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).
Business meal deductions after the TCJA
Quirks spurred by COVID-19 tax relief