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

Notice 2018–10, page 359. This notice provides guidance relating to the excise tax on medical devices imposed by § 4191. Specifically, this notice provides temporary relief, for the first three calendar quarters of 2018, to medical device manufacturers, producers and importers from the failure to deposit penalties imposed by § 6656, where the taxpayer demonstrates good faith.

REG–118067–17, page 360. This document contains proposed regulations implementing section 1101 of the Bipartisan Budget Act of 2015, which was enacted into law on November 2, 2015. The Bipartisan Budget Act repeals the current rules governing partnership audits and replaces them with a new centralized partnership audit regime that, in general, determines, assesses and collects tax at the partnership level. These proposed regulations provide rules addressing how partnerships and their partners adjust tax attributes to take into account partnership adjustments under the centralized partnership audit regime.

EXCISE TAX

Notice 2018–10, page 359. This notice provides guidance relating to the excise tax on medical devices imposed by § 4191. Specifically, this notice provides temporary relief, for the first three calendar quarters of 2018, to medical device manufacturers, producers and importers from the failure to deposit penalties imposed by § 6656, where the taxpayer demonstrates good faith.