Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 16, 2020 – November 20, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
November 16, 2020: The IRS released Notice 2020-82 related to the due date for certain contributions to defined benefit plans.
November 16, 2020: The IRS released Revenue Ruling 2020-26 updating the applicable federal rate and various other prescribed rates for December 2020.
November 16, 2020: The IRS released Notice 2020-81 updating weighted average interest rates, yield curves, and segment rates.
November 18, 2020: The IRS released Revenue Ruling 2020-27 related to deductions for expenses paid with Paycheck Protection Program (PPP) loans.
November 18, 2020: The IRS released Revenue Procedure 2020-51 providing a safe harbor for deductions for expenses paid with PPP loans when loan forgiveness is denied or the taxpayer forgoes forgiveness.
November 19, 2020: The IRS released TD 9933 containing final regulations to provide guidance regarding unrelated business taxable income of exempt organization.
November 20, 2020: The IRS released Notice 2020-83 announcing the Required Amendments List for qualified retirement plans and section 403(b) retirement plans.
November 20, 2020: The IRS released TD 9934 containing final regulations to coordinate the extraordinary disposition rule under section 245A with the disqualified basis and disqualified payment rules under section 951A.
November 20, 2020: The IRS released Internal Revenue Bulletin 2020-47, dated November 23, 2020, containing the following highlights: Rev. Proc. 2020-49 (Administrative); REG-122462-20 (Employee Plans); Rev. Proc. 2020-47 (Employee Tax); Rev. Rule. 2020-25 (Income Tax); Rev. Proc. 2020-50 (Income Tax); T.D. 9919 (Income Tax); and T.D. 9931 (Temporary Regulation).
November 20, 2020: The IRS released an audit technique guide for conservation easements.
November 20, 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, D.C. office for this week’s roundup.