etrent17/irs-articles huggingface dataset:
IR-2018-162, August 8, 2018
WASHINGTON — The Internal Revenue Service issued proposed regulationsPDF today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.
The new deduction -- referred to as the Section 199A deduction or the deduction for qualified business income -- was created by the Tax Cuts and Jobs Act. The deduction is available for tax years beginning after December 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.
The deduction is generally available to eligible taxpayers whose 2018 taxable incomes fall below $315,000 for joint returns and $157,500 for other taxpayers. It’s generally equal to the lesser of 20 percent of their qualified business income plus 20 percent of their qualified real estate investment trust dividends and qualified publicly traded partnership income or 20 percent of taxable income minus net capital gains.
Deductions for taxpayers above the $157,500/$315,000 taxable income thresholds may be limited. Those limitations are fully described in the proposed regulations.
Qualified business income includes domestic income from a trade or business. Employee wages, capital gain, interest and dividend income are excluded.
In addition, Notice 2018-64PDF, also issued today, provides methods for calculating Form W-2 wages for purposes of the limitations on this deduction. More information in the form of FAQs on Section 199A can be found on IRS.gov.
Taxpayers may rely on the rules in these proposed regulations until final regulations are published in the Federal Register.
Written or electronic comments and requests for a public hearing on this proposed regulation must be received within 45 days of publication in the Federal Register.
IR-2018-160, August 3, 2018
WASHINGTON – The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting.
The Revenue ProcedurePDF outlines the process that eligible small business taxpayers may use to obtain automatic consent to change accounting methods that are now permitted under the Tax Cuts and Jobs Act, or TCJA.
The TCJA, enacted in December 2017, expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain accounting rules for inventories, cost capitalization and long-term contracts.  As a result, more small business taxpayers will be allowed to change to cash method accounting starting after December 31, 2017.
The Department of the Treasury and the Internal Revenue Service welcome public comments on future guidance. For details on submitting comments, see the Revenue ProcedurePDF.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
IR-2018-159, August 3, 2018
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
The proposed regulations, available today in the Federal Register, implement several provisions included in the Tax Cuts and Jobs Act (TCJA).
The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.
The deduction is retroactive, applying to qualifying property acquired and placed in service after September 27, 2017. The proposed regulations provide guidance on what property qualifies for the deduction and rules for qualified film, television, live theatrical productions and certain plants.
For details on claiming the deduction or electing out of claiming it, see the proposed regulations or the instructions to Form 4562, Depreciation and Amortization (Including Information on Listed Property).
Taxpayers who elect out of the 100-percent depreciation deduction must do so on a timely-filed return. Those who have already timely filed their 2017 return and did not elect out but still wish to do so, have six months from the original deadline, without an extension, to file an amended return.
Treasury and IRS welcome public comment, and the proposed regulations provide details on how to submit comments.
For more information about this and other TCJA provisions, visit IRS.gov/taxreform.
IR-2018-158, August 1, 2018
WASHINGTON−The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the Code, with direct or indirect ownership in certain specified foreign corporations, as defined under section 965(e) of the Code.
Section 965, enacted in December 2017, levies a transition tax on post-1986 untaxed foreign earnings of specified foreign corporations owned by United States shareholders by deeming those earnings to be repatriated.  For domestic corporations, foreign earnings held in the form of cash and cash equivalents are generally intended to be taxed at a 15.5 percent rate for 2017 calendar years, and the remaining earnings are intended to be taxed at an 8 percent rate for 2017 calendar years.
The lower effective tax rates applicable to section 965 income inclusions are achieved by way of a participation deduction set out in section 965(c) of the Code.  A reduced foreign tax credit also applies with respect to the inclusion under section 965(g) of the Code.  Taxpayers may generally elect to pay the transition tax in installments over an eight-year period under section 965(h) of the Code. The proposed regulations contain detailed information on the calculation and reporting of a United States shareholder’s section 965(a) inclusion amount, as well as information for making the elections available to taxpayers under section 965.
Written or electronic comments and requests for a public hearing on this proposed regulation must be received within 60 days of publication in the Federal Register.
More information regarding the Tax Cuts and Jobs Act, as well as Section 965, can be found at the Tax Reform page on IRS.gov.
IR-2018-192, September 25, 2018
WASHINGTON — The Internal Revenue Service has selected two new members for the Electronic Tax Administration Advisory Committee (ETAAC).
Established in 1998, the ETAAC is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in support of paperless filing of tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and tax software industry to fight identity theft and refund fraud.
Committee members include state tax officials, consumer advocates, cybersecurity and information security specialists, tax preparers and tax software developers and representatives of the payroll and financial communities.
The following people have been appointed to serve three-year terms on the committee beginning in 2018:
Lynnette T. Riley
Riley was appointed the Georgia State Revenue Commissioner in January 2015. Riley comes to the Department of Revenue most recently from the Georgia General Assembly, where she served four years in office as the House District 50 (Johns Creek) Representative. While in the General Assembly, she was a member of the Ways and Means, Natural Resources and Environment, Retirement and the Metropolitan Atlanta Rapid Transit Oversight committees, was the Fulton County House Delegation Chair and a floor leader. Commissioner Riley currently serves on the Board of Trustees of the Federation of Tax Administrators, the Southeast Association of Tax Administrators, and Senior Executive Board of the Identity Theft Tax Refund Fraud Information Sharing & Analysis Center.
Gene Salo
Salo has over 25 years of experience in the tax industry, initially in tax preparation and later in tax software development. Recently, Salo has turned his focus to identity theft and tax refund fraud. He is active with the IRS, state tax agencies and tax industry members in the Security Summit, where he is a co-lead for the Tax Professional Working Group. Salo also serves as the vice chairman of the board of directors of CERCA, an association of tax industry firms that supports electronic filing. Salo earned his MBA from the University of Michigan and has bachelor’s degrees in Accounting and Finance from Oakland University. He is a veteran of the U.S. Air Force.
IR-2018-191, Sept. 24, 2018
WASHINGTON — Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019.
In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31, 2018, will be eligible to claim the employer credit for paid family and medical leave, retroactive to the beginning of the employer’s 2018 tax year, for qualifying leave already provided.
In Notice 2018-71PDF, posted today on IRS.gov, the IRS provided detailed guidance on the new credit in a question and answer format. The credit was enacted by the 2017 Tax Cuts and Jobs Act (TCJA).
The notice released today clarifies how to calculate the credit including the application of special rules and limitations. Only paid family and medical leave provided to employees whose prior-year compensation was at or below a certain amount qualify for the credit. Generally, for tax year 2018, the employee’s 2017 compensation from the employer must have been $72,000 or less.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
IR-2018-190, Sept. 21, 2018
WASHINGTON — Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service announced today.
The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer for most employees starting in 2018, making these amounts taxable, except for amounts for active-duty members of the U.S. Armed Forces whose moves relate to a military-ordered permanent change of station.
Under Notice 2018-75PDF, posted today on IRS.gov, reimbursements an employer pays to an employee in 2018 for qualified moving expenses incurred in a prior year are not subject to federal income or employment taxes. The same is true if the employer pays a moving company in 2018 for qualified moving services provided to an employee prior to 2018.
To qualify, reimbursements or payments must be for work-related moving expenses that would have been deductible by the employee if the employee had directly paid them prior to Jan. 1, 2018. The employee must not have deducted them in 2017. For more information on the 2017 rules, see Form 3903.
Employers that have already treated reimbursements or payments as taxable can follow the normal employment tax adjustment and refund procedures. See Publication 15, section 13, or Form 941-X and its instructions for details.
Updates on this and other TCJA provisions can be found at IRS.gov/taxreform.
IR-2018-189, Sept. 18, 2018
WASHINGTON - The Internal Revenue Service, in response to shortages of undyed diesel fuel caused by Hurricane Florence, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the State of North Carolina. 
This relief is effective as of Sept. 17, 2018. Consistent with the Environmental Protection Agency (EPA) waiver for North Carolina regarding use of Non-Road Diesel Locomotive and Marine Fuel, this relief will remain in effect through Sept. 28, 2018. 
This penalty relief is available to any person that sells or uses dyed fuel for highway use. In the case of the operator of the vehicle in which the dyed fuel is used, the relief is available only if the operator or the person selling the fuel pays the tax of 24.4 cents per gallon that is normally applied to diesel fuel for highway use. The IRS will not impose penalties for failure to make semimonthly deposits of this tax. IRS Publication 510, Excise Taxes, has information on the proper method for reporting and paying the tax. 
Ordinarily, dyed diesel fuel is not taxed, because it is sold for uses exempt from excise tax, such as to farmers for farming purposes, for home heating use and to local governments for buses. 
Also, consistent with the EPA waiver, this waiver does not apply to the Internal Revenue Code penalty for using adulterated fuels that do not comply with applicable EPA regulations. Consequently, diesel fuel with sulfur content higher than 15 parts-per-million may not be used in highway vehicles. 
The IRS is closely monitoring the situation and will provide additional relief as needed.
IR-2018-188, Sept. 18, 2018
WASHINGTON ― In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters.
Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics.
Some impersonate charities to get money or private information from well-intentioned taxpayers.
Bogus websites use names similar to legitimate charities to trick people to send money or provide personal financial information.
They even claim to be working for or on behalf of the IRS to help victims file casualty loss claims and get tax refunds.
Others operate bogus charities and solicit money or financial information by telephone or email.
Help for disaster victims
Comprehensive information on disaster-related tax issues, including provisions for tax relief, can be found on the disaster relief page on IRS.gov. In the case of a federally declared disaster, affected taxpayers may also call the IRS Special Services Help Line, 866-562-5227, with disaster-related tax questions. Details on available relief can be found on the disaster relief page on IRS.gov.
Donate to real charities
To help taxpayers donate to legitimate charities, the IRS website, IRS.gov, has a search feature, Tax Exempt Organization Search, that helps users find or verify qualified charities. Donations to these charities may be tax-deductible.
Contribute by check or credit card. Never give or send cash.
Don’t give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution.
Taxpayers suspecting fraud by email should visit IRS.gov and search for the keywords “Report Phishing.” More information about tax scams and schemes may be found at IRS.gov using the keywords “scams and schemes.”
IR-2018-186, Sept.13, 2018
WASHINGTON — The Internal Revenue Service issued proposed regulationsPDF today concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code.
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including adding new rules requiring the inclusion of global intangible low-taxed income generated by controlled foreign corporations (CFCs).
Under the TCJA, a U.S. person that owns at least 10 percent of the value or voting rights in one or more CFCs will be required to include its global intangible low-taxed income as currently taxable income, regardless of whether any amount is distributed to the shareholder. A U.S. person includes U.S. individuals, domestic corporations, partnerships, trusts and estates.
New reporting rules requiring the filing of Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income, are also described in the proposed regulations.
The new law applies to the first tax year of a CFC beginning after Dec. 31, 2017, and the U.S. shareholder’s year with or within which that year ends, and all subsequent tax years.
These proposed regulations do not include foreign tax credit computational rules relating to global intangible low-taxed income, which will be addressed separately in the future.
Treasury and IRS welcome public comments on these proposed regulations. For details on submitting comments, see the proposed regulations.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
IR-2018-183, September 10, 2018
WASHINGTON —  Because a natural disaster can strike any time, the Internal Revenue Service is reminding individuals and businesses to take time now and create or update their emergency preparedness plan.
During 2018, the IRS has offered tax relief and assistance to millions of victims of natural disasters, including hurricanes, severe storms, flooding, tornados, wildfires, high winds, tropical storms, an earthquake and a volcano.
Individuals, families and businesses begin getting ready for a disaster with a preparedness plan that includes key documents, lists of belongings and property.
Copies of key documents
Original documents, including bank statements, tax returns, deeds, titles and insurance policies, should be kept in a safe place in waterproof containers. A duplicate set of key documents should be kept with a family member or trusted friend outside the area the disaster may affect. Rather than copy paper documents, scanning them for backup storage on a hard drive, flash drive, CD or DVD takes less space. Many financial institutions provide statements and documents electronically.
Document valuables and equipment
Photographs or videos of the contents of any home or business, especially high value items, can help support claims for any available insurance or tax benefits should a disaster strike. The IRS has a disaster-loss workbook for individuals (Publication 584, Casualty, Disaster, and Theft Loss Workbook) and businesses (Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook) that can help people compile lists of belongings or business equipment. Images may fit on the same storage device as electronic documents.
Check on fiduciary bonds
Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.
IRS ready to help
In the case of a federally-declared disaster with FEMA Individual Assistance, an affected taxpayer can call 866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues. Taxpayers can get copies of previously filed tax returns and all attachments, including Forms W-2, by filing Form 4506, Request for Copy of Tax Return. Tax transcripts that show most line items on a tax return can be ordered through the Get Transcript link on IRS.gov, by calling 800-908-9946 or by using Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, or Form 4506-T, Request for Transcript of Tax Return.
Hurricane preparedness tips are available on the National Weather Service website. Plan ahead for disasters with Ready.gov.
Related items:
Preparing for a Disaster (Taxpayers and Businesses)
Publication 570, Tax Guide for Individuals with Income from U.S. PossessionsPDF
IR-2018-181, Sept. 7, 2018
WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2018.  The rates will be:
five (5) percent for overpayments [four (4) percent in the case of a corporation];
2 and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000;
five (5) percent for underpayments; and
seven (7) percent for large corporate underpayments. 
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. 
Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate determined during July 2018 to take effect Aug. 1, 2018, based on daily compounding.
Revenue Ruling 2018-25PDF, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2018-39, dated Sept. 24, 2018.
IR-2018-178, September 5, 2018
WASHINGTON — Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today.
Responding to taxpayer inquiries, the IRS clarified that this general deductibility rule is unaffected by the recent notice of proposed rulemaking concerning the availability of a charitable contribution deduction for contributions pursuant to such programs. The business expense deduction is available to any business taxpayer, regardless of whether it is doing business as a sole proprietor, partnership or corporation, as long as the payment qualifies as an ordinary and necessary business expense. Therefore, businesses generally can still deduct business-related payments in full as a business expense on their federal income tax return.
Updates on the implementation of the Tax Cuts and Jobs Act (TCJA) can be found on the Tax Reform page of IRS.gov.
Related Items:
State and Local Income Tax FAQs
IR-2018-176, Sept. 4, 2018
WASHINGTON – The Internal Revenue Service today reminded taxpayers they have until Sept. 28 to apply for the Offshore Voluntary Disclosure Program (OVDP). 
Since the OVDP’s initial launch in 2009, more than 56,000 taxpayers have used the various terms of the program to comply voluntarily with U.S. tax laws. These taxpayers with undisclosed offshore accounts have paid a total of $11.1 billion in back taxes, interest and penalties. The planned end of the current OVDP also reflects advances in third-party reporting and increased awareness of U.S. taxpayers of their offshore tax and reporting obligations.
In March, the IRS announced the program would end on Sept. 28, 2018. The IRS will continue to hold taxpayers with undisclosed offshore accounts accountable after the program closes.
The number of taxpayer disclosures under the OVDP peaked in 2011, when about 18,000 people came forward. The number steadily declined through the years, falling to only 600 disclosures in 2017.
Since the announcement, the IRS has not received any public comments addressing a continued need for the OVDP. The IRS will maintain a pathway for taxpayers who may have committed criminal acts to voluntarily disclose their past actions and come into compliance with the tax system. Updated procedures will be announced soon.
Separately, the IRS continues to combat offshore tax avoidance and evasion using whistleblower leads, civil examination and criminal prosecution. Since 2009, 1,545 taxpayers have been indicted related to international activities through the work of IRS Criminal Investigation.
A separate program, the Streamlined Filing Compliance Procedures, for taxpayers who may have been unaware of their filing obligations, has helped about 65,000 additional taxpayers come into compliance. These streamlined procedures will continue to be available for now, but as with OVDP, the IRS has said it may end this program too at some point.
The implementation of the Foreign Account Tax Compliance Act (FATCA) and the ongoing efforts of the IRS and the Department of Justice to ensure compliance by those with U.S. tax obligations have raised awareness of U.S. tax and information reporting obligations related to undisclosed foreign financial assets.  Taxpayers who made non-willful mistakes or omissions on their tax returns should file amended returns or delinquent returns as soon as possible. 
Full details of the options available for U.S. taxpayers with undisclosed foreign financial assets can be found on IRS.gov.
IR-2018-210, Oct. 31, 2018
WASHINGTON — The Internal Revenue Service today issued proposed regulationsPDF  reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs).  
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including enacting a participation exemption system for the taxation of certain foreign income. The new proposed regulations are intended to ensure that the application of section 956 is consistent with the new participation exemption system. 
Treasury and IRS welcome public comments on these proposed regulations. For details on submitting comments, see the proposed regulations.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
IR-2018-208, Oct. 24, 2018
WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2018 including numerous recommendations to the Internal Revenue Service on new and continuing issues in tax administration.
The report includes a discussion on how to implement and/or improve processes such as those for the Change of Business Master File Entity Addresses, E-Signature for Form W-9 as well as the Tax Cuts and Jobs Act.
The report also recommended enhancements to the Filing Information Returns Electronically (FIRE) System, Practitioner ID and Internal Revenue Code 6050S and Form 1098-T Reporting. During 2018, the committee continued its dialogue with IRS officials regarding reporting requirements under the Foreign Account Tax Compliance Act (FATCA) and the Affordable Care Act (ACA) and made extensive recommendations regarding both programs.
These recommendations are discussed in detail in the full 2018 IRPAC Public ReportPDF, available on IRS.gov.
Commissioner Chuck Rettig and senior IRS leaders also thanked four members of the committee ending their terms this year:
Kevin Sullivan – Sullivan is managing director and tax executive at Bank of America where he is the head of U.S. Information Reporting Advisory in the Global Tax Policy group. In this capacity, he manages a team of tax advisors responsible for U.S. withholding and information reporting advisory throughout Bank of America Merrill Lynch.
	 
Kelli Wooten – Wooten is a managing director with KPMG LLP. She advises both multinational corporations and financial institutions on their compliance with information reporting and withholding rules such as the FATCA and the Common Reporting Standard (CRS).
	 
Terry Edwards – Edwards is director of information reporting consulting with Wells Fargo Bank. He has been a member of the American Bankers Association’s Information Reporting Committee since 2009 and chair of the committee in 2015 and 2016.
	 
Laura Burke – Burke has been a tax professional for over 17 years. She is an enrolled agent, provides tax resolution solutions and prepares tax returns for individual, corporate, partnership, LLC series, estate and not-for-profit taxpayers. She has managed a Volunteer Income Tax Assistance (VITA) site and is a lead instructor.
IRPAC is a federal advisory committee that provides an organized public forum for discussion of information reporting issues. It is comprised of a diverse cross-section of individuals drawn from the tax professional community, financial institutions, small and large businesses, universities and colleges and securities and payroll firms.
IR-2018-206, October 19, 2018
WASHINGTON —The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive.
Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June, 8,761 communities in all 50 states, the District of Columbia and five U.S. territories were designated as qualified Opportunity Zones. Opportunity Zones retain their designation for 10 years. Investors may defer tax on almost any capital gain up to Dec. 31, 2026 by making an appropriate investment in a zone, making an election after December 21, 2017, and meeting other requirements.
The proposed regulationsPDF clarify that almost all capital gains qualify for deferral. In the case of a capital gain experienced by a partnership, the rules allow either a partnership or its partners to elect deferral. Similar rules apply to other pass-through entities, such as S corporations and their shareholders, and estates and trusts and their beneficiaries.
Generally, to qualify for deferral, the amount of a capital gain to be deferred must be invested in a Qualified Opportunity Fund (QOF), which must be an entity treated as a partnership or corporation for Federal tax purposes and organized in any of the 50 states, D.C. or five U.S. territories for the purpose of investing in qualified opportunity zone property.
The QOF must hold at least 90 percent of its assets in qualified Opportunity Zone property (investment standard). Investors who hold their QOF investment for at least 10 years may qualify to increase their basis to the fair market value of the investment on the date it is sold.
The proposed regulations also provide that if at least 70 percent of the tangible business property owned or leased by a trade or business is qualified opportunity zone business property, the requirement that “substantially all” of such tangible business property is qualified opportunity zone business property can be satisfied if other requirements are met. If the tangible property is a building, the proposed regulations provide that “substantial improvement” is measured based only on the basis of the building (not of the underlying land).
In addition to the proposed regulations, Treasury and the IRS issued an additional piece of guidance to aid taxpayers in participating in the qualified Opportunity Zone incentive. Rev. Rul. 2018-29 provides guidance for taxpayers on the “original use” requirement for land purchased after 2017 in qualified opportunity zones. They also released Form 8996, which investment vehicles will use to self-certify as QOFs.       
More information on Opportunity Zones, including answers to frequently-asked questions, is on the Tax Reform page of IRS.gov. The Tax Reform page will also feature updates on the implementation of this and other TCJA provisions.
Click here for complete list of Opportunity Zones.
IR-2018-204, Oct. 16, 2018
WASHINGTON — The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide temporary emergency housing to individuals who are displaced by a major disaster from their principal residences, regardless of income.
This special relief, detailed in Revenue Procedure 2014-49 and Revenue Procedure 2014-50, authorizes owners and operators, in conjunction with agencies and issuers, to disregard the income limits, transience rules and certain other restrictions that normally apply to low-income housing units when providing temporary emergency housing to displaced individuals.
As a result, owners and operators can offer temporary emergency housing to displaced individuals who lived in a county or other local jurisdiction designated for individual assistance by the Federal Emergency Management Agency (FEMA). Currently, this includes parts of Florida, Georgia, North Carolina, South Carolina and Virginia, though FEMA may add other locations in the future. Upon approval, emergency housing can be provided for up to a year after the close of the month in which the major disaster was declared by the President.
This relief automatically applies as soon as the President declares a major disaster and FEMA designates any locality for individual or public assistance. For that reason, individuals affected by some other recent major disasters may also qualify for emergency housing relief. For a list of recent disasters, see the disaster relief page on IRS.gov.
Although owners and operators of low-income housing projects are allowed to offer temporary housing to qualified disaster victims, they are not required to do so. For those who do, special rules apply, detailed in Revenue Procedure 2014-49 PDFand Revenue Procedure 2014-50PDF, available on IRS.gov.
IR-2018-202, October 15, 2018
Washington — After additional disaster declarations by FEMA, the IRS has added more counties that are eligible for individual and public assistance in areas of Florida and Georgia affected by Hurricane Michael. As the agency did throughout the weekend in advance of the Oct. 15 extension deadline, the IRS will be updating IRS.gov as any additional counties receive major disaster declaration designations from FEMA, either for individual or public assistance.
“Hurricane Michael was a devastating storm for people in many different areas. During this difficult time, hurricane victims should be completely focused on their families, their safety and rebuilding their lives,” IRS Commissioner Chuck Rettig said. “These people shouldn’t have the added stress of worrying about Monday’s tax deadline. The IRS is providing extensions of the Oct. 15 deadlines and expanding relief for taxpayers affected by the hurricane.”
Following FEMA declarations, the IRS has updated information on the Hurricane Michael page outlining additional counties now listed in Florida and Georgia for individual and public assistance.
In addition, the IRS has also extended these deadlines for additional Hurricane Florence victims covered under FEMA public assistance declarations. This includes taxpayers in a number of counties in North Carolina, South Carolina and Virginia. Additional information is being added on these locations this afternoon on the Hurricane Florence page. Like Hurricane Michael, the IRS is offering relief to any major disaster declaration designated by FEMA as qualifying for individual or public assistance under Hurricane Florence.
Taxpayers in these areas receive the extensions automatically. For other victims, the IRS reminds taxpayers that they will work with people located outside these counties currently listed by FEMA. The help is also available to workers assisting with relief activities with a recognized government or philanthropic organization. Full details are available at IRS News Release 2018-199 and the Hurricane Michael page.
IR-2018-201, Oct. 15, 2018
WASHINGTON — Tax professionals can earn continuing education credits beginning today with the 2018 launch of the IRS Nationwide Tax Forums Online (NTFO).
Fourteen new self-study seminars, recorded at the IRS Nationwide Tax Forums last summer, are now available. The seminars instruct participants with interactive video, PowerPoint slides and transcripts.
The 2018 Tax Forums Online cover topics of broad interest to tax professionals such as:

Advocating for Your Uniformed Client – Military Tax Issues
Automated Underreporter
Get Ready for the Tax Cuts and Jobs Act New Due Diligence Requirements
S Corporation Shareholder Basis

The NTFO is registered with the IRS Return Preparer Office and the National Association of State Boards of Accountancy (NASBA) as a qualified sponsor of continuing education.
For a fee, CPAs, Enrolled Agents and Annual Filing Season Program participants can earn continuing education credits. To earn credit, users must create an account, answer review questions throughout the seminar and pass a short test at the end of each seminar.
The seminars can also be audited cost-free. Individuals who audit a seminar will not have access to the review questions or final examination and will not receive continuing education credit.
In addition to the new 2018 seminars, NTFO also offers numerous seminars from prior-year IRS Nationwide Tax Forums. For more information, visit www.irstaxforumsonline.com.
IR-2018-200, Oct, 15, 2018
WASHINGTON — The Internal Revenue Service (IRS), in response to shortages of undyed diesel fuel caused by Hurricane Michael, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in emergency response vehicles in the State of Florida. 
This relief is effective as of October 12, 2018.  Consistent with the Environmental Protection Agency (EPA) limited waiver for Florida regarding use of Non-Road Diesel Locomotive and Marine Fuel for use in emergency response vehicles, this relief will remain in effect through October 26, 2018. 
This penalty relief is available to any person that sells or uses dyed fuel for highway use. In the case of the operator of the vehicle in which the dyed fuel is used, the relief is available only if the operator or the person selling the fuel pays the tax of 24.4 cents per gallon that is normally applied to diesel fuel for highway use. The IRS will not impose penalties for failure to make semimonthly deposits of this tax. IRS Publication 510, Excise Taxes, has information on the proper method for reporting and paying the tax.
Ordinarily, dyed diesel fuel is not taxed, because it is sold for uses exempt from excise tax, such as to farmers for farming purposes, for home heating use and to local governments for buses.
Also, consistent with the EPA waiver, this waiver does not apply to the Internal Revenue Code penalty for using adulterated fuels that do not comply with applicable EPA regulations.  Consequently, diesel fuel with sulfur content higher than 15 parts-per-million may not be used in highway vehicles.
The IRS is closely monitoring the situation and will provide additional relief as needed.
IR-2018-197, Oct. 9, 2018
WASHINGTON — With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.
The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among other things, the new law may change their tax rates and impact the quarterly estimated tax payments they are required to make during the year.
For many passthrough businesses, the law changes created a new 20-percent qualified business income deduction. Other deductions and credits have been changed as well, including revised depreciation methods and expanded options for expensing business property. There are also new rules for like-kind exchanges and fringe benefits. In addition, small business employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 may qualify for a new business credit. Business owners can refer to the Tax Reform Provisions that Affect Businesses page for updates and resources on these topics and other business-related changes.
The IRS is highlighting these changes and more as part of its on-going initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities. Pass-through businesses, small C-Corporations, Schedule C filers (independent contractors and gig economy workers) and farmers are all affected by the new law.
The IRS has issued a number of news releases, tax tips, YouTube videos and webinars to help small businesses navigate the new tax law, and more of these products are on the way. Tax tips are written in plain language and people can subscribe to them by using the IRS’s Tax Tips email-subscription program. A variety of additional products and resources can be found on the Tax Reform Resources page.
Business owners are encouraged to check the Tax Reform page for the latest guidance on the tax law provisions that may affect them. Partner groups are also encouraged to share this important information with their members.
IR-2018-196, Oct. 4, 2018
WASHINGTON — The Internal Revenue Service today reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS.
In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service. This deduction was created by the Tax Cuts and Jobs Act (TCJA), the tax reform legislation enacted in December 2017. Because the deduction is retroactive and applies to qualifying property acquired and placed in service after Sept. 27, 2017, it may affect many 2017 tax returns. See IRS Fact Sheet 2018-09 for more details.
The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances, furniture, certain plants and qualified film, television and live theatrical productions generally qualify. Further details can be found in proposed regulations, issued last month, as well as in Publication 946, How to Depreciate Property, and in Form 4562, Depreciation and Amortization, and its instructions.
Taxpayers who elect out of the 100-percent depreciation deduction, as well as the 50-percent deduction available under prior law, must do so by attaching a statement to a timely-filed return. For details, see the instructions for Part II of Form 4562.
Those who have already timely filed their 2017 return and did not elect out but still wish to do so need to file an amended return. The deadline for filing the election is six months after the original deadline. For individuals or calendar-year corporations, this means Oct. 15, 2018.
For more information about this and other TCJA provisions, visit IRS.gov/taxreform.
IR-2018-195, Oct. 3, 2018
WASHINGTON — The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.
Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact.
Food and beverages that are provided during entertainment events will not be considered entertainment if purchased separately from the event.
Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business or, if incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business.
The Department of the Treasury and the IRS expect to publish proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment. Until the proposed regulations are effective, taxpayers can rely on guidance in Notice 2018-76PDF.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
IR-2018-237, November 30, 2018
WASHINGTON — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today its debut on Instagram, adding this platform to its social media portfolio. 
The IRSNews account (https://www.instagram.com/irsnews) will provide taxpayers the latest information on a variety of topics as taxpayers face numerous tax law changes for the upcoming 2019 filing season related to the Tax Cuts and Jobs Act. The IRS Instagram account will share taxpayer-friendly information to help people Get Ready for the upcoming tax season. And it will provide the latest tax scam information to help support the Security Summit initiative, a joint effort between the IRS, states and the nation’s tax industry to combat tax-related identity theft. 
“The addition of Instagram is another step for the IRS to share information more widely and reach additional taxpayers,” said IRS Commissioner Chuck Rettig. “This platform will help make people aware of important options they have during the upcoming filing season as well as other tax information they might not be aware. The IRS will continue to work with and help taxpayers in as many ways possible.”
Research shows that more than 70 percent of U.S. young adults between 18 and 24 are active on Instagram. The IRS plans to use Instagram to better serve this segment of the population, sharing content on tax topics that affect all taxpayers. 
The IRS Instagram account will also periodically share information in Spanish and other languages. @IRSnews will also work in conjunction with IRS.gov and other existing agency social media options. 
Other social media platforms offering official IRS information include:
YouTube. The IRS offers video tax tips in English, Spanish or American Sign Language. 
Twitter. Follow @IRSnews for tax-related announcements and tips. @IRStaxpros tweets news and guidance for tax professionals. Tweets from @IRSenEspanol have and the latest tax information in Spanish.
Facebook. News and information for taxpayers and tax return preparers. 
LinkedIn.  The IRS shares agency updates and job opportunities.
The IRS social media effort works closely with IRS2Go. Taxpayers can use this free mobile app to check their refund status, pay taxes, watch IRS YouTube videos and get IRS Tax Tips via email. Like Instagram, the IRS2Go app is available from the Google Play Store for Android devices, or from the Apple App Store for Apple devices. IRS2Go is available in both English and Spanish, based on the phone settings. 
The IRS also reminds taxpayers they can subscribe to a number of email subscription services for the latest tax information. Taxpayers can visit e-News subscriptions to sign up.
IR-2018-235, November 28, 2018
WASHINGTON — The Internal Revenue Service issued proposed regulationsPDF today on foreign tax credits for businesses and individuals.
The 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017, made major changes to the way the U.S. taxes foreign activities. Significant new provisions include a dividends-received deduction for dividends from foreign subsidiaries and the addition of Global Intangible Low-Taxed Income rules, which subject to current U.S. taxation certain foreign earnings that would have been deferred under previous law.  
The TCJA also modified the foreign tax credit rules, which allow U.S. taxpayers to offset their taxes by the amount of foreign income taxes paid or accrued, in several important ways to reflect the new international tax rules. These changes include repeal of rules for computing deemed-paid foreign tax credits on dividends on the basis of foreign subsidiaries’ cumulative pools of earnings and foreign taxes, and the addition of two separate foreign tax credit limitation categories for foreign branch income and amounts includible under the new Global Intangible Low-Taxed Income provisions. The TCJA also modified how taxable income is calculated for the foreign tax credit limitation by disregarding certain expenses related to income eligible for the dividends-received deduction and repealing the use of the fair market value method for allocating interest expense. The new foreign tax credit rules apply to 2018 and future years.  
Treasury and IRS welcome public comments on these proposed regulations. For details on submitting comments, see the proposed regulations.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.