Issue Number:  2017-18

Inside This Issue

1.     Nationwide Tax Forums Early Bird Rate Expires May 31

2.     IRS Seeks Nominations for the Internal Revenue Service Advisory Council

3.     IRS Small Business Self-Employed Tax Center

4.     IRS Accepting Applications for 2018 Low Income Taxpayer Clinic Grants

5.     Employer Reminder: Reporting Tips versus Service Charges; Key Differences Between Categories Affect Employees, Tax Reporting

6.     Technical Guidance

 

1.  Nationwide Tax Forums Early Bird Rate Expires May 31

Register for the IRS Nationwide Tax Forums by May 31 and get an early bird rate of $235. Beginning June 1, the price goes up to $255. Tax professionals can earn up to 18 Continuing Professional Education credits this summer at the IRS Nationwide Tax Forums.

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2.  IRS Seeks Nominations for the Internal Revenue Service Advisory Council

The IRS is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications are being accepted through June 16.

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3.  IRS Small Business Self-Employed Tax Center

The IRS Small Business and Self-Employed Tax Center is your one-stop online resource for all small business and self-employed tax forms and helpful information. Learn more about it by watching this YouTube video.

Watch this and other videos on the IRS’s YouTube Channel.

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4.  IRS Accepting Applications for 2018 Low Income Taxpayer Clinic Grants

The IRS is accepting applications for Low Income Taxpayer Clinic (LITC) grants for calendar year 2018. Applications are being accepted through June 20.

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5.  Employer Reminder: Reporting Tips versus Service Charges; Key Differences Between Categories Affect Employees, Tax Reporting

The Internal Revenue Service reminds employers that so-called “automatic gratuities” and any amount imposed on the customer by the employer are service charges, not tips.

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6.  Technical Guidance

Revenue Procedure 2017-35 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio described in § 143(f)(5).

Revenue Procedure 2017-35 will be in IRB 2017-21, dated May 22.

Revenue Ruling 2017-09 provides guidance regarding the federal tax treatment of certain transactions referred to as ‘north-south’ transactions. The guidance describes two north-south transactions:  one involving steps that are respected as separate and another involving steps that are integrated.

Revenue Ruling 2017-09 will be in IRB 2017-21, dated May 22.

Revenue Procedure 2017-36 provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code.  In particular, it updates the Applicable Percentage Table in § 36B(b)(3)(A)(i) to provide the Applicable Percentage Table for 2018.  This table is used to calculate an individual’s premium tax credit.  This revenue procedure also updates the required contribution percentage in section 36B(c)(2)(C)(i)(II) for plan years beginning after calendar year 2017.  The percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage under § 36B.

Revenue Procedure 2017-36 will be in IRB 2017-21, dated May 22.

Notice 2017-30 provides 180-day emergency relief for fuel removals from Milwaukee terminals due to the shutdown of the West Shore Pipeline.  Once the 180-day emergency relief expires, the notice provides a temporary mechanism for refunds of the § 4081(a)(1) tax imposed upon removals of undyed diesel fuel from a Milwaukee terminal when such fuel is transported to and entered into a Green Bay terminal and subsequently removed from that Green Bay terminal as dyed fuel destined for a nontaxable use.   Notice 2017-30 will be in IRB: 2017-20, dated May 15.

Revenue Procedure 2017-37 provides the 2018 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under section 223 of the Internal Revenue Code.

Revenue Procedure 2017-37 will be in IRB 2017-21, dated May 22.

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