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Quickfinder Updates

The Updates page provides information supplementing that in the Quickfinder Handbooks. Updates are arranged by publication, or by development type for broader developments that may impact multiple publications (such as tax legislation or late-breaking developments impacting 2019 returns). We invite you to visit this page regularly to view the most recent updates. For continued coverage of tax developments throughout the year, we recommend the Quickfinder Tax Tips Newsletter.

1040 Quickfinder Handbook (2019 Tax Year)

  • [2/12/20] Social Security Benefits Worksheet (2019) (Page 3-11)
    • Line 3 of the worksheet should include a reference to Form 1040, line 6. Click here for the updated worksheet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [1/28/20] 2020 Form 1040 Quick Tax Method
    • Click here for the 2020 Form 1040 Quick Tax Method. At the time of publication, the IRS had not released the 2020 individual income tax brackets.
  • [1/28/20] 2019 State and Local Sales Tax Deduction (Page 3-13)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.
  • [1/23/20] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the 1040 Quickfinder Handbook and the preparation of 2019 individual income tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.

All States Quickfinder Handbook (2019 Tax Year)

  • COVID-19 Due Date Relief
    • Due to the Coronavirus (COVID-19) pandemic, the Internal Revenue Service announced federal tax due date relief for individual tax return filing deadlines and tax payment deadlines. Not all states are conforming with the updated federal deadlines.

      Click here for a Quickfinder State individual tax updated due date table.

Depreciation Quickfinder Handbook (2019 Tax Year)

  • [1/24/20] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Depreciation Quickfinder Handbook and the preparation of 2019 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Health Care Reform Quickfinder Handbook (2020 Edition)

  • [1/22/2020] Updates for New Legislation and the Release of Final IRS Forms
    • New tax legislation and IRS guidance, including the release of the 2019 Forms 1095-C and 1095-B, were released after the publication of the Handbook. A packet containing redline changes to the affected pages in your handbook has been made available here.

Individuals—Special Tax Situations Quickfinder Handbook (2019 Tax Year)

  • [1/28/20] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Individuals—Special Tax Situations Quickfinder Handbook and the preparation of 2019 individual income tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Premium Quickfinder Handbook (2019 Tax Year)

  • [3/10/20] Partnership and S Corporation Examples (Tabs 16 and 18)
    • The partnership and S corporation examples have been revised to include additional items in the computation of qualified business income. Click here for the updated pages.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [2/12/20] Social Security Benefits Worksheet (2019) (Page 3-11)
    • Line 3 of the worksheet should include a reference to Form 1040, line 6. Click here for the updated worksheet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [2/4/20] Principal Business Activity Codes — Forms 1065, 1120, and 1120S (Page 15-1)
  • [1/29/20] 2020 Federal Withholding Computation — Quick Tax Method (Page 23-1)
    • For the Quickfinder worksheet and Quick Tax Method tables for use in computing 2020 federal income tax withholding, click here.
  • [1/28/20] 2020 Form 1040 Quick Tax Method
    • Click here for the 2020 Form 1040 Quick Tax Method. At the time of publication, the IRS had not released the 2020 individual income tax brackets.
  • [1/28/20] 2019 State and Local Sales Tax Deduction (Page 3-13)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.
  • [1/28/20] Where to File: Business Returns Filing Addresses — 2019 Returns (Page 15-1)
    • For the Quickfinder table showing filing addresses for 2019 business tax returns, click here.
  • [1/24/20] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Premium Quickfinder Handbook and the preparation of 2019 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.

Quickfinder Tax Tables for Business Returns (2019 Tax Year)

  • [1/31/20] Post-publication Developments — Product Supplement
    • Developments that impact material in the Quickfinder Tax Tables for Business Returns have occurred since the product was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your product is available. Click here for the packet.

Quickfinder Tax Tables for Individual Returns (2019 Tax Year)

  • [1/31/20] Post-publication Developments — Product Supplement
    • Developments that impact material in the Quickfinder Tax Tables for Individual Returns have occurred since the product was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your product is available. Click here for the packet.

Small Business Quickfinder Handbook (2019 Tax Year)

  • [3/10/20] Partnership and S Corporation Examples (Tabs B and D)
    • The partnership and S corporation examples have been revised to include additional items in the computation of qualified business income. Click here for the updated pages.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.
  • [2/4/20] Principal Business Activity Codes — Forms 1065, 1120, and 1120S (Page A-1)
  • [1/29/20] 2020 Federal Withholding Computation — Quick Tax Method (Page I-1)
    • For the Quickfinder worksheet and Quick Tax Method tables for use in computing 2020 federal income tax withholding, click here.
  • [1/28/20] Where to File: Business Returns Filing Addresses — 2019 Returns (Page A-1)
    • For the Quickfinder table showing filing addresses for 2019 business tax returns, click here.
  • [1/22/2020] Post-publication Developments — Handbook Supplement
    • Developments that impact material in the Small Business Quickfinder Handbook and the preparation of 2019 tax returns have occurred since the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for the replacement pages for your handbook.

Tax Legislation

  • [2/4/20] Setting Every Community Up for Retirement Enhancement (SECURE) Act
    • The Further Consolidated Appropriations Act, 2020 (Public Law 116-94, enacted on December 20, 2019) includes the SECURE Act. The SECURE Act expands opportunities for individuals to increase their retirement savings, increases small business access to retirement plans, and makes administrative simplifications to the retirement system. The SECURE Act is widely considered the most significant retirement legislation since the Pension Protection Act of 2006.

      Click here for a Quickfinder table that summarizes the major provisions of the SECURE Act.
  • [1/21/20] Taxpayer Certainty and Disaster Tax Relief Act of 2019
    • The Further Consolidated Appropriations Act, 2020 (Public Law 116-94, enacted on December 20, 2019) includes the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Disaster Act). The Disaster Act retroactively extends certain expired provisions, generally through 2020. This means that taxpayers can apply many of these provisions to 2019 and later and already-filed 2018 tax returns. The Disaster Act also provides relief for taxpayers affected by qualified disasters occurring from January 1, 2018 through January 19, 2020. In addition, the Disaster Act includes other provisions not related to expired provisions or disasters.

      Staying true to the Quickfinder tradition of providing often-needed reference information in a concise, easy-to-use format, we’ve created tables that summarize the Disaster Act provisions.

      Click here for the Quickfinder table summarizing the extender provisions of the Disaster Act.

      Click here for the Quickfinder table summarizing the disaster relief provisions of the Disaster Act.

Tax Planning for Individuals Quickfinder Handbook (2020 Edition)

  • [7/13/20] 2020 Vehicle Depreciation Limits and Lease Income Inclusion Table (Pages 1-33, 4-5, 4-6 and 4-7)
    • The IRS has released the Section 280F depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2020. For passenger autos acquired after 9/27/17, placed in service during 2020, and subject to bonus depreciation under IRC Sec. 168(k), the depreciation limits are $18,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. For passenger autos placed in service during 2020 that are not subject to Section 168(k) bonus depreciation, the depreciation limits are $10,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. The IRS also has released the lease inclusion amounts for lessees of passenger autos first leased in 2020. Click on the following link for the text of Rev. Proc. 2020-37.

Late-breaking Developments Impacting 2019 Returns*
*Developments occurring after publication of handbooks but impacting 2019 returns

  • [4/9/20] COVID-19 Tax Legislation
    • The Families First Coronavirus Response Act (FFCRA) (Public Law 116-127, enacted on March 18, 2020) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Public Law 116-136, enacted on March 27, 2020) include tax provisions intended to ease the economic consequences stemming from the COVID-19 pandemic caused by the coronavirus.

      Click here for a Quickfinder summary of the major tax provisions of the FFCRA and the CARES Act.
  • [3/31/20] Filing and Payment Postponements
    • Relief Extended to Gift and Generation-skipping Transfer Tax Returns. In Notice 2020-18, the IRS announced that the due date for filing federal income tax returns has been automatically extended from 4/15/20 to 7/15/20. Also, taxpayers can defer federal income tax payments due on 4/15/20 to 7/15/20 without penalties and interest regardless of the amount owed. The IRS has now extended this relief to all taxpayers who have federal gift (and generation-skipping transfer) tax returns and payments due on 4/15/20. Therefore, the due date for filing Form 709 has been automatically postponed until 7/15/20. In addition, associated interest, additions to tax, and penalties for late filing or late payment will be suspended until 7/15/20 (Notice 2020-20, amplifying Notice 2020-18).
  • [3/26/20] Filing and Payment Postponements
    • IRS Provides 90-day Filing Extension. The IRS has announced that the due date for filing federal income tax returns has been automatically extended from 4/15/20 to 7/15/20. Taxpayers also can defer federal income tax payments due on 4/15/20 to 7/15/20 without penalties and interest regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, and other noncorporate tax filers, as well as those who pay self-employment tax. Taxpayers do not need to file additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individuals who need additional time to file beyond the 7/15/20 deadline can request an extension by filing Form 4868. Businesses that need additional time must file Form 7004. The IRS urges taxpayers who are due a refund to file as soon as possible. Notice 2020-17, which only provided a 90-day tax payment extension, has been superseded (Notice 2020-18 and News Release IR-2020-58).
    • IRS FAQs Address 90-day Filing and Payment Extension. The IRS has released a set of Frequently Asked Questions (FAQs) that clarifies certain aspects of the 90-day filing and payment extension provided in Notice 2020-18. Among other things, the FAQs explain that Notice 2020-18 postpones the filing and payment of federal income taxes reported on Forms 1040, 1041, 1120, 8960, 8991, and 990-T (if that form is due to be filed on 4/15/20). The due date has not been postponed for Forms 1065, 1065-B, 1066, 1120-S, payroll taxes, excise taxes, estate and gift taxes, and Form 990-T (if that form is due 5/15/20). The FAQs also provide that the deadline for making contributions to an IRA, HSA, or Archer MSA for 2019 has been extended to 7/15/20. The IRS continues to consider additional guidance on these issues and cautions taxpayers that FAQs are not citable as legal authority. The FAQs can be accessed at www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.
  • [2/10/20] Recent Developments Roundup
    • Application for Tax-exempt Status Must Be Filed Electronically. Effective 1/31/20, organizations must electronically file Form 1023 [Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code ] via www.pay.gov. The IRS, however, will provide a 90-day grace period (until 4/30/20) during which it will continue to accept paper versions of Form 1023. (The filing must be postmarked on or before 4/30/20.) According to the IRS, the new electronic filing requirement will reduce errors and provide a smoother application process for charitable organizations. In addition, the IRS expects the electronic Form 1023 benefits to mirror those realized when Form 1023-EZ [Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code ] went online in 2014. Applicants filing Form 1023 will need to submit the required user fee, which is $600 for 2020 (News Release IR-2020-25 and Rev. Proc. 2020-8).
    • Final Regulations on Personal Use of Employer-provided Vehicles. The IRS has issued final regulations (TD 9893) on the fleet-average and vehicle cents-per-mile valuation rules for employer-provided vehicles. The final rules reflect changes made by the Tax Cuts and Jobs Act to the depreciation limits in IRC Sec. 280F and formalize guidance found in Notices 2019-8 and 2019-34. Effective for the 2018 calendar year, the final regulations increase a vehicle’s maximum base fair market value under the fleet-average or vehicle cents-per-mile valuation rule to $50,000 (adjusted annually for inflation). Inflation-adjusted amounts will be included in the annual notice providing standard mileage rates and the maximum standard automobile cost for purposes of an allowance under a fixed and variable rate plan. The final regulations, which adopt without substantive change regulations proposed in August 2019, apply to tax years beginning on or after 2/5/20. However, taxpayers may choose to apply the regulations beginning on or after 1/1/18 (Reg. 1.61-21).
    • Relief for Reporting Required Minimum Distributions. Enacted on 12/20/19, the Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the start date for Required Minimum Distributions (RMDs) from age 70½ to age 72. The IRS has announced that it is providing relief to financial institutions that were expected to provide RMD statements to IRA owners by 1/31/20. If an RMD statement is provided for 2020 to an IRA owner who will turn age 70½ in 2020, the IRS will not consider the statement to be incorrect, but only if the financial institution notifies the IRA owner no later than 4/15/20 that no RMD is due for 2020. The IRS also encourages all financial institutions, in communicating these RMD changes, to remind IRA owners who reached age 70½ in 2019, and have not yet taken their 2019 RMDs, that they are still required to take those distributions by 4/1/20 (News Release IR-2020-19 and Notice 2020-6).
    • IRS Provides Guidance on UBIT Refunds for Qualified Transportation. The Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Disaster Act) retroactively repealed IRC Sec. 512(a)(7), which increased Unrelated Business Taxable Income by amounts paid or incurred for qualified transportation fringes. The IRS has announced that tax-exempt organizations may claim a refund or credit of the Unrelated Business Income Tax attributable to IRC Sec. 512(a)(7) by filing an amended Form 990-T with the phrase “Amended Return” written at the top of the form. If the amended return is being filed only to claim a refund or credit due to the repeal of IRC Sec. 512(a)(7), nonprofits should write “Amended Return—Section 512(a)(7) Repeal” at the top of the form. There are other requirements as well, depending on whether a refund is being claimed for 2017 or 2018. More information is available at www.irs.gov/forms-pubs/how-to-claim-a-refund-or-credit-of-unrelated-business-income-tax-ubit-or-adjust-form-990-t-for-qualified-transportation-fringe-amounts.
    • Tax Relief for Certain Students Whose Education Loans Were Discharged. In Rev. Procs. 2015-57, 2017-24, and 2018-39, the IRS announced that taxpayers, who took out federal and private student loans to finance attendance at schools owned by Corinthian College, Inc. (CCI) and American Career Institutes, Inc. (ACI) and whose loans were discharged, didn’t have to recognize gross income as a result of the debt discharge. In a recent Revenue Procedure, the IRS has extended this relief to all taxpayers who took out federal or private student loans to attend nonprofit or for-profit schools and whose federal loans were discharged under the Department of Education’s Defense to Repayment or Closed School discharge processes or where private loans were discharged based on settlements of certain types of legal causes of action. These taxpayers will not be required to increase taxes for prior claimed credits or deductions attributable to the loans, and creditors will not be required to file information returns for the discharged debt (Rev. Proc. 2020-11).
    • 2020 Standard Mileage Rates. Beginning 1/1/20, the standard mileage rates for cars, vans, pickups, and panel trucks are 57.5 cents per mile for business purposes, 17 cents per mile for medical or moving purposes, and 14 cents per mile for charitable purposes. However, the rates cannot be used to claim an itemized deduction for unreimbursed employee travel expenses or for moving expenses (except for certain members of the U.S. Armed Forces). The portion of the business standard mileage rate treated as depreciation is 24 cents per mile for 2016, 25 cents per mile for 2017 and 2018, 26 cents per mile for 2019, and 27 cents per mile for 2020. When computing the allowance under a Fixed and Variable Rate (FAVR) plan, the standard vehicle cost cannot exceed $50,400 for autos, trucks, or vans. The same value is used for purposes of the fleet-average and vehicle cents-per-mile valuation rules (Notice 2020-5).
    • Final Regulations on Qualified Opportunity Zones. The IRS released final regulations on investing in Qualified Opportunity Zones (QOZs). The final rules retain the general approach of regulations proposed on 10/28/18 and 5/1/19, but introduce certain modifications. Among other things, the final regulations (1) provide additional guidance on the election to temporarily defer the inclusion of certain eligible gain; (2) address the ability to increase the basis of a qualifying investment to fair market value after 10 years; (3) provide a list of income inclusion events and how to compute the income inclusion amount at the time of the event; (4) clarify how an entity becomes a Qualified Opportunity Fund (QOF) or QOZ business; and (5) provide additional guidance on the QOZ business property rules (TD 9889 and News Release IR-2019-212).
    • Proposed Regulations on Payments to Charitable Entities. The IRS has issued proposed regulations that would amend current regulations under IRC Secs. 162, 164, and 170. Specifically, the proposed regulations would update existing regulations to reflect current law regarding the application of IRC Sec. 162 to a taxpayer who makes a payment or transfer to a Section 170(c) entity for a business purpose. In addition, the proposed regulations would provide safe harbors under (1) IRC Sec. 162 for payments made by business entities to a Section 170(c) entity and (2) IRC Sec. 164 for payments made to a Section 170(c) entity by individuals who itemize deductions and receive (or expect to receive) a state or local tax credit in return. Lastly, the proposed regulations would update the Section 170 regulations to reflect past guidance and case law regarding the application of the quid pro quo principle to benefits received (or expected to be received) by a donor from a third party (REG-107431-19).
    • IRS Delays Certain Partnership Reporting Requirements. The IRS announced that the requirement to report partners’ shares of partnership capital on the tax basis method won’t be effective until 2020. For 2019, capital accounts must be reported according to the 2018 Form 1065 and its instructions, which allow tax basis, Section 704(b), GAAP, or any other method. However, negative tax basis capital accounts must be reported on a partner-by-partner basis on line 20 of Schedule K-1, using Code AH. In addition, the IRS clarified the 2019 requirement for partnerships to report a partner’s share of net unrecognized Section 704(c) gain or loss. Publicly traded partnerships, however, are exempt from this requirement until further notice. The IRS also delayed reporting requirements regarding separate Section 465 at-risk activities until 2020. Taxpayers who report their activities in accordance with this guidance will receive penalty relief (Notice 2019-66).
    • Extension Allowed for Providing Certain Health Coverage Forms to Individuals. The IRS announced an automatic extension of the due date for providing 2019 health coverage information reporting forms to individuals. Insurers, self-insuring employers, certain other coverage providers, and applicable large employers now have until 3/2/20, rather than 1/31/20, to issue 2019 Form 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) to individuals. The good-faith transition relief provided from penalties under IRC Secs. 6721 and 6722 also is extended to the 2019 information reporting requirements. Due to the individual shared responsibility penalty being reduced to zero in 2019, additional Section 6722 penalty relief is provided to reporting entities that fail to furnish a 2019 Form 1095-B to responsible individuals, if certain conditions are met. The due date for employers and providers to file 2019 Form 1094-B, Form 1095-B, Form 1094-C, or Form 1095-C with the IRS has not been extended. The due date for these forms remains 2/28/20, or 3/31/20 if filing electronically (Notice 2019-63).
    • Final Regulations Address Increase in Estate and Gift Tax Exclusion. For estates of decedents dying and gifts made after 2017 and before 2026, the Tax Cuts and Jobs Act (TCJA) doubles the basic exclusion amount from $5 million to $10 million, as adjusted for inflation ($11.4 million and $11.58 million for 2019 and 2020, respectively). Under final regulations (TD 9884), taxpayers who take advantage of the increased exclusion won’t be adversely affected when it reverts to the pre-TCJA amount in 2026. In that situation, if the portion of the allowable credit amount as of the decedent’s date of death is less than the sum of the credit amounts that were allowable in computing gift tax payable, the estate tax credit is based on the greater of the two amounts. The final regulations adopt, with certain revisions, regulations proposed in November 2018 (Regs. 20.2010-1 and -3).
    • Cash Reimbursements for Malfunctioning Transit Passes are Taxable. In a Chief Counsel Advice (CCA), the IRS concluded that cash reimbursements to transit pass users with malfunctioning cards aren’t qualified transportation fringe benefits under IRC Sec. 132(f). According to the CCA, malfunctions in the card (for example, the chip stops working), or malfunctions in the system reading the card (for example, the card reader goes down during the commute), don’t change the fact that the transit pass was readily available to the employer for distribution. Since the employee had a valid card, it would be the transportation system’s responsibility to honor it and address possible technical malfunctions. Therefore, the value of any cash reimbursement for expenses incurred in the use of transit due to malfunctioning cards or systems must be (1) included in the employee’s income and (2) treated as wages subject to FICA, FUTA, and income tax withholding (CCA 201949019).
    • IRS Updates Per Diem Rate Rules. The IRS has modified Rev. Proc. 2011-47, which provides rules regarding the per diem method of substantiating business expenses paid or incurred while traveling away from home. Specifically, the rules have been updated to reflect the Tax Cuts and Jobs Act’s (1) suspension of miscellaneous itemized deductions for tax years 2018–2025 (the suspension period ) and (2) disallowance of deductions for expenses paid or incurred after 2017 for entertainment, amusement, or recreation. In general, a taxpayer may not deduct unreimbursed employee travel expenses as miscellaneous itemized deductions subject to the 2%-of-adjusted-gross-income floor during the suspension period. However, certain specified employees (qualified performing artists and eligible educators, for example) and self-employed individuals may use a per diem rate for meals and incidental expenses (or incidental expenses only). The updated Revenue Procedure is effective for per diem allowances that are paid to an employee on or after 11/26/19, for travel away from home on or after 11/26/19 (Rev. Proc. 2019-48).
    • IRS Updates Standard Mileage Rate Guidance. The IRS has modified Rev. Proc. 2010-51, which provides rules for using optional standard mileage rates to calculate the deductible costs of operating an auto for business, charitable, medical, or moving purposes. Specifically, the rules have been updated to reflect changes made by the Tax Cuts and Jobs Act. For example, taxpayers may not use the business standard mileage rate to claim a miscellaneous itemized deduction for tax years 2018–2025 (the suspension period). In addition, the deduction for moving expenses during the suspension period doesn’t apply unless the taxpayer is a member of the Armed Forces on active duty moving pursuant to a military order and incident to a permanent change of station. The updated Revenue Procedure is effective for (1) deductible transportation expenses paid or incurred on or after 11/14/19, (2) mileage allowances or reimbursements paid to an employee or a charitable volunteer on or after 11/14/19, and (3) mileage allowances or reimbursements for transportation expenses the employee or charitable volunteer pays or incurs on or after 11/14/19 (Rev. Proc. 2019-46).
    • IRS Updates List of Automatic Accounting Method Changes. The IRS released a Revenue Procedure that updates the list of accounting method changes subject to automatic consent procedures. Among other things, the guidance modifies change procedures for (1) certain sale, lease, or financing transactions; (2) tenant construction allowances; (3) streamlined method changes for taxpayers without an applicable financial statement; and (4) a change in basis of computing reserves under IRC Sec. 807(f). Also, obsolete material has been removed from the list. The Revenue Procedure generally replaces former guidance issued in Rev. Proc. 2018-31 and applies to a Form 3115 (Application for Change in Accounting Method) filed on or after 11/8/19 for a year of change ending on or after 3/31/19 (Rev. Proc. 2019-43).