Presented below is our summary of significant IRS guidance and relevant tax matters for the week of August 13 – 17, 2018:
August 13, 2018: The IRS and Treasury withdrew and re-proposed certain portions of proposed regulations regarding the new partnership audit regime. These proposed regulations make changes to four different regulation packages under the new rules.
August 15, 2018: Revenue Procedure 2018-42 extends the deadline for submitting on-cycle applications for opinion letters or pre-approved defined contribution plans.
August 17, 2018: The IRS published Revenue Ruling 2018-23, announcing the applicable federal rates for September 2018.
August 17, 2018: The IRS released their weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).