e-News for Tax Professionals Issue 2019-12

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Issue Number:  2019-12

Inside This Issue

1. Cybersecurity, New Tax Law, Top Agenda at Nationwide Tax Forums; Tax Pros: Earn up to 19 Continuing Education Credits
2. IRS Announces Multi-year Plan to Update, Modernize IT Systems; Effort Focused on Improved Taxpayer Services, Expanded Cybersecurity and Taxpayer Data Protections
3. IRS Issues Guidance Relating to Deferral of Gains for Investments in a Qualified Opportunity Fund
4. Tax Relief for Additional Iowa Storm Victims
5. Technical Guidance

The IRS announced the schedule of this summer’s Nationwide Tax Forums, held in five cities across the country.

The IRS encourages tax professionals to earn up to 19 continuing education credits at the forums this summer. Each forum offers 43 seminars and workshops presented by experts from the IRS and association partners on cybersecurity, changes to the tax law, ethics and other topics.

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The IRS released a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system.

The plan outlines a bold strategy to enable business transformation focused on improving services for taxpayers and the tax community while protecting taxpayer data.

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The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income. The gain is deferred until the investment is sold or exchanged or Dec. 31, 2026, whichever is earlier. If the investment is held for at least 10 years, investors may be able to permanently exclude gain from the sale or exchange of an investment in a QO Fund.

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Storm victims in Pottawattamie and Shelby counties now qualify for tax relief following the March 12 severe storms and flooding.

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Notice 2019-29 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code for April 2019.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I), as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Ruling 2019-12 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.

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