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.

INCOME TAX

NOTICE 2019-11, page 430. This notice provides a waiver of additions to tax for underpayment of estimated income tax for individuals. This waiver is limited to individuals whose total withholding and estimated tax payments made on or before January 15, 2019, equal or exceed eighty-five percent of the tax shown on the return for the 2018 taxable year.

REG-106089-18, page 431. Section 163(j) imposes a limitation on the deduction for business interest expense. These proposed regulations replace previously issued proposed regulations, and provide guidance on calculating the limitation, certain exceptions to the limitation, and the applicability of the limitation in consolidate group, partnership, and international contexts.