Weekly IRS Roundup December 21 – December 26, 2020

McDermott Will & Emery

McDermott Will & Emery

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 21 – December 26, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 21, 2020: The IRS released TD 9941 containing final regulations regarding the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services and certain other items.

December 22, 2020: The IRS issued Notice 21-02 providing the standard mileage rate for 2021.

December 22, 2020: The IRS issued Notice 21-03 extending temporary relief from the physical presence requirement for spousal consents under certain qualified retirement plans.

December 22, 2020: The IRS issued Notice 21-04 extending temporary relief for certain dyed fuel removals related to the West Shore Pipeline shutdown.

December 23, 2020: The IRS released TD 9942 containing final regulations implementing simplifications to certain tax accounting provisions for certain businesses with annual gross receipts less than $25 million (as adjusted for inflation).

December 24, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

December 26, 2020: The IRS released Internal Revenue Bulletin 2020-53, dated December 28, 2020, containing the following highlights: Rev. Proc. 2020-55 (Administrative); Notice 2020-88 (Administrative, Income Tax); Rev. Proc. 2020-54 (Administrative, Income Tax); Notice 2020-86 (Employee Plans); Notice 2020-87 (Employee Plans); Notice 2020-78 (Income Tax); TD 9921 (Income Tax).

Special thanks to Brian Moore in our Washington, DC, office for this week’s roundup.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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