Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 26, 2020 – October 30, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. October 26, 2020: The IRS released Rev. Proc. 2020-45 regarding inflation adjusted items for 2021. October 26, 2020: The IRS released Notice 2020-79, which sets out cost-of-living adjustments for benefits and contributions under qualified retirement plans. October 27, 2020: The IRS published corrections to TD 9901 regarding the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). October 30, 2020: The IRS and US Department of the Treasury released Proposed Regulations containing guidance on the average income test for the low-income housing tax credit. There is a public comment period until December 29, 2020. October 30, 2020: The IRS released...

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