Weekly IRS Roundup February 15 – February 19, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 15, 2021 – February 19, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

February 16, 2021: The IRS issued Revenue Ruling 21-05, which provides the applicable short-, mid- and long-term applicable federal rates for the month of March. These rates are used for purposes of section 1274(d), which relates to the determination of issue price in the case of certain debt instruments issued for property.

February 16, 2021: The IRS issued Notice 21-16 providing guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used in section 417(e)(3) and the 24-month average segment rates under section 430(h)(2). In addition, the notice provides guidance as to the interest rate on 30-year US Department of the Treasury securities under section 417(e)(3)(A)(ii)(II) and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).

February 18, 2021: The IRS issued Notice 21-15 clarifying the application of section 214 which provides temporary special rules for health flexible spending arrangements and dependent care assistance programs under section 125 cafeteria plans. (For more information, see our On the Subject here.)

February 18, 2021: The IRS released Internal Revenue Bulletin 2021-8, dated February 22, 2021, containing the following highlights: Announcement 2021-2 (Administrative); Announcement 2021-3 (Administrative); and Rev. Proc. 2021-15 (Administrative).

February 19, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Samuel DiPietro in our Chicago office for this week’s roundup.



Weekly IRS Roundup February 8 – February 12, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 8, 2021 – February 12, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

On February 9, the Internal Revenue Service announced that Nancy Sieger would permanently fill the role of chief information officer. Nancy has served as the acting chief information officer since June 2019.

February 11, 2021: The IRS released Internal Revenue Bulletin 2021-7, dated February 16, 2021, containing the following highlights: TD 9938 (Excise Tax; Exempt Organizations); Notice 2021-10 (Income Tax).

February 12, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Samuel DiPietro in our Chicago office for this week’s roundup.



Weekly IRS Roundup February 1 – February 5, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 1, 2021 – February 5, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

February 4, 2021: The IRS published Rev. Proc. 2021-15 providing a safe harbor for eligible educators to treat unreimbursed expenses paid or incurred after March 12, 2020, for COVID-19 protective items to stop the spread of COVID-19 in the classroom.

February 5, 2021: The IRS announced that Heather C. Maloy would replace Lia Colbert as the director of the Taxpayer First Act Office.

February 5, 2021: The IRS issued a news release reminding taxpayers to avoid “ghost” tax return preparers who refuse to sign tax returns they prepare.

February 5, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

February 6, 2021: The IRS released Internal Revenue Bulletin 2021-6, dated February 8, 2021, containing the following highlights: Notice 2021-6 (Administrative); Notice 2021-11(Administrative; Employment Tax); Notice 2021-12 (Income Tax); Rev. Proc. 2021-11 (Income Tax); Rev. Rul. 2021-4 (Income Tax); TD 9946 (Income Tax); TD 9947 (Income Tax); TD 9948 (Income Tax); Notice 2021-8 (Income Tax; Administrative); Notice 2021-13 (Income Tax; Administrative).

Special thanks to Samuel DiPietro in our Chicago office for this week’s roundup.



Weekly IRS Roundup January 25 – January 29, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 25, 2021 – January 29, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

On January 20, President Biden’s chief of staff, Ronald Klain, issued a memorandum freezing the publication of rules in the Federal Register pending additional review by presidential designees or appointees. As a result, there may be delays in the official publication of pending IRS actions.

January 29, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 29, 2021: The IRS released Internal Revenue Bulletin 2021-5, dated February 1, 2021, containing the following highlights: REG-115057-20 (Administrative); Notice 2021-9 (Employee Plans); Rev. Rul. 2021-3 (Employee Plans); REG-111950-20 (Income Tax); Rev. Proc. 2021-12 (Income Tax); TD 9936 (Income Tax); TD 9943 (Income Tax); TD 9945 (Income Tax).

Special thanks to Brian Moore in our Washington, DC, office for this week’s roundup.



Weekly IRS Roundup January 18 – January 22, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 18, 2021 – January 22, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

On January 20, President Biden’s chief of staff, Ronald Klain, issued a memorandum freezing the publication of rules in the Federal Register pending additional review by presidential designees or appointees. As a result, there may be delays in the official publication of pending IRS actions.

January 19, 2021: The IRS released Notice 21-08 providing a waiver of the addition to tax for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the amendment to section 461(l)(1)(B) contained in the Coronavirus Aid, Relief and Economic Security (CARES) Act.

January 19, 2021: The IRS issued Rev. Rul. 21-04 updating the applicable federal rate and various other prescribed rates for February 2021.

January 19, 2021: The IRS issued Notice 21-09 updating weighted average interest rates, yield curves and segment rates.

January 19, 2021: The IRS released Notice 21-06 waiving the requirement to file information returns or furnish payee statements related to certain COVID-19 relief programs.

January 19, 2021: The IRS posted Notice 21-11 extending relief for employers to withhold and pay certain taxes because of the ongoing COVID-19 pandemic.

January 19, 2021: The IRS posted Notice 21-10 extending and providing additional relief for Qualified Opportunity Funds and their investors because of the ongoing COVID-19 pandemic

January 19, 2021: The IRS announced Notice 21-13 providing relief for partnerships from certain penalties related to the reporting of partners’ beginning capital account balances.

January 22, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 22, 2021: The IRS released Internal Revenue Bulletin 2021-4, dated January 25, 2021, containing the following highlights: Rev. Proc. 2021-8 (Exempt Organizations); TD 9937 (Employee Plans); Rev. Proc. 2021-10 (Income Tax); Rev. Rul. 2021-2 (Income Tax); Ann. 2021-1 (Tax Conventions).

Special thanks to Brian Moore in our Washington, DC, office for this week’s roundup.



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