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May 3, 2019

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Issue Number:  2019-14

Inside This Issue

1.     Nationwide Tax Forums Seminar in Focus: Recordkeeping

2.     IRS Seeks Nominations for IRSAAC, ETAAC Advisory Committees

3.     Coming Up: IRS Supports Small Business Week

4.     Changes to Treatment of Stock Compensation

5.     New Tax Tip on Reporting Cash Payments

6.     IRS Expands Retirement Plan Determination Letter Program and Self-Correction Program

7.     Technical Guidance


1.  Nationwide Tax Forums Seminar in Focus: Recordkeeping


Do you have a Schedule C client who did not keep good records? Find out what you what you need to know by attending the seminar "Reconstructing Income Expenses - Representing the Taxpayer Without Adequate Books and Records” at the IRS Nationwide Tax Forums this summer. For more details and to register, visit 2019 IRS Nationwide Tax Forums.

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2.  IRS Seeks Nominations for IRSAC, ETAAC Advisory Committees


The IRS is now accepting applications for approximately 14 appointments to the Internal Revenue Service Advisory Council (IRSAC). The IRSAC serves as an advisory body to the IRS Commissioner and provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. More information, including the application form, is available on IRS.gov web site.

The IRS is also seeking applicants for the Electronic Tax Administration Advisory Committee.

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3.  Coming Up: IRS Supports Small Business Week


During National Small Business Week starting May 6, the IRS will issue a series of news releases and tax tips on the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. The tax tips will focus on withholding taxes, data security tips and expanded tax benefits for depreciation and expensing.

The IRS will also feature information on the sharing economy, including a Sharing Economy Tax Center and helpful tips and tax forms for business taxpayers. A YouTube video, Your Taxes in a Sharing Economy, also helps those with clients working in the sharing economy understand their tax responsibilities.

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4.  Changes to Treatment of Stock Compensation


The Tax Cuts and Jobs Act amended section 83 to allow qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units granted to them by their employers. See Comparison of changes to rules for stock compensation under TCJA, IR-2018-246 and Notice 2018-97 for more information on the application of Section 83(i) regarding qualified equity grants.

To review all updates on TCJA provisions, visit the Tax Reform page of IRS.gov.

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5.  New Tax Tip on Reporting Cash Payments


Federal law requires individuals to report cash transactions of more than $10,000 to the IRS. The tax tip, Here’s what people should know about reporting cash payments, defines who’s covered and has other facts about reporting these transactions for your clients.

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6.  IRS Expands Retirement Plan Determination Letter Program and Self- Correction Program


The IRS announced the expansion of areas for issuing determination letters for certain retirement plans. Revenue Procedure 2019-20 (PDF) details the addition of two areas for which retirement plan sponsors may now request determination letters.

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7.  Technical Guidance


Revenue Procedure 2019-21 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), in computing the housing cost/income ratio described in section 143(f)(5).

Notice 2019-32 requests general comments on issues arising under section 45Q, as well as specific comments concerning the secure geological storage and measurement of qualified carbon oxide, the recapture of the benefit of the credit for carbon oxide sequestration, and other issues described in section 3 of this notice.

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