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Weekly IRS Roundup March 1 – March 5, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 1, 2021 – March 5, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 1, 2021: The IRS issued Notice 21-20 providing guidance regarding the employee retention credit provided under section 2301 of the Coronavirus Aid, Relief, and Economic Security Act. Specifically, Notice 21-20 addresses the employee retention credit as it applies to qualified wages paid after March 12, 2020, and before January 1, 2021.

March 2, 2021: The IRS issued Revenue Ruling 21-6, which provides certain applicable interest rates for the overpayments and underpayments of taxes. Specifically, Revenue Ruling 21-6 provides the daily compound interest for annual rates of 0.5% and the annual interest rates to be compounded daily pursuant to section 6622 that apply for prior periods.

March 2, 2021: The IRS issued Notice 21-15 providing guidance regarding the application of section 214 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which provides temporary special rules for health flexible spending arrangements and dependent care assistance programs under section 125 of the Internal Revenue Code.

March 4, 2021: The IRS released Internal Revenue Bulletin 2021-10, dated March 8, 2021, containing the following highlights: Notice 2021-16 (Employee Plans); Notice 2021-15 (Income Tax); and Rev. Rul. 2021-5 (Income Tax).

March 5, 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 November 30 – December 4, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 30, 2020 – December 4, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

November 30, 2020: After releasing a pre-publication draft in early October, the IRS published TD 9926 in the Federal Register, which provides final regulations regarding withholding of tax and information reporting with respect to certain dispositions of interests in partnerships engaged in a trade or business within the United States under section 1446(f).

December 3, 2020: The IRS released Rev. Rul. 2020-28 related to the determination of the rate of interest under section 6621.

December 3, 2020: The IRS released Draft Instructions to Form 8992 related to the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI).

December 4, 2020: The IRS issued REG-111950-20 regarding passive foreign investment companies (PFICs) and the treatment of qualified improvement property under the alternative depreciation system.

December 4, 2020: The IRS issued TD 9936 regarding PFICs.

December 4, 2020: The IRS issued the Fall 2020 Statistics of Income Bulletin providing data about tax and information returns. The Bulletin highlights high-income tax returns for Tax Year 2017 and partnership returns for Tax Year 2018.

December 4, 2020: The IRS issued a Statement warning that employers will experience delays in receiving payments associated with Form 7200 Advance Payment of Employer Credits.

December 4, 2020: The IRS released Internal Revenue Bulletin 2020-50, dated December 7, 2020, containing the following highlights: Notice 2020-83 (Employee Plans); TD 9923 (Exempt Organizations); Rev. Proc. 2020-51 (Income Tax); Rev. Rul. 2020-26 (Income Tax); Rev. Rul. 2020-27 (Income Tax).

December 4, 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.




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