This Week's Internal Revenue Bulletin

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

ANN 2019-08, page 621. The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the Internal Revenue Service (IRS), which are set out in Title 31, Code of Federal Regulations, Part 10, and which are published in pamphlet form as Treasury Department Circular No. 230. The regulations prescribe the duties and restrictions relating to such practice and prescribe the disciplinary sanctions for violating the regulations.

REV PROC 2019-28, page 596. This procedure provides specifications for the private printing of red-ink substitutes for the 2019 Forms W-2 and W-3. This procedure will be produced as the next revision of Publication 1141. Rev. Proc. 2018-37 is superseded.

ADMINISTRATIVE, INCOME TAX

REV PROC 2019-29, page 620. Rev. Proc. 2019-29 provides indexing adjustments required by statute for certain provisions under section 36B. Specifically, this revenue procedure updates the applicable percentage table used to calculate an individual's premium tax credit for taxable years beginning in calendar year 2020 and updates the required contribution percentage for plan years beginning after calendar year 2019.

INCOME TAX

NOT 2019-45, page 593. This notice expands upon previous guidance (Notice 2004-23, Notice 2004-50 and Notice 2013-57) by providing an appendix with a limited list of additional preventive care services and items for certain chronic conditions that may be treated as preventive care for purposes of section § 223(c)(2)(C). These additional services and items are treated as preventive only when prescribed to treat an individual diagnosed with the specified chronic condition, and only when prescribed for the purpose of preventing the exacerbation of the chronic condition or the development of a secondary condition.

REV RUL 2019-17, page 583. Federal rates; adjusted federal rates; adjusted federal long-term rate, the long-term exempt rate, and the blended annual rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for August 2019.

T.D. 9872, page 585. These final regulations provide guidance on the income inclusion rules under section 50(d)(5) of the Internal Revenue Code that are applicable to a lessee of investment credit property when a lessor of the property elects to treat the lessee as having acquired the property. The regulations address the operation of the income inclusion rules when a partnership or S corporation is treated as having acquired the property. The regulations also coordinate the recapture rules with the income inclusion rules and provide rules for the income inclusion when there is a disposition or lease termination outside of the recapture period.