This notice provides guidance to corporations on changes made by recent legislation to federal income tax rates for corporations under § 11(b) of the Internal Revenue Code (Code) and the alternative minimum tax for corporations under § 55 and the application of § 15 in determining the federal income tax (including the alternative minimum tax) of a corporation for a tax year that begins before January 1, 2018 and ends after December 31, 2017.

This procedure modifies and supersedes sections 3.08 and 3.10 of Rev. Proc. 2018–18, 2018–10 I.R.B. 392. Section 3.08 is amended to reflect an increase in the state housing credit ceiling enacted pursuant to Division T, of the Consolidated Appropriations Act, 2018, P.L. 115–141. Section 3.10 is amended to correct an error concerning the alternative minimum tax phaseout threshold amount for estates and trusts.

This revenue procedure provides: (1) tables of limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2018; and (2) a table of amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2018. For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans.

This procedure provides general rules and specifications from the IRS for paper and computer–generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941) and Form 8974. This procedure will be reproduced as the next revision of Publication 4436. 2017–32, 2017–17 I.R.B. 1109, dated April 24, 2017, is superseded.

This procedure modifies and supersedes sections 3.08 and 3.10 of Rev. Proc. 2018–18, 2018–10 I.R.B. 392. Section 3.08 is amended to reflect an increase in the state housing credit ceiling enacted pursuant to Division T, of the Consolidated Appropriations Act, 2018, P.L. 115–141. Section 3.10 is amended to correct an error concerning the alternative minimum tax phaseout threshold amount for estates and trusts.

This notice provides transitional guidance relating to advance payments under Rev. Proc. 2004–34, 2004–1 C.B. 991, as modified and clarified by Rev. Proc. 2011–18, 2011–5 I.R.B. 443, and Rev. Proc. 2013–29, 2013–33 I.R.B. 141, and as modified by Rev. Proc. 2011–14, 2011–4 I.R.B. 330. Section 13221 of “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” Pub. L. 115–97, amended section 451 of the Internal Revenue Code. This notice provides that taxpayers, with or without applicable financial statements, receiving advance payments may continue to rely on Rev. Proc. 2004–34 until future guidance is effective.

This notice announces that the Department of the Treasury and the Internal Revenue Service intend to issue regulations providing clarification of the application of the effective date provisions concerning the repeal of section 682 of the Internal Revenue Code enacted on December 22, 2017, by “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution of the budget for fiscal year 2018,” P.L. 115–97 (Act). The regulations will provide that section 682, as in effect prior to December 22,2017, will continue to apply with regard to trust income payable to a former spouse who was divorced or legally separated under a divorce or separation instrument (as defined in section 71(b)(2)) executed on or before December 31, 2018, unless such instrument is modified after that date and the modification provides that the changes made by the Act apply to the modification. The notice also requests comments on whether guidance is needed with respect to the application of sections 672(e)(1)(A), 674(d), and 677 of the Code to trusts for the benefit of a spouse following a divorce or separation.

This procedure modifies and supersedes sections 3.08 and 3.10 of Rev. Proc. 2018–18, 2018–10 I.R.B. 392. Section 3.08 is amended to reflect an increase in the state housing credit ceiling enacted pursuant to Division T, of the Consolidated Appropriations Act, 2018, P.L. 115–141. Section 3.10 is amended to correct an error concerning the alternative minimum tax phaseout threshold amount for estates and trusts.

This procedure provides general rules and specifications from the IRS for paper and computer–generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941) and Form 8974. This procedure will be reproduced as the next revision of Publication 4436. 2017–32, 2017–17 I.R.B. 1109, dated April 24, 2017, is superseded.

This revenue procedure provides certain remedial actions that issuers of State and local tax-exempt bonds and other tax-advantaged bonds (as defined in § 1.150–1(b) of the Income Tax Regulations) may take to preserve the tax-advantaged status of the bonds when certain nonqualified uses of the bond proceeds occur.

The revenue ruling provides the dollar amounts, increased by the 2018 adjustment for inflation, to determine whether a debt instrument is a qualified debt instrument or a cash method debt instrument under section 1274A of the Internal Revenue Code.