Income Tax

REV. RUL. 2018–27, page 546. Federal rates; adjusted federal rates; adjusted federal longterm rate, the long-term exempt rate, and the blended annual rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for October 2018.

REV. PROC. 2018–49, page 548. Rev. Proc. 2018–49 modifies Rev. Proc. 2018–29, 2018–22 I.R.B. 634, and Rev. Proc. 2018–31, 2018–22 I.R.B. 637, to allow a taxpayer that early adopted a method of recognizing revenues described in the new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (New Standards) to change its method of accounting for the recognition of income for federal income tax purposes to a method of recognizing revenues described in the New Standards under section 16.11 of Rev. Proc. 2018–31.

Notice 2018–71, page 548. The notice provides guidance on the employer credit for paid family and medical leave under Code section 45S. The credit may be claimed by eligible employers and is equal to a percentage of wages paid to qualifying employees while they are on family and