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May 24, 2019

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Issue Number:  2019-17

Inside This Issue

  1. Reminder: e-Services, e-File, ACA Systems Unavailable over Memorial Day Weekend
  2. Nationwide Tax Forums Seminar in Focus: Foreign Tax Credit
  3. May 30 Webinar: Qualified Business Income Deduction (199A)
  4. Application Deadlines Approaching for IRS Advisory Committees
  5. Changes to the Holding Period for Carried Interest
  6. 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 for updates.


2.  Nationwide Tax Forums Seminar in Focus: Foreign Tax Credit


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 Deduction (199A)


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 Advisory Committees


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 Interest


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 vans.

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.”