Weekly IRS Roundup October 19 – October 23, 2020

By on October 27, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 19, 2020 – October 23, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

October 20, 2020: The IRS released Announcement 20-40 regarding the effective date of the termination of the shipping agreement between the United States and Hong Kong.

October 22, 2020: The IRS released Draft Instructions to Form 1065, which include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).

October 23, 2020: The IRS released a statement notifying taxpayers that the IRS will resume issuing 500 series balance due notices.

October 23, 2020: The IRS released Internal Revenue Bulletin 2020-44, dated October 26, 2020, containing the following highlights: TD 9924 (Employment Tax) and TD 9910 (Income Tax).

October 23, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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

AvatarMcDermott Will & Emery
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices, industries and more than 20 locations to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.

STAY CONNECTED

TOPICS

ARCHIVES