Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 2, 2020 – November 6, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
November 2, 2020: The IRS announced COVID-19-related changes to tax debt collection procedures to provide taxpayer relief.
November 4, 2020: The IRS released Rev. Proc. 2020-48 regarding discount factors used by insurance companies for the 2020 accident year.
November 4, 2020: The IRS released Rev. Proc. 2020-49 regarding the public approval requirement for tax-exempt qualified private activity bonds.
November 5, 2020: The IRS released Rev. Rul. 2020-23 related to certain distributions upon termination of a section 403(b) retirement plan.
November 5, 2020: The IRS updated FAQs related to qualified intermediaries, withholding for foreign partnerships and withholding for foreign trusts.
November 6, 2020: The IRS and US Department of the Treasury released Rev. Proc. 2020-50 related to election relief for additional first-year depreciation deductions for certain property.
November 6, 2020: The IRS released Internal Revenue Bulletin 2020-46, dated November 9, 2020, containing the following highlights: Rev. Proc. 2020-45 (Administrative, Estate Tax, Excise Tax, Gift Tax, Income Tax); Notice 2020-79 (Employment Plans); and TD 9914 (Income Tax).
November 6, 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.