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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 417(e)(3)(A)(ii)(II) and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).

February 18, 2021: The IRS issued Notice 21-15 clarifying the application of section 214 which provides temporary special rules for health flexible spending arrangements and dependent care assistance programs under section 125 cafeteria plans. (For more information, see our On the Subject here.)

February 18, 2021: The IRS released Internal Revenue Bulletin 2021-8, dated February 22, 2021, containing the following highlights: Announcement 2021-2 (Administrative); Announcement 2021-3 (Administrative); and Rev. Proc. 2021-15 (Administrative).

February 19, 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.




Weekly IRS Roundup April 15 – 19, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15 – 19, 2019.

April 16, 2019: The IRS issued Revenue Ruling 2019-12 providing monthly tables of prescribed rates under numerous Code sections, including the applicable federal rate for May.

April 16, 2019: The IRS issued Notice 2019-29 providing guidance on the corporate bond monthly yield curve, spot segment rates under Section 417(e)(3) and the 24 month average segment rates under Section 430(h)(2).

April 17, 2019: The IRS released Proposed Regulations offering highly anticipated additional guidance related to investment in opportunity zones.

April 17, 2019: The IRS issued numerous corrections for Treasury Decision 9847 providing guidance under Section 199A of the code.

April 18, 2019: The IRS released Proposed Regulations relating to rules for electing small business trusts with nonresident alien beneficiaries.

April 18, 2019: The IRS issued a News Release detailing a six year plan to modernize the agency’s IT systems.

April 19, 2019: The IRS issued Revenue Procedure 2019-19 providing updated information regarding the Employee Plans Compliance Resolution System.

Special thanks to Terence McAllister in our New York office for this week’s roundup.




Weekly IRS Roundup March 11 – 15, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4 – 8, 2019.

March 11, 2019: The IRS cancelled a public hearing scheduled for March 14 on proposed regulations on changes to the foreign tax credit under Section 904 of the Code.

March 12, 2019: The IRS issued Notice 2019-10 requesting comments on possible changes to rules regarding the excise tax treatment of fuel used in a motor vehicle to operate auxiliary equipment via a power take-off.

March 12, 2019: The IRS issued a notice listing the names of individuals losing US citizenship (within the meaning of section 877(a) or 877A) pursuant to Section 6039G of the Code.

March 12, 2019: The IRS announced that a private letter ruling pilot program addressing whether stock distributions are tax free under Section 355 would be extended indefinitely.

March 13, 2019: The IRS issued Revenue Ruling 2019-06 providing tables of covered compensation under Section 401(1)(5)(e) of the Code.

March 13, 2019: The IRS issued a news release providing information on up to $1.4 billion of unclaimed income tax refunds from 2015. The unclaimed refunds potentially affect up to 1.2 million taxpayers who did not file 2015 returns.

March 13, 2019: The IRS issued a news release detailing the rise in the use of IRS FreeFile to prepare and electronically file returns. The IRS states 1.4 million taxpayers took advantage of FreeFile as of March 8, a 5 percent increase from the same time last year.

March 14, 2019: The IRS issued Notice 2019-21 providing guidance on the corporate bond monthly yield curve, spot segment rates under Section 417(e)(3) and the 24 month average segment rates under Section 430(h)(2).

March 15, 2019: The IRS released Revenue Ruling 2019-08 providing monthly tables of prescribed rates under numerous Code sections including the applicable federal rate for April.

Special thanks to Terence McAllister in our New York office for this week’s roundup.




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