ERISA Archives - TAX CONTROVERSY 360

Weekly IRS Roundup July 5 – July 9, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 5, 2021 – July 9, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 6, 2021: The IRS—in conjunction with the US Department of Labor and the US Department of Health and Human Services—released temporary regulations implementing provisions of the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 and designed to protect persons with health insurance from “surprise” medical bills for certain medical services. The IRS separately released proposed regulations with respect to a subset of the temporary regulations, containing the same text.

July 6, 2021: The IRS issued a set of FAQs and an associated news release, answering questions regarding COVID-related grants provided to certain transportation companies under the Coronavirus Economic Relief for Transportation Services (CERTS) Act.

July 7, 2021: The IRS issued a news release reminding taxpayers that, in partnership with local civic organizations, special events will be held in 12 cities on July 9 – 10, 2021, to assist eligible families in registering for advance payments of the Child Tax Credit.

July 9, 2021: The IRS issued Notice 2021-38 and an accompanying news release, providing guidance regarding the requirements (as enacted under section 432(k) of the Code as part of the American Rescue Plan Act of 2021) for certain multiemployer pension plans to obtain special financial assistance under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA), as enacted by the same Act.

July 9, 2021: The IRS issued a news release announcing that July 13, 2021, is the final day to register for the 2021 IRS Nationwide Tax Forum, an annual series of continuing education seminars for tax professionals to be held virtually from July 20, 2021 through August 19, 2021.

July 9, 2021: The IRS issued a news release reminding taxpayers of the resources available on irs.gov to assist with answering tax questions.

July 9, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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

Weekly IRS Roundup November 2 – November 6, 2020

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.