Notice 2018–69 extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014–5, 2014–2 I.R.B. 276, by making that relief available for plan years beginning before 2020 if the conditions of Notice 2014–5 are satisfied.

Rev. Proc. 2018–44 modifies Rev. Proc. 2018–31, 2018–22 I.R.B. 637, to provide that an eligible terminated S corporation, as defined in § 481(d)(2), required to change from the overall cash receipts and disbursements method of accounting (cash method) to an overall accrual method of accounting (accrual method) as a result of a revocation of its S corporation election, and that makes this change in method of accounting for the C corporation’s first taxable year after such revocation, is required to take into account the resulting positive or negative adjustment required by § 481(a)(2) ratably during the six-year period beginning with the year of change. This revenue procedure also provides that an eligible terminated S corporation that is permitted to continue to use the cash method after the revocation of its S corporation election and that changes to an overall accrual method for the C corporation’s first taxable year after such revocation, may take into account the resulting positive or negative adjustment required by § 481(a)(2) ratably during the six-year period beginning with the year of change.

Revenue Procedure 2018–45 provides domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after December 31, 2016.

This document contains proposed amendments to regulations regarding under section 170 of the Internal Revenue Code (Code). The proposed amendments provide rules governing the availability of charitable contribution deductions under section 170 when a taxpayer receives or expects to receive a corresponding state or local tax credit. This document also proposes amendments to the regulations under section 642(c) to apply similar rules to payments made by a trust or decedent’s estate. This document provides notification of a public hearing on these proposed regulations.