Issue Number: 2018-25
Inside This Issue
- Individuals with Disabilities Can Put More Money into ABLE Accounts
- IRS Nationwide Tax Forum Seminar Presentations Now Available
- Web Conference June 28 on Form 2290, Heavy Highway Vehicle Use Tax
- Technical Guidance
1. Individuals with Disabilities Can Put More Money into ABLE Accounts
If you have clients with disabilities, they can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts. The Tax Cuts and Jobs Act enables eligible individuals with disabilities to put more money into their ABLE accounts, qualify for the Saver's Credit in many cases and roll money from their 529 plans into their ABLE accounts.
For more information about ABLE accounts and the tax reform changes, visit IRS.gov/taxreform.
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2. IRS Nationwide Tax Forum Seminar Presentations Now Available
Attendees registered for the IRS Nationwide Tax Forum may now download presentation materials. To download the presentations, log in to your account and check the "Presentations" tab for available material.
Additionally, it’s not too late to register for the tax forums. Join us at one of five seminar locations this summer. Visit http://www.irstaxforum.com for more information or to register.
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3. Web Conference June 28 on Form 2290, Heavy Highway Vehicle Use Tax
Register for the web conference, "Understanding Form 2290 – Heavy Highway Vehicle Use Tax’ on June 28, 2018. The 30-minute web conference will include question and answers and will provide an overview of:
- Form 2290 Filing Requirements
- Form 2290 Due Dates
- Form 2290 E-Filing Requirements
Register for Session 1, 11am EST, or Session 2, 2pm EST. Closed captioning is available for Session 2.
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4. Technical Guidance
Revenue Ruling 2018-19 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274 of the Internal Revenue Code. The rates are published monthly for purposes of sections 42, 382, 412, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.
Revenue Procedure 2018-35 provides a new automatic method change for certain taxpayers to change their method of accounting from applying section 263A to citrus plant replanting costs to not applying section 263A to those costs, under section 263A(d)(2)(C) of the Internal Revenue Code. Section 263A(d)(2)(C) provides that section 263A does not apply to certain costs that are paid or incurred by certain taxpayers for replanting citrus plants after the loss or damage of citrus plants. This revenue procedure modifies Rev. Proc. 2018-31 to provide procedures for obtaining automatic consent of the Commissioner.
Notice 2018-48 lists the population census tracts the Secretary of the Treasury designates as qualified opportunity zones.
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