Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29 – May 3, 2019.
April 29, 2019: The IRS issued a news release urging taxpayers who had not yet filed their tax returns to file now in order to minimize applicable penalties and interest.
April 30, 2019: The IRS issued a news release announcing the appointment of Monte A. Jackel to the position of special counsel to the Chief Counsel, Office of Chief Counsel. Jackel brings experience from both the public and private sector to the position.
May 1, 2019: The IRS announced the application period for low income taxpayer clinic grants will run from May 1, 2019 – June 17, 2019. The grants provide low income taxpayer clinics matching grants of up to $100,000 per year to develop, expand or maintain their programs.
May 1, 2019: The IRS released Revenue Procedure 2019-20 expanding its retirement plan determination letter program. The IRS now allows plan sponsors to submit determination letter applications for statutory hybrid plans and individually designed merged plans.
May 2, 2019: The IRS released Revenue Procedure 2019-21 providing guidance regarding the United States and area median gross income figures used by issuers of qualified mortgage bonds (defined in Section 143(a)), issuers of qualified mortgage certificates (defined in Section 25(c)) and in computing income requirements described in Section 143(f).
May 2, 2019: The IRS issued Notice 2019-32 requesting comments on issues arising under the carbon dioxide sequestration credit under Section 45Q in anticipation of Treasury and the IRS issuing regulations and other guidance under Section 45Q.
May 3, 2019: As part of the National Weather Service’s Hurricane Preparedness Week, the IRS issued a news release providing taxpayers advice regarding emergency preparation, and providing details on the IRS’ toll-free disaster hotline.