to companies inviting them to participate in the state’s unclaimed property “voluntary disclosure agreement” program.
- Louisiana’s highest court held that a state statute disallowing a credit for taxes paid to other states (in this case, for Texas franchise taxes paid by individual Louisiana taxpayers) violated the Commerce Clause of the U.S. Constitution.
- Mississippi’s highest court held that the three-year statute of limitations for tax refunds did not discriminate against out-of-state taxpayers and had only an incidental effect on interstate commerce.
- In New York, letters were sent to companies headquartered, incorporated, or doing business in the state, generally asking questions about a company’s historical unclaimed property compliance and inviting the companies to participate in the state’s unclaimed property voluntary compliance agreement program.
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- The House Ways and Means Committee chairman released a “retooled” version of a tax package that the House proposes to add to H.R. 88 (an unrelated bill) as an amendment.
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