Document summaries for the week of Feb. 18, 2019

IRS PROCEDURE

IRS acquiesces in Boston Bruins meal expense case

The IRS acquiesced in result only to Jacobs, 148 T.C. 490 (2017), in which the Boston Bruins hockey team’s expenses for providing pregame meals at away city hotels were held to be fully deductible because they were provided at employer-operated facilities. Action on Decision 2019-01 (2/19/19).

Final regs. address private activity bond requirements

The IRS issued final regulations that update the existing regulations to reflect changes in the Code and to provide issuers of private activity bonds additional flexibility in satisfying the requirement that, to qualify as tax exempt, a private activity bond must be approved by both the governmental unit issuing it and by the governmental unit where the financed property will be located. T.D. 9845 (2/19/19).

 

PARTNERSHIPS

Final centralized partnership audit regulations issued

The IRS issued final regulations implementing the centralized partnership audit regime that now governs partnership audit procedures. T.D. 9844 (2/22/19) (see related news story).

 

STATE & LOCAL TAXES

West Virginia tax law cannot favor state law enforcement retirees

The U.S. Supreme Court held that the state of West Virginia cannot provide a tax exemption to state law enforcement retirees while denying that exemption to federal law enforcement retirees who performed similar jobs. Dawson v. Steager, No. 17-419 (U.S. 2/20/19) (see related news story).

Tax Insider Articles
Tax Clinic

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.