Weekly IRS Roundup October 26 – October 30, 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 October 26, 2020 – October 30, 2020. 

October 26, 2020: The IRS released Rev. Proc. 2020-45 regarding inflation adjusted items for 2021.

October 26, 2020: The IRS released Notice 2020-79, which sets out cost-of-living adjustments for benefits and contributions under qualified retirement plans.

October 27, 2020: The IRS published corrections to TD 9901 regarding the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI).

October 30, 2020: The IRS and US Department of the Treasury released Proposed Regulations containing guidance on the average income test for the low-income housing tax credit. There is a public comment period until December 29, 2020.

October 30, 2020: The IRS released Internal Revenue Bulletin 2020-45, dated November 2, 2020, containing the following highlights: Rev. Proc. 2020-43 (Employee Plans); Rev. Proc. 2020-46 (Employee Plans); Notice 2020-77 (Employment Plans); Announcement 2020-40 (Income Tax); Rev. Proc. 2020-44 (Income Tax); Rev. Rul. 2020-22 (Income Tax); Rev. Rul. 2020-24 (Income Tax); TD 9911 (Income Tax); TD 9913 (Income Tax); TD 9918 (Income Tax).

October 30, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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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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