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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...

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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.

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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)....

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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...

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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...

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Weekly IRS Roundup January 11 – January 15, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 11, 2021 – January 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. January 11, 2021: The IRS released TD 9948 containing final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air. January 11, 2021: The IRS released TD 9938 setting forth final regulations related to the excise tax on remuneration in excess of $1 million and any excess parachute payment paid by certain tax-exempt organizations to covered employees. January 12, 2021: The IRS released TD 9946 containing final regulations related to the deduction and reporting of certain fines, penalties and other amounts. January 13, 2021: The IRS released TD 9949 providing final regulations concerning the application of the employer shared...

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Weekly IRS Roundup December 28, 2020 – January 8, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the weeks of December 28, 2020 – January 8, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. December 29, 2020: The IRS released Revenue Procedure 21-09 providing a procedure for a trade or business that manages or operates a qualified residential living facility to elect to be treated as a real property trade or business for purposes of section 163(j). December 31, 2020: The IRS issued Notice 21-05 clarifying and modifying the beginning of construction requirement for qualified facility and energy property projects under sections 45 and 48. December 31, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice). December 31, 2020: The IRS released Internal Revenue Bulletin 2021-1, dated January...

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Weekly IRS Roundup December 21 – December 26, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 21 – December 26, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. December 21, 2020: The IRS released TD 9941 containing final regulations regarding the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services and certain other items. December 22, 2020: The IRS issued Notice 21-02 providing the standard mileage rate for 2021. December 22, 2020: The IRS issued Notice 21-03 extending temporary relief from the physical presence requirement for spousal consents under certain qualified retirement plans. December 22, 2020: The IRS issued Notice 21-04 extending temporary relief for certain dyed fuel removals related to the West Shore Pipeline shutdown. December 23, 2020: The IRS released TD 9942...

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Weekly IRS Roundup December 14 – December 18, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 14 – December 18, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. December 14, 2020: The IRS released Notice 2020-88 updating and amplifying procedures for Phase III of the section 48A advanced coal credit. December 16, 2020: The IRS issued Revenue Ruling 21-01 providing various rates for determining the issue price of certain debt instruments issued for property. December 16, 2020: The IRS issued Notice 21-01 delaying mandatory e-filing of Form 4720 by private foundations and announcing certain other changes. December 18, 2020: The IRS released TD 9932 containing final regulations under Section 162(m) related to the employer deduction for certain employee remuneration in excess of $1 million. December 18, 2020: The IRS released Internal Revenue Bulletin 2020-52,...

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Let’s All Stop and Reflect for a Moment

In a recent article for the American Bar Association's ABA Tax Times, McDermott partner Andrew R. Roberson reflected on 2020 and the importance of giving back. “From COVID-19 to the Black Lives Matter movement; from home office and Zoom to remote learning for students; and so on—these events have impacted us all, both on professional and personal levels.” Access the article.

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