Overview
Senate and House to Vote on Continuing Resolution: Senate Majority Leader Mitch McConnell (R-KY) announced on the Senate floor that he would “introduce a continuing resolution that will ensure continuous funding for the federal government . . . through February 8th.” According to press reports, the House is expected to vote on the package Thursday.
IRS Reminds Taxpayers to Make Estimated Tax Payments: The IRS issued a news release reminding taxpayers that the deadline for making an estimated tax payment for the fourth quarter of 2018 is Tuesday, January 15, 2019. After noting changes in law under the Tax Cuts and Jobs Act, the release states:
Though most 2018 tax filers are still expected to get refunds, the number who owe tax, and in some cases a penalty, is likely to be larger than in recent years, and many of them are likely to be people who have always gotten refunds.
European Commission Finds Certain Gibraltar Tax Exemptions, Rulings Violate State Aid Rules: The European Commission announced its finding that Gibraltar’s corporate tax exemption regime for interest and royalties, as well as five tax rulings, are illegal under EU state aid rules. The announcement states that the beneficiaries now have to return unpaid taxes of around €100 million to Gibraltar. The non-confidential version of the decision should be made available on the Commission’s competition website once any confidentiality issues have been resolved.
Miscellaneous Guidance Released:
Notice 2019-04 extends the dyed fuel relief initially provided in Notice 2017-30 then extended through December 31, 2018, by Notice 2018-39. The relief provided in this notice takes effect beginning January 1, 2019, and ending December 31, 2019.
Rev. Proc. 2019-06 prescribes the unpaid loss discount factors and salvage discount factors for the 2018 accident year. The discount factors are determined under section 846, as amended by the TCJA, and proposed regulations published in November.