e-News for Tax Professionals Issue 2019-15

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e-News for Tax Professionals May 10, 2019

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Issue Number:  2019-15

Inside This Issue


  1. Nationwide Tax Forum Seminar in Focus: Cybersecurity for Tax Professionals
  2. Changes to Treatment of Foreign Tax Credits
  3. May 16 Webinar: Understanding Bankruptcy from an IRS Perspective
  4. Tax Relief for Additional Iowa Disaster Victims
  5. Technical Guidance

1.  Nationwide Tax Forum Seminar in Focus: Cybersecurity for Tax Professionals

Are you concerned about cybersecurity? Register for the IRS Nationwide Tax Forums this summer and attend “Cybersecurity for Tax Professionals,” a seminar presented by information security experts from the Pell Center. To learn more about this and other cyber-related seminars, visit 2019 IRS Nationwide Tax Forums.

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2.  Changes to Treatment of Foreign Tax Credits

The recent tax law changes 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. The Tax Cuts and Jobs Act also modified how taxable income is calculated for foreign tax credit limitation purposes. See Comparison of changes to rules for foreign tax credits under TCJA, IR-2018-235 and the proposed regulations for more information. The new foreign tax credit rules apply to 2018 and future years. 

To review other tax law changes, visit the Tax Reform page of IRS.gov.

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3.  May 16 Webinar: Understanding Bankruptcy from an IRS Perspective

The webinar, Understanding Bankruptcy from an IRS Perspective, will be presented on May 16 at 2 p.m. ET. This 60-minute webinar will explain the role of the IRS Insolvency function in bankruptcy cases, how to properly notify the IRS of a bankruptcy filing, and the effect bankruptcy has on taxes and tax liabilities. Qualified participants can earn one Continuing Education Credit.

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4.  Tax Relief for Additional Iowa Disaster Victims

The IRS included residents of Louisa County, Iowa, in the tax relief offered to victims of severe storms and flooding that occurred in parts of Iowa on March 12. Visit IRS disaster relief for updates on tax relief for disaster victims.

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5.  Technical Guidance

Revenue Ruling 2019-13 provides guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code (Code) to cash distributions made in redemption of the stock of C corporations formerly classified as S corporations and during the post-termination transition period as defined under section 1377(b) of the Code.

Revenue Procedure 2019-22 modifies Revenue Procedure 75-50, 1975-2 C.B. 587, to reflect technological advances since its publication and provides a third method for a private school to satisfy the requirement contained in section 4.03 of the revenue procedure by using its Internet website to publicize the school’s racially nondiscriminatory policy as to students.

Notice 2019-33 requests comments about normalization issues that have arisen or are anticipated in ratemaking proceedings due to the decrease in the corporate tax rate under section 11 of the Internal Revenue Code (Code) that was included in the Tax Cuts and Jobs Act.

Notice 2019-34 provides the inflation-adjusted maximum value of a vehicle (including cars, vans and trucks) for 2019 for use with the fleet-average and vehicle cents-per-mile valuation rules, provides information about where this maximum value will be published in the future, and provides flexibility for 2018 and 2019 in the consistency requirements in the existing regulations relating to use of the fleet-average and vehicle cents-per-mile rules.

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