IRS Issues Proposed Regulations on Discounting Rules for Insurance Companies: Today, the IRS issued proposed regulations providing guidance on the discounting rules for unpaid losses and estimated salvage recoverable of insurance companies. The regulations take into account amendments to section 846 from the Tax Cuts and Jobs Act.
IRS Issues Final Regulations on the Tax Return Penalty: Today, the IRS issued final regulations on the tax return preparer penalty under section 6695(g). The regulations implement changes from the PATH Act that expand the scope of the tax return prepare due diligence penalty so that it applies to the child tax credit, the American opportunity tax credit, and the eligibility to file as head of household.
IRS Reminds of Upcoming Qualified Intermediary Deadlines: Today, the IRS issued a reminder that the deadline for all Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust applications for the 2018 year is November 16.
IRS Reminds Taxpayers to Renew Expiring ITINs: Today, the IRS issued a reminder that taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) should submit their renewal applications as soon as possible to get ready for the upcoming tax filing season. All ITINs issued before 2013 with middle digits of 73, 74, 75, 76, 77, 81, or 82 (Example: 9XX-73-XXXX) will expire at the end of the year.