This notice provides guidance regarding the issuance of tax-exempt State and local bonds under section 103 of the Internal Revenue Code and tax-exempt Indian tribal government bonds under section 7871 in current refunding issues (as defined in section 1.150-1(d)(3)).

The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 requires the establishment of a voluntary certification program for professional employer organizations. A professional employer organization, sometimes referred to as an employee leasing company, is an organization that enters into an agreement with a client to perform some or all of the federal employment tax withholding, reporting, and payment functions related to workers performing services for the client. Being certified by the IRS as a certified professional employer organization (CPEO) has certain federal employment tax consequences for both the CPEO and its customers and clients. These proposed regulations describe the requirements a person must satisfy in order to become and remain a CPEO, and set forth the federal employment tax liabilities and other obligations of persons certified by the IRS as CPEOs.

The final regulations reduce the amount determined under section 956 of the Internal Revenue Code with respect to certain domestic corporations. The final regulations affect certain domestic corporations that own (or are treated as owning) stock in foreign corporations.

26 CFR 1.956-1: Shareholder’s pro rata share of the average of the amounts of United States property held by a controlled foreign corporation.

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 2019; 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 2019. The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7). For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans.

Notice 2019-32, 2019-21 I.R.B. 1187 (May 20, 2019), contains a typographical error in the first sentence of section 4.01 on page 1189. The sentence states that comments may be submitted in writing on or before Thursday, June 4, 2019. The correct date is July 4, 2019. The sentence is amended to delete “June 4,” and replace it with “July 4.”