Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 6 – 10, 2019.

May 7, 2019: The IRS released Revenue Procedure 2019-22 updating Revenue Procedure 75-50 in order to reflect technological advances. Revenue Procedure 75-50 provides guidelines to determine whether a private school has adopted racially nondiscriminatory policies for tax exemption purposes.

May 7, 2019: The IRS released Notice 2019-33 requesting comments regarding possible normalization issues stemming from the decrease in the corporate tax rate under Section 11 of the Code.

May 7, 2019: The IRS issued a news release recognizing National Small Business Week and reminding taxpayers that a tax identification number will now be required when requesting an employer identification number.

May 8, 2019: The IRS released Notice 2019-34 providing the inflation-adjusted maximum value of employer provided vehicles first made available to employees for personal use in 2019.

May 9, 2019: The IRS released Revenue Ruling 2019-13 ruling that if a former S corporation makes a Section 301 cash distribution during its post termination period it should reduce its accumulated adjustments account to the extent of the proceeds of the redemption.

May 9, 2019: The IRS issued a news release highlighting tax reform changes that impact depreciation and expensing for businesses as part of a series of news releases during National Small Business Week.

May 10, 2019: The IRS released final regulations providing guidance regarding qualified business units subject to Section 987 of the Code and withdrawing foreign currency partnership allocation rules.