Overview
IRS Issues Guidance on Automatic Method Changes for FASB 606 Conformity: Today, the IRS issued Revenue Procedure 2018-29, which provides procedures for taxpayers changing their method of accounting for the recognition of income to conform with FASB Topic 606. Specifically, the revenue procedure provides procedures for obtaining automatic consent from the IRS for such an accounting method change, if such change is made for the same taxable year in which the taxpayer adopts the new accounting standard.
IRS Issues Guidance on Area Gross Income Figures for Section 143: Today, the IRS issued Revenue Procedure 2018-33, which 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 section 143(a), and issuers of mortgage credit certificates, as defined in section 25(c), in computing the housing cost/income ratio described in section 143(f)(5).
IRS Warns of Fake Form W-8BEN Scam: Today, the IRS warned taxpayers of a scam in which criminals use a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. This scam is often aimed at international taxpayers and non-resident aliens and asks them to authenticate their withholding status and provide additional information. The IRS reminds taxpayers that the IRS does not require a recertification of foreign status, and any IRS impersonation scams should be reported to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by mailing phishing@irs.gov with the subject line “IRS Impersonation Scam.”
The 2017 IRS Research Bulletin Now Available Online: Today, the IRS announced that the 2017 IRS Research Bulletin is now available on the IRS’s Tax Statistics web page. This publication features selected papers from the latest IRS-Tax Policy Center Research Conference held at the Urban Institute in Washington, DC, on June 21, 2017. The conference highlighted research on tax compliance and current tax issues affecting tax administration, and facilitated dialogue among IRS researchers, tax experts from other countries, academic researchers, federal agencies, and private sector experts.