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In May, with News Release IR201995, the IRS announced that its Large Business and International (LB&I) Division began a compliance program to replace its Coordinated Industry Case program. The new program, called Large Corporate Compliance (LCC), uses data analytics to identify the largest and most complex corporate taxpayers by such criteria as gross assets and gross receipts. Previously, selecting target corporations “was done on a manual, localized basis” that LCC will perform more efficiently and objectively, the IRS said. Data analytics are further used to identify returns that LCC deems pose the highest compliance risk.

In Rev. Proc. 201926, the IRS provided the limitations on depreciation deductions for passenger cars, trucks, and vans first placed in service in 2019.

For passenger automobiles to which the Sec. 168(k) additional (bonus) firstyear depreciation deduction applies and that were acquired before Sept. 28, 2017, and placed in service during calendar year 2019, the depreciation limit under Sec. 280F(d)(7) is $14,900 for the first tax year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year.

For passenger automobiles to which the Sec. 168(k) additional (bonus) firstyear depreciation deduction applies and that are acquired after Sept. 27, 2017, and placed in service during calendar year 2019, the depreciation limit under Sec. 280F(d)(7) is $18,100 for the first tax year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year.

For passenger automobiles for which no bonus firstyear depreciation deduction applies, the depreciation limit under Sec. 280F(d)(7) is $10,100 for the first tax year; $16,100 for the second tax year; $9,700 for the third tax year; and $5,760 for each succeeding year.

The IRS in Rev. Proc. 201925 provided the 2020 inflationadjusted limits on deductible or excludable contributions to a health savings account (HSA): $3,550 for individuals with selfonly coverage under a highdeductible health plan (HDHP) (a $50 increase from 2019) and $7,100 for family coverage (a $100 increase from 2019).

The limits on annual deductibles are also subject to annual inflation adjustments. For 2020, the lower limit on the annual deductible for an HDHP is $1,400 for selfonly coverage and $2,800 for family coverage, both increased from 2019. The upper limit for outofpocket expenses is $6,900 for selfonly coverage and $13,800 for family coverage, both increased from 2019.

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