These regulations finalize the removal of the 30-day automatic extension of time to file information returns that report wages and tax (the Form W-2 series), and also remove the 30-day automatic extension of time to file forms that report nonemployee compensation (currently Forms 1099–MISC with information in box 7). Businesses that compensate employees or third parties for services may be affected by these regulations.

These regulations finalize the removal of the 30-day automatic extension of time to file information returns that report wages and tax (the Form W-2 series), and also remove the 30-day automatic extension of time to file forms that report nonemployee compensation (currently Forms 1099–MISC with information in box 7). Businesses that compensate employees or third parties for services may be affected by these regulations.

Special Use Value: Farms: Interest Rates.

The 2018 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estate of decedents.

This notice announces that the Treasury Department and the IRS intend to issue proposed regulations providing clarification regarding the new rules increasing the contribution limits to ABLE accounts from certain designated beneficiaries. In addition to the annual gift tax exclusion amount, a designated beneficiary who works may also contribute up to the lesser of these amounts: (1) the designated beneficiary’s compensation for the tax year, or (2) the poverty line for a one-person household in the state in which the designated beneficiary lives. An employed designated beneficiary is not eligible for the increased contribution limit for the taxable year if any contribution is made on behalf of the employee to a 401(a) defined contribution plan or 403(a) annuity contract, a 403(b) annuity contract, or a 457(b) eligible deferred compensation plan.

These regulations finalize the removal of the 30-day automatic extension of time to file information returns that report wages and tax (the Form W-2 series), and also remove the 30-day automatic extension of time to file forms that report nonemployee compensation (currently Forms 1099–MISC with information in box 7). Businesses that compensate employees or third parties for services may be affected by these regulations.

This notice amplifies and modifies Notice 2017–40, 2017–32 I.R.B. 190, to extend the application of the safe harbor method in that notice to homeowners participating in the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HFA Hardest Hit Fund) who may be affected by the new limitation in § 164(b)(6)(B) on the amount of deductible real property taxes. The safe harbor is modified to permit a participating taxpayer to allocate mortgage payments actually made during a taxable year first to deductible mortgage interest.

This revenue procedure extends relief provided in Rev. Proc. 2015–57, 2015–51 I.R.B. 863 and Rev. Proc. 2017–24, 2017–7 I.R.B. 916, to taxpayers who took out private student loans to finance attendance at a school owned by Corinthian College, Inc. (CCI) or American Career Institutes, Inc. (ACI), and whose private student loans were discharged based on a settlement of a legal cause of action against CCI, ACI and certain private lenders. This revenue procedure also provides that the Internal Revenue Service will not assert that the creditor must file information returns and furnish payee statements as a result of discharging these loans.

Section 13102 of “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” P.L. 115-97 (the “Act”), amended § 448 of the Internal Revenue Code to expand the number of small business taxpayers eligible to use the cash receipts and disbursements method of accounting. Section 13102 of the Act also amended the Code to exempt small business taxpayers from the requirements to capitalize costs, including for certain home construction contracts, under § 263A, to account for certain long-term contracts under § 460, and to account for inventories under § 471. This revenue procedure 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 §§ 263A, 447, 448, 460, and 471 to implement section 13102 of the Act.