Credit for Carbon Oxide Sequestration

by the Internal Revenue Service on 01/15/2021.

This document contains final regulations that provide guidance regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code (Code). These final regulations affect persons who physically or contractually ensure the capture and disposal of qualified carbon oxide, use of qualified carbon oxide as a tertiary...

Guidance on Passive Foreign Investment Companies and the Treatment of Qualified Improvement Property Under the Alternative Depreciation System for Purposes of Sections 250(b) and 951A(d)

by the Internal Revenue Service on 01/15/2021.

This document contains proposed regulations regarding the determination of whether a foreign corporation is treated as a passive foreign investment company (``PFIC'') for purposes of the Internal Revenue Code (``Code''). The proposed regulations also provide guidance regarding the treatment of income and assets of a qualifying insurance...

Electronic Tax Administration Advisory Committee (ETAAC); Nominations

by the Internal Revenue Service on 01/14/2021.

The Internal Revenue Service (IRS) is requesting applications from individuals with experience in such areas as state tax administration, cybersecurity and information security, tax software development, tax preparation, payroll and tax financial product processing, systems management and improvement, implementation of customer service...

Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items

by the Internal Revenue Service on 01/14/2021.

Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster

by the Internal Revenue Service on 01/13/2021.

This document contains proposed regulations relating to the new mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a Federally declared disaster. This document also contains proposed regulations clarifying the definition of ``Federally declared disaster.'' These proposed regulations affect individuals who...

Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items

by the Internal Revenue Service on 01/08/2021.

Rollover Rules for Qualified Plan Loan Offset Amounts

by the Internal Revenue Service on 01/06/2021.

This document sets forth final regulations relating to amendments made to section 402(c) of the Internal Revenue Code (Code) by section 13613 of the Tax Cuts and Jobs Act (TCJA). Section 13613 of TCJA provides an extended rollover period for a qualified plan loan offset, which is a type of plan loan offset. These regulations affect participants,...

Proposed Collection; Form 15227

by the Internal Revenue Service on 01/06/2021.

The IRS published a document in the Federal Register on September 8, 2020, concerning requests for comments on Form 15227. This form does not require an Office of Management and Budget (OMB) control number, further public comments are not being solicited.

Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items

by the Internal Revenue Service on 01/06/2021.

This document contains 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. The regulations reflect changes made by the Tax Cuts and Jobs Act and affect taxpayers that use an accrual method of accounting and have...

Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471

by the Internal Revenue Service on 01/05/2021.

This document contains final regulations to implement legislative changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) that simplify the application of those tax accounting provisions for certain businesses having average annual gross receipts that do not exceed $25,000,000, adjusted for inflation. This document also...

User Fee for Estate Tax Closing Letter

by the Internal Revenue Service on 12/31/2020.

This document contains proposed regulations establishing a new user fee for authorized persons who wish to request the issuance of IRS Letter 627, also referred to as an estate tax closing letter. The Independent Offices Appropriations Act of 1952 authorizes charging user fees in appropriate circumstances. The proposed regulations affect persons...

Proposed Collection; Comment Request for Preparer Hardship Waiver Request and Preparer Explanation for Not Filing Electronically

by the Internal Revenue Service on 12/30/2020.

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning preparer hardship...

Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m)

by the Internal Revenue Service on 12/30/2020.

This document sets forth final regulations under section 162(m) of the Internal Revenue Code (Code), which for Federal income tax purposes limits the deduction for certain employee remuneration in excess of $1,000,000. These final regulations implement the amendments made to section 162(m) by the Tax Cuts and Jobs Act and finalize the proposed...

Misdirected Direct Deposit Refunds

by the Internal Revenue Service on 12/22/2020.

These final regulations provide the procedures under section 6402(n) of the Internal Revenue Code (Code) for identification and recovery of a misdirected direct deposit refund. The final regulations reflect changes to the law made by the Taxpayer First Act. The final regulations affect taxpayers who have made a claim for refund, requested the...

Meals and Entertainment Expenses Under Section 274; Correction

by the Internal Revenue Service on 12/18/2020.

This document contains corrections to the final regulations (Treasury Decision 9925) that published in the Federal Register on October 9, 2020. The final regulations provide guidance under section 274 of the Internal Revenue Code (Code) regarding certain recent amendments made to that section. Specifically, the final regulations address the...

Qualified Transportation Fringe, Transportation and Commuting Expenses Under Section 274

by the Internal Revenue Service on 12/16/2020.

This document contains final regulations to implement legislative changes to section 274 of the Internal Revenue Code (Code) effective for taxable years beginning after December 31, 2017. Specifically, the final regulations address the elimination of the deduction under section 274 for expenses related to certain transportation and commuting...

Proposed Collection; Comment Request for Regulation Project

by the Internal Revenue Service on 12/15/2020.

The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Sale of Residence From...

Proposed Collection; Comment Request for Forms 5498-QA & 1099-QA

by the Internal Revenue Service on 12/15/2020.

The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning ABLE Account...

Proposed Collection; Comment Request for Regulation Project

by the Internal Revenue Service on 12/15/2020.

The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning carryover of passive...

Proposed Collection; Comment Request for Form W-12

by the Internal Revenue Service on 12/15/2020.

The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning IRS Paid Preparer Tax...