Weekly IRS Roundup January 11 – January 15, 2021

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 January 11, 2021 – January 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

January 11, 2021: The IRS released TD 9948 containing final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air.

January 11, 2021: The IRS released TD 9938 setting forth final regulations related to the excise tax on remuneration in excess of $1 million and any excess parachute payment paid by certain tax-exempt organizations to covered employees.

January 12, 2021: The IRS released TD 9946 containing final regulations related to the deduction and reporting of certain fines, penalties and other amounts.

January 13, 2021: The IRS released TD 9949 providing final regulations concerning the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements and certain other health plans.

January 14, 2021: The IRS released Rev. Proc. 21-11 providing methods for calculating W-2 wages for purposes of the wage limitation for the section 199A(g) deduction.

January 14, 2021: The IRS released Rev. Proc. 21-12 extending, in light of the continuing COVID-19 pandemic, the expiration date relevant to the application of certain safe harbors protecting the tax status of certain real estate mortgage investment conduits (REMICs) and investment trusts.

January 15, 2021: The IRS released Rev. Rul. 21-03 providing tables of covered compensation related to the contribution and benefit bases under the Social Security Act.

January 15, 2021: The IRS released Notice 21-12 providing temporary relief, due to the continuing COVID-19 pandemic, from certain requirements for qualified low-income housing projects and qualified residential rental projects.

January 15, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 15, 2021: The IRS released Internal Revenue Bulletin 2021-3, dated January 19, 2021, containing the following highlights: Notice 2021-7 (Administrative, Employment); TD 9932 (Employee Plans, Income Tax); REG-114615-16 (Excise Tax); Notice 2021-2 (Income Tax); Notice 2021-5 (Income Tax); Rev. Proc. 2021-9 (Income Tax); TD 9939 (Income Tax); TD 9941 (Income Tax); and TD 9942 (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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