Notice 2018-62 announces that the Treasury Department and the IRS intend to issue proposed regulations providing clarification on the new rules increasing the contribution limits to ABLE accounts from certain designated beneficiaries.
Notice 2018-63 extends the application of the HFA Hardest Hit Fund safe harbor to homeowners who may be affected by the new $10,000 limitation on deductible property taxes.
Notice 2018-64 proposes a revenue procedure that provides guidance on methods for calculating W-2 wages for purposes of section 199A of the Internal Revenue Code and proposed sections 1.199A-1 through -6 of the Income Tax Regulations (26 CFR part 1), which are being published contemporaneously.
Revenue Procedure 2018-40 provides the procedures by which a small business taxpayer may obtain automatic consent to change its methods of accounting to reflect these statutory changes and requests comments containing suggestions for future guidance under sections 263A, 447, 448, 460, and 471 to implement section 13102 of the Act.
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