Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 25, 2021 – January 29, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
On January 20, President Biden’s chief of staff, Ronald Klain, issued a memorandum freezing the publication of rules in the Federal Register pending additional review by presidential designees or appointees. As a result, there may be delays in the official publication of pending IRS actions.
January 29, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
January 29, 2021: The IRS released Internal Revenue Bulletin 2021-5, dated February 1, 2021, containing the following highlights: REG-115057-20 (Administrative); Notice 2021-9 (Employee Plans); Rev. Rul. 2021-3 (Employee Plans); REG-111950-20 (Income Tax); Rev. Proc. 2021-12 (Income Tax); TD 9936 (Income Tax); TD 9943 (Income Tax); TD 9945 (Income Tax).
Special thanks to Brian Moore in our Washington, DC, office for this week’s roundup.
