Issue Number: 2019-17
Inside This Issue
- Reminder: e-Services, e-File, ACA Systems
Unavailable over Memorial Day Weekend
- Nationwide Tax Forums Seminar in Focus: Foreign Tax
- May 30 Webinar: Qualified Business Income Deduction
- Application Deadlines Approaching for IRS Advisory
- Changes to the Holding Period for Carried Interest
- Technical Guidance
1. Reminder: e-Services, e-File, ACA Systems
Unavailable over Memorial Day Weekend
IRS e-Services for
tax professionals will be unavailable due to planned maintenance from
approximately 8 p.m. E.T. on Saturday, May 25, until approximately 7 a.m.
ET on Tuesday, May 28.
In addition, the
Modernized e-File Systems (MeF) will be
unavailable from Saturday May 25 at 9 p.m. ET to Tuesday, May 28 at 7 a.m.
You can monitor the MeF Status Page for updates.
The Affordable Care
Act Information Return (AIR) System will also be unavailable from 7 p.m. ET
today through 8 a.m. ET on Tuesday May 28. Monitor the AIR System Operational Status Page
2. Nationwide Tax Forums Seminar in Focus: Foreign
Are you up to date
on changes to the Foreign Tax Credit? The seminar, Foreign Tax Credit, will
teach you how to mitigate the effects of double taxation on your clients.
Register now with the 2019 IRS Nationwide Tax Forums
to attend this and other seminars on recent changes to the tax law. The
forums take place beginning in July in the Washington, D.C., area, Chicago,
New Orleans, Orlando and San Diego.
3. May 30 Webinar: Qualified Business Income
The webinar, Qualified Business Income
Deduction (199A), will be presented on May 30 at 2 p.m. ET. This
100-minute webinar will highlight the basics of the qualified business
income deduction and has been updated to incorporate guidance issued in
January. The seminar will include a definition of terms, teach you how to
calculate the deduction and include information on the rental real estate
safe harbor. Tax professionals can earn two continuing education credits.
To view previously
archived webinars on demand, visit www.irsvideos.gov.
4. Application Deadlines Approaching for IRS
The IRS is seeking
applicants to serve three-year terms on the Electronic Tax Administration
Advisory Committee. Applications will be
accepted through May 29.
The IRS is
also seeking new members to serve on the Internal Revenue Service Advisory
Council (IRSAC) for three-year terms beginning in January 2020. Applications will be
accepted through June 10.
5. Changes to the Holding Period for Carried
The Tax Cuts and
Jobs Act (TCJA) added section 1061, which requires partnership interest
derived from the performance of investment services (carried interest) to
be held for more than three years to be treated as long-term capital
gains. See Comparison of changes to rules for
carried interest under TCJA, IR 2018-37 and Notice 2018-18 for more
information on the application of Section 1061. The three-year holding
period is required for sales of assets held (directly or indirectly) by the
partnership. The three-year holding period also applies to the sale of the
partnership interest itself.
6. Technical Guidance
Revenue Procedure 2019-26
provides: (1) tables of limitations on depreciation deductions for owners
of passenger automobiles first placed in service by the taxpayer during
calendar year 2019; and (2) a table of amounts that must be included in
income by lessees of passenger automobiles first leased by the taxpayer
during calendar year 2019. The tables detailing these depreciation
limitations and lessee inclusion amounts reflect the automobile price
inflation adjustments required by section 280F(d)(7). For purposes of this
revenue procedure, the term “passenger automobiles” includes trucks and
Notice 2019-39 provides
guidance regarding the issuance of tax-exempt State and local bonds under
section 103 of the Internal Revenue Code and tax-exempt Indian tribal
government bonds under section 7871 in current refunding issues (as defined
in section 1.150-1(d)(3)) to refund (directly or indirectly in a series of
current refunding issues) original bonds issued in eligible targeted bond
programs, as more particularly specified in section 3 of the Notice.
Announcement 2019-06 corrects
a typographical error in Notice 2019-32. The first sentence of section 4.01
on page 1189 states comments may be submitted in writing on or before
Thursday, June 4. The correct date is July 4. The sentence is amended to
delete “June 4,” and replace it with “July 4.”