IRS news.
IRS Provides Inflation Adjustments for Vehicle Depreciation Deductions
The IRS has issued a revenue procedure updating the depreciation deductions allowed for owners of passenger automobiles, trucks and vans placed in service in 2019, providing the annual inflation adjustments.
Revenue Procedure 2019-26 provides tables of limitations on depreciation deductions, along with a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2019.
The tables detailing the depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by RTC Sec. 280F(d)(7). In the revenue procedure, the term "passenger automobiles" also includes trucks and vans.
Read more at calcpa.org/IRSvehicledepreciation.
IRS Starts New Program to Identify Largest & Most Complex Corps
The IRS has made a change in how it identifies its biggest and most complex large corporations. The IRS's Large Business and International Division (LB&I) began a new application of data analytics for determining the population of its largest and most complex corporate taxpayers. This new Large Corporate Compliance (LCC) program replaces the Coordinated Industry Case program and covers compliance oversight for LB&l's largest corporate taxpayers. LCC is one of LB&l's portfolio of compliance programs.
LCC employs automatic application of the large case pointing criteria to determine the LCC population. For example, pointing criteria include items such as gross assets and gross receipts. In the past, this was done on a manual, localized basis, Automated pointing allows a more objective determination of the taxpayers that should be part of the population.
After the population is determined, data analytics is used to identify the returns that pose the highest compliance risk. The LCC program...
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