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IRS, Treasury Release 3rd-Quarter Update to 2018-2019 Priority Guidance Plan

JUN. 17, 2019

IRS, Treasury Release 3rd-Quarter Update to 2018-2019 Priority Guidance Plan

DATED JUN. 17, 2019
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
    U.S. Department of Treasury
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-23595
  • Tax Analysts Electronic Citation
    2019 TNTF 118-30
    2019 TPR 24-17

2018-2019 PRIORITY GUIDANCE PLAN

Updated as of March 31, 2019
Released June 17, 2019
3rd Quarter Update

PART 1. IMPLEMENTATION OF TAX CUTS AND JOBS ACT (TCJA)

1. Regulations under §42 regarding the low-income housing credit average income test.

2. Guidance on certain issues related to the business credit under new §45S, as added by section 13403 of the TCJA, with respect to wages paid to qualifying employees during family and medical leave.

3. Guidance clarifying the deductibility of certain expenses described in §67(b) and (e) that are incurred by estates and non-grantor trusts.

4. Guidance on qualified equity grants under new §83(i), as added by section 13603 of the TCJA.

5. Guidance under §§101 and 1016 and new §6050Y regarding reportable policy sales of life insurance contracts. Notice 2018-41 was published on May 14, 2018.

6. Guidance on the effective date of the moving expense reimbursement suspension under §132, as amended by section 11048 of the TCJA.

7. Guidance under §162(m) regarding the limitation on excessive employee remuneration, as amended by section 13601 of the TCJA.

8. Guidance under amended §162(f) and new §6050X.

9. Computational, definitional, and other guidance under new §163(j).

10. Guidance on applying the state and local deduction cap under §164(b)(6) to passthrough entities.

11. Guidance under §§168(f)(2) and (i)(9) addressing excess deferred income taxes and public utility companies.

12. Guidance on new §168(k).

  • PUBLISHED 08/08/18 in FR as REG-104397-18 (NPRM) (RELEASED 08/03/18).

13. Final regulations on computational, definitional, and anti-avoidance rules under new §199A and §643(f). Proposed regulations on computational, definitional, and anti-avoidance guidance under new §199A and §643(f) published on August 16, 2018 in FR as REG-107892-18 (NPRM) (Released on August 8, 2018).

  • PUBLISHED 02/08/19 AS TD 9847 (RELEASED 01/18/19; FILED 02/04/19).

14. Revenue Procedure on methods for calculating W-2 wages for purposes of new §199A. Notice of proposed revenue procedure published on August 27, 2018 (Released on August 8, 2018).

15. Regulations under §199A and other guidance for cooperatives and their patrons.

16. Guidance on methods for calculating W-2 wages for purposes of new §199A for cooperatives and their patrons.

17. Guidance adopting new small business accounting method changes under §§263A, 448, 460, and 471.

18. Guidance under section 382(h)(6) in response to TCJA.

19. Guidance on the extended rollover period for qualified plan loan offsets under new §402(c)(3)(C), as added by section 13613 of the TCJA.

20. Definitional and other guidance under new §451(b) and (c).

21. Guidance on computation of unrelated business taxable income for separate trades or businesses under new §512(a)(6), as added by section 13702 of the TCJA.

22. Guidance implementing changes made to §529 by sections 11025 and 11032 of the TCJA and section 302 of the Protecting Americans from Tax Hikes (PATH) Act of 2015.

23. Notice on the increased contribution limit to §529A ABLE accounts, as added by section 11024 of the TCJA.

24. Guidance under §807 regarding the determination of life insurance reserves for life insurance and annuity contracts, including guidance to implement changes under section 13517 of the TCJA.

25. Guidance under §807(f) as amended by section 13513 of the TCJA, regarding adjustments for changes in the basis of computing reserves.

26. Regulations providing guidance under §846, as amended by section 13523 of the TCJA, regarding the discount rate and unpaid loss and salvage discount factors for years beginning in 2018.

27. Final regulations under §851 on the treatment by regulated investment companies (RICs) of certain inclusions with respect to foreign corporations, including those arising under §§965 and §951A. Proposed regulations were published on September 28, 2016.

  • PUBLISHED 03/19/19 in FR as TD 9851.

28. Guidance for real estate investment trusts (REITs) under §856(c)(5)(J) on the treatment of certain foreign income inclusions as qualifying income for purposes of §856(c)(2).

29. Guidance implementing new §965. Notice 2018-07 was published on January 22, 2018; Notice 2018-13 was published on February 5, 2018; Rev. Proc. 2018-17 was published on February 26, 2018; and Notice 2018-26 was published on April 16, 2018. These publications addressed the computation of tax under section 965 and related issues.

30. Regulations addressing partnership interests held in connection with the performance of services under §1061.

31. Guidance implementing changes to §1361 regarding electing small business trusts.

32. Revenue ruling under §1371(e) on the treatment of a redemption characterized as a §301 distribution received during the post-termination transition period.

33. Guidance under §1371(f) on the treatment of earnings and profits in the after post-termination transition period when an entity converts from an S corporation to a C corporation.

34. Guidance regarding Opportunity Zones under §§ 1400Z–1 and 1400Z–2.

35. Regulations under §§864(c) and 1446 on the treatment of gain or loss of foreign persons from the sale or exchange of partnerships engaged in trade or business within the United States. Notice 2018-08 (regarding withholding obligations under section 1446(f) with respect to certain publicly traded partnerships) was published on February 12, 2018. Notice 2018-29 (regarding withholding obligations under section 1446(f) with respect to certain non-publicly traded partnerships) was published on April 16, 2018.

36. Regulations under section 1502 and §1.1502-21(b) regarding absorption of consolidated net operating losses.

37. Regulations under § 2010 addressing the computation of the estate tax in the event of a difference between the basic exclusion amount applicable to gifts and that applicable at the donor's date of death.

38. Guidance regarding withholding under §§3402 and 3405 as a result of the amendments made by sections 11001 and 11041 of the TCJA.

39. Guidance on the excise tax on excess remuneration paid by “applicable tax-exempt organizations” under new §4960, as added by section 13602 of the TCJA.

40. Regulations on the excise tax on net investment income of certain private colleges and universities under new §4968, as added by section 13701 of the TCJA.

41. Regulations under new §59A concerning the base-erosion and anti-abuse tax.

42. Regulations concerning the participation exemption system for the taxation of foreign source income under §§245A, 1248(j) and (k), and 91.

43. Regulations under new §250 regarding the deduction for foreign derived intangible income and global intangible low-taxed income.

44. Regulations under new §267A addressing certain related-party amounts paid or accrued in hybrid transactions or by or to hybrid entities.

45. Regulations addressing the changes to §§367(d) and 482 under the TCJA.

46. Regulations on certain foreign tax credit issues arising under the TCJA under §§901, 960, 78, and related provisions.

47. Regulations under new §951A regarding the inclusion of global intangible low-taxed income by United States shareholders.

48. Regulations addressing modifications to subpart F, including the repeal of §958(b)(4) and the modification of § 951(b).

49. Guidance under §§959 and 961 concerning the definition of previously taxed earnings and profits under subpart F.

50. Regulations under §§6011 and 6071 on filing requirements for various chapter 42 excise taxes added by sections 13602 and 13701 of the TCJA and other legislation.

  • PUBLISHED 11/07/18 in FR as REG-107163-18 (NPRM) (RELEASED AND FILED 11/05/18).

51. Regulations addressing when foreign insurance income is excluded from passive income under §1297(f).

52. Regulations addressing the application of §956 to certain United States shareholders.

53. Guidance under §6695(g). Proposed rules were published on July 18, 2018.

  • PUBLISHED 11/07/18 in FR as TD 9842.

54. Guidance under §4982 for regulated investment companies (RICs) on the treatment of amounts that §965 requires to be included in gross income under §951(a)(1) for the excise tax year ended on December 31, 2017.

55. Guidance on §481(a) adjustment periods attributable to certain revocations of S corporation elections.

56. Guidance concerning the definition of “qualifying relative” under section 152(d).

57. Notice extending and modifying the existing safe harbor for homeowners who participate in the Treasury Department's Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HFA Hardest Hit Fund).

58. Regulations under §170 providing rules governing the availability of the charitable contribution deduction when a taxpayer receives or expects to receive a state or local tax credit.

59. Revenue procedure under §§168(g) and 179 concerning elections and computation of depreciation.

60. Notice under § 274 concerning expenses for certain business meals.

61. Guidance under §274 concerning qualified transportation fringe benefits, including the application of new § 512(a)(7).

62. Guidance under §§ 36B, 5000A and 6011 given the enactment of §151(d)(5).

ADDITIONAL PROJECTS

63. Notice to set maximum vehicle values for 2018 for use with vehicle cents-per-mile and fleet-average valuation rules under §280F, as amended by sections 11002 and 13202 of the TCJA.

64. Revenue procedure under § 162 concerning business entity payments to § 170(c) organizations in return for state or local tax credits.

65. Guidance on the determination of the § 199A deduction for taxpayers that hold interests in regulated investment companies, charitable remainder trusts, and split-interest trusts.

66. Guidance regarding a proposed revenue procedure that provides for a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of § 199A.

67. Guidance creating a safe harbor method of accounting for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year deprecation deduction under section 168(k), and that are subject to the depreciation limitations under section 280F.

PART 2. E.O. 13789 — IDENTIFYING AND REDUCING REGULATORY BURDENS

1. Final regulations under §7602 regarding the participation of attorneys described in §6103(n) in a summons interview. Proposed rules were published on March 28, 2018.

2. Final regulations removing temporary regulations under §707 concerning the treatment of partnership liabilities for disguised sale purposes. Temporary and proposed regulations were published on October 5, 2016. Proposed regulations were published on June 19, 2018.

3. Delay and proposed removal of documentation regulations under §385 and review of other regulations under §385. Final, temporary, and proposed regulations were published on October 21, 2016.

4. Proposed modification of regulations under §337(d) regarding certain transfers of property to regulated investment companies (RICs) and real estate investment trusts (REITs). Temporary and proposed regulations were published on June 8, 2016.

5. Proposed modification of regulations under §987 on income and currency gain or loss with respect to a §987 qualified business unit. Final regulations were published on December 8, 2016. Notice 2017-57 (regarding the applicability dates of the final regulations) was published on October 16, 2017. Notice 2018-57 (providing additional guidance regarding the applicability date of the final regulations) was published on June 25, 2018.

PART 3. BURDEN REDUCTION

1. Guidance removing or updating regulations that are unnecessary, create undue complexity, impose excessive burdens, or fail to provide clarity and useful guidance. Proposed regulations were published on February 15, 2018.

  • PUBLISHED 03/14/19 in FR as TD 9849.

2. Guidance under §871(m), including with respect to non-delta-one transactions. Final and temporary regulations were issued January 24, 2017. Notice 2017-42 (regarding the applicability date of the final regulations) was published on August 21, 2017. Notice 2018-05 (regarded the continued reliance of certain transition rules under the final regulations) was published on February 5, 2018.

3. Guidance under Chapter 3 (§§1441–1446) and Chapter 4 (§§1471–1474) that may address withholding on gross proceeds and foreign passthrough payments under Chapter 4; withholding requirements on insurance premiums under Chapter 4; certain due diligence requirements of withholding agents under Chapter 3, including the requirement to collect and report foreign taxpayer identification numbers of certain accountholders; and certain issues related to refunds and credits. Notice 2017-46 (regarding obtaining and reporting taxpayer identification numbers and dates of birth by financial institutions) was published on October 10, 2017 and Notice 2018-20 (regarding jurisdictions included on the IRS list of jurisdictions that do not issue foreign taxpayer identification numbers) was published on March 19, 2018.

4. Final regulations under §§1014(f) and 6035 regarding basis consistency between estate and person acquiring property from decedent. Proposed and temporary regulations were published on March 4, 2016.

5. Guidance under §170(e)(3) regarding charitable contributions of inventory.

6. Final regulations under §263A regarding the inclusion of negative amounts in additional §263A costs. Proposed regulations were published on September 5, 2012.

7. Final regulations under §§4051 and 4071 on heavy trucks, tractors, trailers, and tires. Proposed regulations were published on March 31, 2016.

8. Final regulations under §2642(g) describing the circumstances and procedures under which an extension of time will be granted to allocate GST exemption.

9. Final regulations streamlining the §754 election statement. Proposed regulations were published on October 12, 2017.

10. Guidance under §1362(f) regarding the validity or continuation of an S corporation election in certain situations involving disproportionate distributions, inconsistent tax return filings, or omissions on Form 2553, Election by a Small Business Corporation.

11. Guidance under §301.9100 regarding relief for late regulatory elections.

12. Guidance under §954, including regarding the use of foreign statement reserves for purposes of measuring qualified insurance income under §954(i).

13. Final regulations and related guidance on closed defined benefit plans and related matters. Proposed regulations were published on January 29, 2016.

14. Guidance under §3405 regarding distributions made to payees, including military and diplomatic payees, with an address outside the United States.

PART 4. BIPARTISAN BUDGET ACT OF 2015 — PARTNERSHIP AUDIT REGULATIONS

1. Guidance under the new partnership audit rules.

2. Final regulations addressing adjustments to bases and capital accounts and the tax and book basis of partnership property. Proposed regulations were published on February 2, 2018. (Reproposed on August 17, 2018 in combination with proposed regulations addressing revisions to chapter 63 made by the Tax Technical Corrections Act of 2018. See Part 4, item #4 below.)

3. Final regulations addressing the operation of certain international provisions in the context of the centralized partnership audit regime, including rules relating to the withholding of tax on foreign persons, withholding of tax to enforce reporting on certain foreign accounts, and the treatment of creditable foreign tax expenditures of a partnership. Proposed regulations were published on November 30, 2017. (Reproposed on August 17, 2018 in combination with proposed regulations addressing revisions to chapter 63 made by the Tax Technical Corrections Act of 2018. See Part 4, item #4 below.)

4. Final regulations addressing revisions to chapter 63 made by the Tax Technical Corrections Act of 2018. Proposed regulations were published on August 17, 2018.

  • PUBLISHED 02/17/19 in FR as TD 9844.

PART 5. GENERAL GUIDANCE

CONSOLIDATED RETURNS

1. Regulations under §1.1502-75(d) regarding group continuation. Final regulations were published on September 8, 1966.

2. Final regulations under §1.1502-76 regarding when a member joins or leaves a consolidated group. Proposed regulations were published on March 6, 2015.

3. Revenue Ruling amplifying Revenue Ruling 99-6 addressing intercompany sales of partnership interests.

CORPORATIONS AND THEIR SHAREHOLDERS

1. Updating §301 regulations to reflect statutory changes.

2. Final regulations under §305(c) regarding the amount and timing of deemed distributions from conversion ratio adjustments on convertible debt and stock. Proposed regulations were published on April 13, 2016.

3. Regulations under §336(e) to revise the treatment of certain stock dispositions as asset sales. Final regulations were published on May 15, 2015.

4. Revising regulations under §1.337(d)-7 regarding the treatment of certain foreign corporations. Final regulations were published on August 2, 2013.

5. Guidance regarding the application of §§355 and 361 to a distributing corporation's use of its controlled corporation's stock, securities, or other obligations to retire putative debt of the distributing corporation.

6. Guidance under section 355(b) regarding active trade or business.

7. Final regulations regarding predecessors and successors under section 355(e). Proposed regulations were published on December 19, 2016.

8. Revising regulations under §368(a)(1)(F). Final regulations were published on September 21, 2015.

9. Guidance regarding continuity of interest under §368. Proposed regulations were published on December 19, 2011.

  • PUBLISHED 04/01/19 in FR as REG-124627-11 (Withdrawal of NPRM) (RELEASED 03/29/19).

ADDITIONAL PROJECTS

10. Regulations under §302 and related provisions regarding unrecovered basis in shares of stock that are actually or treated as redeemed. Proposed regulations were published on January 20, 2009.

  • PUBLISHED 04/01/19 in FR as REG-143686-07 (Withdrawal of NPRM).

EMPLOYEE BENEFITS

A. Retirement Benefits

1. Regulations updating the rules applicable to ESOPs.

2. Guidance relating to certain Employee Plans programs, including the Qualified Pre-approved Plan Program and the Determination Letter Program.

3. Final regulations on the application of the normal retirement age regulations under §401(a) to governmental plans. Proposed regulations were published on January 27, 2016.

4. Guidance under §401(a)(9) on the use of lump sum payments to replace lifetime income being received by retirees under defined benefit pension plans.

5. Regulations under §401(a)(9) updating life expectancy and distribution period tables for purposes of the required minimum distribution rules.

6. Final regulations regarding Qualified Nonelective Contributions (QNECs) and Qualified Matching Contributions (QMACs). Proposed regulations were published on January 18, 2017.

  • PUBLISHED 07/20/18 in FR as TD 9835.

7. Guidance on hardship distributions under §401(k) to reflect modifications made by sections 41113 and 41114 of the Bipartisan Budget Act of 2018.

  • PUBLISHED 11/14/18 in FR as REG-107813-18 (NPRM) (RELEASED and FILED 11/09/18).

8. Guidance on the universal availability requirement under §403(b).

9. Guidance on the timing of amendments to §403(b) plans.

10. Regulations under §§219, 408, 408A, and 4973 regarding IRAs.

11. Guidance updating regulations for service credit and vesting under §411.

12. Regulations under §411(a)(11). Proposed regulations were published on October 9, 2008.

13. Guidance on the treatment of future interest credits and annuity conversion factor under a hybrid defined benefit plan and adjustments under a variable annuity plan for purposes of satisfying certain qualification requirements.

14. Guidance relating to the unified plan rule for §413(c) multiple employer plans.

15. Guidance related to church plans.

16. Regulations on the definition of governmental plan under §414(d). An ANPRM was published on November 8, 2011.

17. Guidance regarding the aggregation rules under §414(m).

18. Final regulations under §415 regarding §7873 treaty fishing rights income. Proposed regulations were published on November 15, 2013.

19. Final regulations under §417(e) that update the minimum present value requirements for defined benefit plans. Proposed regulations were published on November 25, 2016.

20. Regulations relating to the reporting requirements under §6057. Proposed regulations were published on June 21, 2012.

21. Additional guidance on issues relating to lifetime income from retirement plans and IRAs.

22. Revenue procedures modifying EPCRS to provide guidance with regard to certain corrections and procedures.

23. Guidance on missing participants.

ADDITIONAL PROJECTS

24. Static Mortality Tables for 2020.

B. Executive Compensation, Health Care and Other Benefits, and Employment Taxes

1. Regulations under §86 regarding rules for lump-sum elections.

2. Regulations under §§119 and 132 regarding employer-provided meals.

3. Updated guidance on the classification system for the line of business determination under §1.132-4 for purposes of qualified employee discounts and no-additional-cost services.

4. Final regulations on income inclusion and various other issues under §409A. Proposed regulations were published on December 8, 2008, and on June 22, 2016.

5. Revenue ruling under §419A on the definition of post-retirement medical benefits.

6. Regulations amending §1.419A-2T relating to collectively-bargained welfare benefit funds.

7. Final regulations under §457(f) and related guidance on ineligible plans. Proposed regulations were published on June 22, 2016.

8. Final regulations under §512 explaining how to compute unrelated business taxable income of voluntary employees' beneficiary associations described in §501(c)(9). Proposed regulations were published on February 6, 2014.

9. Guidance on the application of §1402(a)(13) to limited liability companies.

10. Final regulations under §§3511 and 7705 on Certified Professional Employer Organizations (CPEOs) as added by section 206 of the ABLE Act of 2014. Temporary and proposed regulations were published on May 06, 2016.

11. Guidance on certain transactions involving welfare benefit funds.

12. Guidance on issues under §4980H.

13. Regulations under §4980I regarding the excise tax on high cost employer-provided coverage.

14. Guidance on procedures under §7436.

15. Final regulations under §7701 on self-employment tax treatment of partners in a partnership that owns a disregarded entity. Temporary and proposed regulations were published on May 04, 2016.

16. Revenue ruling obsoleting various employment tax revenue rulings because of the Social Security Amendments of 1983.

EXCISE TAX

1. Guidance under §48.4041-7 on dual use of taxable liquid fuel.

2. Guidance on the definition of compressed natural gas for purposes of §§4041 and 6426.

3. Regulations under §4261(e)(3)(C) regarding the application of the domestic air transportation excise tax under §4261 to the purchase of mileage awards.

4. Final regulations under ACA §9010 regarding retrospectively rated insurance contracts.

5. Guidance on the allocated fee amount under ACA §9010 for the 2019 and 2020 fee year.

ADDITIONAL PROJECTS

6. Additional extension of temporary dyed fuel relief under §4081(a)(1) for fuel removals destined for nontaxable use due to West Shore Pipeline shutdown.

EXEMPT ORGANIZATIONS

1. Final regulations on §506 as added by the PATH Act of 2015. Temporary and proposed regulations were published on 7/12/16.

2. Final regulations on §509(a)(3) supporting organizations. Proposed regulations were published on February 19, 2016.

3. Guidance under §512 regarding methods of allocating expenses relating to dual use facilities.

4. Regulations under §529A on Qualified ABLE Programs as added by section 102 of the ABLE Act of 2014. Proposed regulations were published on June 22, 2015.

5. Guidance under §4941 regarding a private foundation's investment in a partnership in which disqualified persons are also partners.

6. Guidance regarding the excise taxes on donor advised funds and fund management.

7. Guidance under §6033 on reporting donor contributions.

8. Final regulations under §6104(c). Proposed regulations were published on March 15, 2011.

9. Final regulations designating an appropriate high-level Treasury official under §7611. Proposed regulations were published on August 5, 2009.

FINANCIAL INSTITUTIONS AND PRODUCTS

1. Final regulations relating to the definition of registered form under §§149(a) and 163(f). Proposed regulations were published on September 19, 2017.

2. Guidance under §166 on the conclusive presumption of worthlessness for bad debts. Notice 2013-35, which requested comments on the existing rules, was published on June 10, 2013.

3. Regulations under §249 relating to the amount of a repurchase premium attributable to the cost of borrowing.

4. Guidance under §§446, 1275, and 6050H to address the treatment and reporting of capitalized interest on modified home mortgages.

5. Guidance addressing issues relating to mark-to-market accounting under §475.

6. Guidance regarding application of the cure provisions under §851(i) for RICs and §856(c)(7) and (g)(5) for REITs.

7. Guidance clarifying the definition of income in §856(c)(3) for purposes of the REIT qualification tests.

8. Regulations under §1001 on the modification of debt instruments, including issues relating to disregarded entities.

9. Guidance under §1001 on the elimination of interbank offered rates.

10. Guidance on the constant yield election under §1276(b).

11. Regulations under §7872. Proposed regulations were published on August 20, 1985.

12. Guidance on the exchange of mortgage-backed securities.

13. Guidance on the treatment of fees relating to debt instruments and other securities.

GENERAL TAX ISSUES

1. Guidance under §§24, 25A, and 32 pursuant to section 208 of the Protecting Americans from Tax Hikes Act of 2015.

2. Final regulations under §42 relating to compliance monitoring, including issues identified in Notice 2012-18. Proposed and temporary regulations were published on February 25, 2016.

  • PUBLISHED 02/26/19 in FR as TD 9848 (RELEASED 2/22/19).

3. Final regulations regarding the utility allowance and the low-income housing credit under §42. Proposed and temporary regulations were published on March 3, 2016.

  • PUBLISHED 03/04/19 in FR as TD 9850.

4. Regulations under §45D that revise and clarify certain rules relating to the new markets tax credit.

5. Guidance under §45Q relating to carbon oxide capture as amended by section 41119 of the Bipartisan Budget Act of 2018.

6. Revenue Procedure under §47 concerning the rehabilitation credit and disaster relief.

7. Final regulations regarding the interaction of the rules under §50(d)(5) and subchapter K. Proposed and temporary regulations were published on July 22, 2016.

8. Revenue Ruling under §102 regarding whether contributions of money received through a crowdfunding site to pay for medical expenses under §213 are excludable from income because the contributions are gifts.

9. Final regulations under §152 regarding dependency deduction.

10. Final regulations under §165(i) providing procedures for making an election to take into account losses sustained in a Federally declared disaster area.

11. Final regulations under §170 regarding charitable contributions. Proposed regulations were published on August 7, 2008.

  • PUBLISHED 07/30/18 in FR as TD 9836.

12. Guidance clarifying whether the business use of an aircraft by a lessee that is a five percent owner or related party of the lessor of the aircraft is qualified business use for purposes of §280F.

13. Final regulations under §468A involving the decommissioning costs of a nuclear power plant.

14. Final regulations under §1411 regarding issues related to the net investment income tax. Proposed regulations were published on December 2, 2013.

15. Guidance under §7701 providing criteria for treating an entity as an integral part of a state, local, or tribal government.

16. Revenue Procedure on private student loan discharges.

ADDITIONAL PROJECTS

17. Guidance facilitating leave-donation programs in areas affected by Hurricane Michael.

GIFTS AND ESTATES AND TRUSTS

1. Guidance on basis of grantor trust assets at death under §1014.

2. Final regulations under §2032(a) regarding imposition of restrictions on estate assets during the six month alternate valuation period. Proposed regulations were published on November 18, 2011.

3. Regulations under §2053 regarding personal guarantees and the application of present value concepts in determining the deductible amount of expenses and claims against the estate.

4. Regulations under §7520 regarding the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.

INSURANCE COMPANIES AND PRODUCTS

1. Final regulations under §72 on the exchange of property for an annuity contract. Proposed regulations were published on October 18, 2006.

2. Guidance that allows taxpayers to elect to treat certain mortgage-backed securities as having deemed issuers for purposes of the diversification requirements of §817(h).

INTERNATIONAL

A. Subpart F/Deferral

1. Guidance under §§1295, 1297, and 1298 on passive foreign investment companies. Proposed regulations regarding foreign insurance companies were published on April 24, 2015.

B. Inbound Transactions

1. Regulations under §§897 and 1445 relating to changes in the Protecting Americans from Tax Hikes Act of 2015.

C. Outbound Transactions

1. Guidance on transfers of property to partnerships with related foreign partners and controlled transactions involving partnerships. Temporary and proposed regulations were published on January 19, 2017.

2. Final regulations under §§7874, 367, 956, 7701(l), and 304 regarding inversions and related transactions. Temporary and proposed regulations were published on April 8, 2016.

  • PUBLISHED 07/12/18 in FR as TD 9834.

D. Foreign Tax Credits

1. Final regulations under §704 relating to the allocation by a partnership of creditable foreign taxes. Temporary and proposed regulations were published on February 4, 2016.

2. Guidance under §901, including on the allocation of foreign tax imposed on disregarded entities and partnerships.

3. Final regulations under §901(m) on covered asset acquisitions. Temporary and proposed regulations were published on December 7, 2016.

4. Guidance under §905, including final regulations under §905(c) on foreign tax redeterminations. Temporary and proposed regulations were published on November 7, 2007. Notice 2016-10 was released on January 15, 2016.

E. Transfer Pricing

1. Final regulations under §482, including with respect to the treatment and allocation of risk. Temporary and proposed regulations were published on September 16, 2015.

2. Annual Report on the Advance Pricing Agreement Program. Announcement 2018-08 was released March 30, 2018.

F. Sourcing and Expense Allocation

1. Regulations and other guidance under §861 regarding the allocation and apportionment of interest expense, including guidance related to interest expense attributable to certain loans to related partnerships.

2. Regulations under §861 on the character of income, including income arising in transactions involving intellectual property and the provision of digital goods and services.

G. Other

1. Regulations under §1256(g)(2) regarding the definition of a foreign currency contract, in light of the decision in Wright v. Commissioner, 809 F.3d 877 (6th Cir. 2016).

2. Guidance under Chapter 3 (§§1441–1446) and Chapter 4 (§§1471–1474), including finalizing temporary and proposed regulations and regulations on verification requirements for sponsoring entities for Chapter 4 purposes; regulations regarding the withholding obligations on deemed distributions from conversion ratio adjustments on convertible debt and stock; and updates to Revenue Procedure 2017-15 and Revenue Procedure 2017-16. Final, temporary, and proposed regulations under chapters 3 and 4 were published on January 6, 2017. Proposed regulations (regarding verification requirements for sponsoring entities) were published on January 6, 2017. Proposed regulations (regarding conversion ratio adjustments) were published on April 13, 2016.

3. Regulations under §§6039F, 6048, and 6677 on foreign trust reporting and reporting with respect to foreign gifts, and regulations under §§643(i) and 679 relating to certain transactions between U.S. persons and foreign trusts.

4. Guidance regarding user fees charged to process Form 8802, Application for United States Residency Certification.

PARTNERSHIPS

1. Regulations regarding the stock of a corporate partner under §337(d).

2. Final regulations under §469(h)(2) concerning limited partners and material participation. Proposed regulations were published on November 28, 2011.

3. Final regulations on the fractions rule under §514(c)(9)(E). Proposed regulations were published on November 23, 2016.

4. Regulations to update the securities partnership aggregation rules under §704(c).

5. Final regulations under §§704, 734, 743, and 755 arising from the American Jobs Creation Act of 2004, regarding the disallowance of certain partnership loss transfers and no reduction of basis in stock held by a partnership in a corporate partner. Proposed regulations were published on January 16, 2014.

6. Guidance under §707 on disguised sales, including disguised sales of partnership interests.

7. Final regulations under §§704 and 752 concerning partnership recourse liabilities, including bottom dollar payment obligations. Temporary and proposed regulations were published on October 5, 2016.

8. Final regulations under §752 regarding related person rules. Proposed regulations were published on December 16, 2013.

9. Final regulations under §§761 and 1234 on the tax treatment of noncompensatory partnership options. Proposed regulations were published on February 5, 2013.

TAX ACCOUNTING

1. Guidance under §§167 and 168 for determining whether certain assets used by a wireline telecommunication service provider are primarily used for providing one-way or two-way communication services.

2. Revenue procedure under §263(a) regarding the capitalization of natural gas transmission and distribution property.

3. Guidance regarding the treatment of deferred revenue in stock acquisitions.

4. Regulations under §453A regarding contingent payment sales.

5. Final regulations under §453B regarding the nonrecognition of gain or loss on the disposition of certain installment obligations.

6. Regulations under §472 regarding dollar-value last-in, first-out (LIFO) inventories, including rules for combining pools as a result of a change in method of accounting, certain corporate acquisitions, and certain nonrecognition transactions.

7. Final regulations amending §1.472-8 regarding the inventory price index computation (IPIC) method.

8. Modification to the effective date provision of Rev. Proc. 2018-29.

TAX ADMINISTRATION

1. Guidance under §6011. Proposed regulations were published on May 31, 2018.

2. Electronic reporting under ACA section 9010. Proposed regulations were published on December 9, 2016.

3. Guidance under §§25A, 6050S, and 6724(f) relating to changes made by sections 804 and 805 of the Trade Preferences Extension Act of 2015 regarding education tax credits and related information reporting. Proposed regulations were published on August 2, 2016.

4. Update to §§6051 and 6052 regarding truncated taxpayer identification numbers. Proposed regulations were published on September 20, 2017.

5. Guidance under section 2006 of the Fixing America's Surface Transportation Act of 2015 regarding due dates and extensions for certain forms. Temporary and proposed regulations were published on July 20, 2017.

6. Guidance under section 6103(j). Temporary and proposed regulations were published on December 8, 2016.

7. Regulations under §§6662, 6662A, and 6664 regarding accuracy-related penalties relating to understatements. Notice 2005-12, which provided interim guidance, was published on February 14, 2005.

8. Final regulations under §6707A, as amended by section 2041(a) of the Small Business Jobs Act of 2010, regarding the penalty for failure to disclose reportable transactions. Proposed regulations were published on August 28, 2015.

9. Guidance on safe harbors for de minimis errors on information returns and payee statements under section 202 of the Protecting Americans from Tax Hikes Act of 2015.

10. Guidance under §7123 concerning alternative dispute resolution.

11. Guidance under §7345. Proposed regulations were published on March 13, 2018.

12. Update to Revenue Procedure 2007-56 (Combat Zone and Disaster Relief).

13. Update to the whistleblower regulations.

14. Guidance on user fees.

ADDITIONAL PROJECTS

15. Relief from addition to tax for underpayment of estimated taxes

TAX-EXEMPT BONDS

1. Guidance on private activity bonds under §§141, 142, and 147.

2. Final regulations on public approval requirements for private activity bonds under §147(f). Proposed regulations were published on September 28, 2017.

  • PUBLISHED 12/31/18 in FR as TD 9845.

3. Final regulations on arbitrage investment restrictions for tax-exempt bonds under §148. Proposed regulations were published on June 12, 2018.

4. Guidance on corrective actions for escrow investments under §148.

5. Regulations on bond reissuance under §150.

6. Guidance on current refundings of tax-advantaged bonds under §7871(f) and disaster relief provisions.

7. Guidance on tax-advantaged bond appeals procedures.

APPENDIX — Regularly Scheduled Publications

JULY 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Notice setting forth updates for the corporate bond yield curve for plan years beginning in July 2018, the 24-month average segment rates, the funding segment rates applicable for July 2018, the spot segment rates for June 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

AUGUST 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Notice setting forth updates for the corporate bond yield curve for plan years beginning in August 2018, the 24-month average segment rates, the funding segment rates applicable for August 2018, the spot segment rates for July 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

3. Revenue procedure providing the domestic asset/liability percentages and the domestic investment yield percentages for taxable years beginning after December 31, 2016, for foreign companies conducting insurance business in the United States.

4. Revenue ruling providing the average annual effective interest rates charged by each Farm Credit Bank District.

SEPTEMBER 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Revenue ruling under §6621 regarding the applicable interest rates for overpayments and underpayments of tax for the period October through December 2018.

3. Notice setting forth updates for the corporate bond yield curve for plan years beginning in September 2018, the 25-year average segment rates for 2019, the 24-month average segment rates, the funding segment rates applicable for September 2018, the spot segment rates for August 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

4. Notice under §274 regarding the deemed substantiation of travel expenses using per diem rates.

5. Update of Notice 2004-83 to add approved applicants for designated private delivery service status under §7502(f). Will be published only if any new applicants are approved.

6. Notice identifying the counties that experienced exceptional, extreme, or severe drought during the preceding 12-month period ending August 31, 2018, for purposes of determining whether the replacement period within which to replace livestock sold on account of drought is extended under §1033(e)(2)(B) and Notice 2006-82.

7. Revenue ruling setting forth the terminal charge and the standard industry fare level (SIFL) cents-per-mile rates for the second half of 2018 for use in valuing personal flights on employer-provided aircraft.

8. Notice on annual adjustment in the fee imposed to fund the Patient Centered Outcomes Research Trust Fund.

OCTOBER 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288 and 7520.

2. Notice setting forth updates for the corporate bond yield curve for plan years beginning in October 2018, the 24-month average segment rates, the funding segment rates applicable for October 2018, the spot segment rates for September 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

3. Revenue procedure under §1 and other sections of the Code regarding inflation adjusted items for 2019.

4. Revenue procedure providing the unpaid loss discount factors and salvage discount factors for the 2018 accident year to be used for computing discounted unpaid losses under §846 and discounted estimated salvage recoverable under §832.

5. Update of Revenue Procedure 2005-27 listing the tax deadlines that may be extended by the Commissioner under §7508A in the event of a Presidentially-declared disaster or terrorist attack. Will be published only if there are any updates.

6. Revenue procedure providing the amounts of unused housing credit carryover allocated to qualified states under §42(h)(3)(D) for the calendar year.

NOVEMBER 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288 and 7520.

2. Revenue ruling providing the “base period T-Bill rate” as required by §995(f)(4).

3. Revenue ruling setting forth covered compensation tables under §401(l)(5)(E) that are used for purposes of applying the permitted disparity rules under §401(l) to defined benefit plans for the 2019 plan year.

4. Notice setting forth updates for the corporate bond yield curve for plan years beginning in November 2018, the 24-month average segment rates, the funding segment rates applicable for November 2018, the spot segment rates for October 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

5. Update of Revenue Procedure 2016-13 regarding adequate disclosure for purposes of the §6662 substantial understatement penalty and the §6694 preparer penalty. Will be published only if there are any updates.

6. Notice setting forth cost-of living adjustments effective January 1, 2019, applicable to the dollar limits on benefits under qualified defined benefit pension plans and other provisions affecting certain plans of deferred compensation.

7. Federal Register Notice on Railroad Retirement Tier 2 tax rate.

  • PUBLISHED 11/23/18 in FR (83 FR 59448) (RELEASED AND FILED 11/21/18).

8. Notice under §274 regarding the 2019 optional standard mileage rates.

9. Notice setting forth required amendment deadlines for §401(a) plans with respect to certain changes in qualification requirements.

DECEMBER 2018

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Revenue ruling under §6621 regarding the applicable interest rates for overpayments and underpayments of tax for the period January through March 2018.

3. Notice setting forth updates for the corporate bond yield curve for plan years beginning in December 2018, the 24-month average segment rates, the funding segment rates applicable for December 2018, the spot segment rates for November 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

4. Guidance under §30D announcing the credit phase-out schedule for new qualified plug-in electric drive motor vehicles.

JANUARY 2019

1. Revenue procedure updating the procedures for issuing private letter rulings, determination letters, and information letters on specific issues under the jurisdiction of the Chief Counsel.

2. Revenue procedure updating the procedures for furnishing technical advice, including technical expedited advice, to certain IRS offices, in the areas under the jurisdiction of the Chief Counsel.

3. Revenue procedure updating the previously published list of “no-rule” issues under the jurisdiction of certain Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions and Products), Associate Chief Counsel (Income Tax and Accounting), Associate Chief Counsel (Passthroughs and Special Industries), Associate Chief Counsel (Procedure and Administration), and Associate Chief Counsel (Tax Exempt and Government Entities) on which advance letter rulings or determination letters will not be issued.

4. Revenue procedure updating the procedures for issuing determination letters and letter rulings on issues under the jurisdiction of the Office of the Commissioner, Tax Exempt and Government Entities Division, Employee Plans Rulings and Agreements Office.

5. Revenue procedure updating the procedures for issuing determination letters under the jurisdiction of the Office of the Commissioner, Tax Exempt and Government Entities Division, Exempt Organizations Rulings and Agreements Office.

6. Revenue procedure updating the previously published list of “no-rule” issues under the jurisdiction of the Associate Chief Counsel (International) on which advance letter ruling or determination letters will not be issued.

7. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

8. Revenue procedure under §280F providing limitations on depreciation deductions for owners of passenger automobiles first placed in service during the calendar year and amounts to be included in income by lessees of passenger automobiles first leased during the calendar year.

9. Notice setting forth updates for the corporate bond yield curve for plan years beginning in January 2019, the 24-month average segment rates, the funding segment rates applicable for January 2019, the spot segment rates for December 2018 that are used for determining minimum present values, and the 30-year Treasury rates.

10. Revenue procedure under §143 regarding average area purchase price.

11. Notice providing the maximum allowable value for use of the fleet-average value and vehicle-cents-per-mile rules to value employer-provided automobiles first made available to employees for personal use in the calendar year.

FEBRUARY 2019

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Notice setting forth updates for the corporate bond yield curve for plan years beginning in February 2019, the 24-month average segment rates, the funding segment rates applicable for February 2019, the spot segment rates for January 2019 that are used for determining minimum present values, and the 30-year Treasury rates.

3. Notice under §911 on the Housing Cost Amount for 2019.

MARCH 2019

1. Revenue procedure providing annual indexing required under §36B.

2. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

3. Notice providing the 2019 calendar year resident population estimates used in determining the state housing credit ceiling under §42(h) and the private activity bond volume cap under §146.

4. Revenue ruling under §6621 regarding the applicable interest rates for overpayments and underpayments of tax for the period April through June 2019.

5. Revenue ruling setting forth the terminal charge and the standard industry fare level (SIFL) cents-per-mile rates for the first half of 2019 for use in valuing personal flights on employer-provided aircraft.

6. Notice setting forth updates for the corporate bond yield curve for plan years beginning in March 2019, the 24-month average segment rates, the funding segment rates applicable for March 2019, the spot segment rates for February 2019 that are used for determining minimum present values, and the 30-year Treasury rates.

7. Revenue procedure providing the annual update to the List of Automatic Changes for taxpayer changes in method of accounting.

APRIL 2019

1. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

2. Revenue procedure providing a current list of countries and the dates those countries are subject to the §911(d)(4) waiver and guidance to individuals who fail to meet the eligibility requirements of §911(d)(1) because of adverse conditions in a foreign country.

3. Notice setting forth updates for the corporate bond yield curve for plan years beginning in April 2019, the 24-month average segment rates, the funding segment rates applicable for April 2019, the spot segment rates for March 2019 that are used for determining minimum present values, and the 30-year Treasury rates.

4. Guidance providing the calendar year inflation adjustment factor and reference prices for the renewable electricity production credit under §45.

5. Additional guidance under §30D announcing the credit phase-out schedule for certain new qualified plug-in electric drive motor vehicles.

MAY 2019

1. Notice setting forth updates for the corporate bond yield curve for plan years beginning in May 2019, the 24-month average segment rates, the funding segment rates applicable for May 2019, the spot segment rates for April 2019 that are used for determining minimum present values, and the 30-year Treasury rates.

2. Revenue procedure providing guidance for use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio under §143.

3. Revenue procedure under §223 regarding the inflation adjusted items for 2020.

4. Guidance providing the inflation adjustment factor to be used in determining the enhanced oil recovery credit under §43 for tax years beginning in the calendar year.

5. Notice regarding marginal production rates under §613A for oil and gas well depletion.

6. Notice regarding marginal well production credit under §45I for natural gas produced in 2018.

7. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

JUNE 2019

1. Revenue ruling under §6621 regarding the applicable interest rates for overpayments and underpayments of tax for the period July through September 2019.

2. Notice setting forth updates for the corporate bond yield curve for plan years beginning in June 2019, the 24-month average segment rates, the funding segment rates applicable for June 2019, the spot segment rates for May 2019 that are used for determining minimum present values, and the 30-year Treasury rates.

3. Notice setting forth the §45K(d)(2)(C) reference price for the nonconventional source production credit.

4. Notice setting the inflation adjustment factor for the credit for carbon dioxide (CO2) sequestration under §45Q for calendar year 2019.

5. Revenue ruling setting forth tables of the adjusted applicable federal rates for the current month for purposes of §§42, 382, 1274, 1288, and 7520.

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
    U.S. Department of Treasury
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2019-23595
  • Tax Analysts Electronic Citation
    2019 TNTF 118-30
    2019 TPR 24-17
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