IRS Notices 2018-26; 2018-28; 2018-29, guidance on recently passed tax law
Internal Revenue Service (IRS) sent this bulletin at 04/02/2018 03:07 PM EDT
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Issue Number: Notice 2018-26; Notice 2018-28; Notice 2018-29Inside This Issue
1. Notice 2018-26, IRC 965 Notice 2018-26, provides additional guidance regarding the implementation of section 965 of the Internal Revenue Code as amended by “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018”, P.L. 115-97, which was enacted on December 22, 2017. 2. Notice 2018-28, IRC 163(j) Notice 2018-28 provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22, 2017. In general, newly amended section 163(j) of the Internal Revenue Code imposes a limitation on deductions for business interest incurred by certain large businesses. For most large businesses, business interest expense is limited to any business interest income plus 30 percent of the business’ adjusted taxable income.# 3. Notice 2018-29, IRC 1446 Notice 2018-29 announces that the Treasury Department and the IRS intend to issue regulations under new section 1446(f) of the Internal Revenue Code regarding withholding on a disposition by a foreign person of a partnership interest that is not publicly traded. This notice also provides interim guidance that taxpayers may rely on pending the issuance of regulations. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |