Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 23, 2020 – November 27, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

November 23, 2020: The IRS released TD 9935, providing final regulations implementing statutory changes to the treatment of like-kind exchanges.

November 23, 2020: The IRS issued a News Release announcing a research partnership to improve IRS procurement operations.

November 24, 2020: The IRS released Notice 2020-84 announcing the adjusted applicable dollar amount for calculating the fee imposed by sections 4375 and 4376 for certain health plans.

November 25, 2020: The IRS updated FAQs providing guidance on What Is an Eligible Employer for COVID-19-related tax credit purposes and How to Claim the Credits.

November 27, 2020: The IRS released Internal Revenue Bulletin 2020-49, dated November 30, 2020, containing the following highlights: Notice 2020-81 (Employee Plans); Notice 2020-82 (Employee Plans); TD 9929 (Employee Plans); TD 9930 (Employee Plans); REG-101657-20 (Income Tax); Rev. Proc. 2020-48 (Income Tax); TD 9922 (Income Tax); and Notice 2020-75 (Income Tax).

November 27, 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.

read more