Internal Revenue Service December 2020 – Federal Register Recent Federal Regulation Documents

User Fee for Estate Tax Closing Letter
Document Number: 2020-28931
Type: Proposed Rule
Date: 2020-12-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 who request an estate tax closing letter.
Proposed Collection; Comment Request for Preparer Hardship Waiver Request and Preparer Explanation for Not Filing Electronically
Document Number: 2020-28796
Type: Notice
Date: 2020-12-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 waiver request and preparer explanation for not filing electronically.
Certain Employee Remuneration in Excess of $1,000,000 Under Internal Revenue Code Section 162(m)
Document Number: 2020-28484
Type: Rule
Date: 2020-12-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 regulations published on December 20, 2019. These final regulations affect publicly held corporations.
Misdirected Direct Deposit Refunds
Document Number: 2020-28167
Type: Rule
Date: 2020-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 refund be issued as a direct deposit, but did not receive a refund in the account designated on the claim for refund.
Meals and Entertainment Expenses Under Section 274; Correction
Document Number: 2020-26860
Type: Rule
Date: 2020-12-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 elimination of the deduction under section 274 for expenditures related to entertainment, amusement, or recreation activities, and provide guidance to determine whether an activity is of a type generally considered to be entertainment.
Qualified Transportation Fringe, Transportation and Commuting Expenses Under Section 274
Document Number: 2020-27505
Type: Rule
Date: 2020-12-16
Agency: Internal Revenue Service, Department of Treasury
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 benefits provided by employers to their employees. The final regulations provide guidance to determine the amount of such expenses that is nondeductible and apply certain exceptions under section 274(e) that may allow such expenses to be deductible. These final regulations affect taxpayers who pay or incur such expenses.
Proposed Collection; Comment Request for Regulation Project
Document Number: 2020-27555
Type: Notice
Date: 2020-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 Qualified Personal Residence Trust.
Proposed Collection; Comment Request for Form W-12
Document Number: 2020-27554
Type: Notice
Date: 2020-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 Identification Number (PTIN) Application and Renewal.
Proposed Collection; Comment Request for Forms 5498-QA & 1099-QA
Document Number: 2020-27553
Type: Notice
Date: 2020-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 Contribution Information; Distributions From ABLE Accounts.
Proposed Collection; Comment Request for Regulation Project
Document Number: 2020-27552
Type: Notice
Date: 2020-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 activity losses and credits and at-risk losses to bankruptcy estates of individuals.
Proposed Collection; Comment Request for Form 720-X
Document Number: 2020-27551
Type: Notice
Date: 2020-12-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 Amended Quarterly Federal Excise Tax Return.
Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage
Document Number: 2020-27498
Type: Rule
Date: 2020-12-15
Agency: Employee Benefits Security Administration, Department of Labor, Department of Health and Human Services, Internal Revenue Service, Department of Treasury, Department of the Treasury
This document includes final rules regarding grandfathered group health plans and grandfathered group health insurance coverage that amend current rules to provide greater flexibility for certain grandfathered health plans to make changes to certain types of fixed- amount cost-sharing requirements without causing a loss of grandfather status under the Patient Protection and Affordable Care Act.
Guidance Under Sections 951A and 954 Regarding Income Subject to a High Rate of Foreign Tax; Correction
Document Number: 2020-25374
Type: Rule
Date: 2020-12-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to Treasury Decision 9902, which was published in the Federal Register on Thursday, July 23, 2020. Treasury Decision 9902 contained final regulations under the global intangible low-taxed income and subpart F income provisions of the Internal Revenue Code regarding the treatment of income that is subject to a high rate of foreign tax.
Guidance Under Sections 951A and 954 Regarding Income Subject to a High Rate of Foreign Tax; Correcting Amendment
Document Number: 2020-25371
Type: Rule
Date: 2020-12-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to Treasury Decision 9902, which was published in the Federal Register on Thursday, July 23, 2020. Treasury Decision 9902 contained final regulations under the global intangible low-taxed income and subpart F income provisions of the Internal Revenue Code regarding the treatment of income that is subject to a high rate of foreign tax.
Source of Income From Certain Sales of Personal Property
Document Number: 2020-21817
Type: Rule
Date: 2020-12-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations modifying the rules for determining the source of income from sales of inventory produced within the United States and sold without the United States or vice versa. These final regulations also contain new rules for determining the source of income from sales of personal property (including inventory) by nonresidents that are attributable to an office or other fixed place of business that the nonresident maintains in the United States. Finally, these final regulations modify certain rules for determining whether foreign source income is effectively connected with the conduct of a trade or business within the United States.
Privacy Act of 1974
Document Number: 2020-27136
Type: Notice
Date: 2020-12-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Pursuant to the Privacy Act of 1974, as amended, and the Office of Management and Budget (OMB) Guidelines on the Conduct of Matching Programs, notice is hereby given of the conduct of the Internal Revenue Service (IRS) Data Loss Prevention Computer Matching Program. The program helps the IRS detect potential violations of security policies to determine whether there has been an actual violation by matching data from existing IRS systems of records.
Proposed Information Collection; Comment Request Relating to CPEO Forms
Document Number: 2020-26916
Type: Notice
Date: 2020-12-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 14737, Request for Voluntary IRS Certification of a Professional Employer Organization (Application),Form 14737-A, CPEO Responsible Individual Personal Attestation, Form 14751 Certified Professional Employer Organization Surety Bond, Form 8973, Certified Professional Employer Organization/ Customer Reporting Agreement and TD 9860, Certified Professional Employer Organizations.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 13818, Limited Payability Claim Against the United States for Proceeds of An Internal Revenue Refund Check
Document Number: 2020-26888
Type: Notice
Date: 2020-12-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to completing Form 13818, Limited Payability Claim Against the United States for Proceeds of An Internal Revenue Refund Check.
Proposed Collection; Comment Request for Regulation Project
Document Number: 2020-26766
Type: Notice
Date: 2020-12-07
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 information collection requirements related to continuation coverage requirements application to group health plans.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form CT-2, Employee Representative's Quarterly Railroad Tax Return
Document Number: 2020-26763
Type: Notice
Date: 2020-12-07
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to completing Form CT-2, Employee Representative's Quarterly Railroad Tax Return.
Proposed Collection; Comment Request for Form 843
Document Number: 2020-26757
Type: Notice
Date: 2020-12-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 Form 843, Claim for Refund and Request for Abatement.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Information Reporting by Passport Applicants
Document Number: 2020-26703
Type: Notice
Date: 2020-12-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to the information reporting by passport applicants.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Requirement To Use Taxpayer Identifying Numbers on Submissions Under the Section 897 and 1445
Document Number: 2020-26657
Type: Notice
Date: 2020-12-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to the guidance under sections 897, 1445, and 6109 to require use of Taxpayer Identifying Numbers on submission under the section 897 and 1445.
Publication of the Tier 2 Tax Rates
Document Number: 2020-26559
Type: Notice
Date: 2020-12-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Publication of the tier 2 tax rates for calendar year 2021 as required by section 3241(d) of the Internal Revenue Code. Tier 2 taxes on railroad employees, employers, and employee representatives are one source of funding for benefits under the Railroad Retirement Act.
Statutory Limitations on Like-Kind Exchanges
Document Number: 2020-26313
Type: Rule
Date: 2020-12-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations providing guidance under section 1031 of the Internal Revenue Code (Code) to implement recent statutory changes to that section. More specifically, the final regulations amend the current like-kind exchange regulations to add a definition of real property to implement statutory changes limiting section 1031 treatment to like-kind exchanges of real property. The final regulations also provide a rule addressing a taxpayer's receipt of personal property that is incidental to real property the taxpayer receives in an otherwise qualifying like-kind exchange of real property. The final regulations affect taxpayers that exchange business or investment property for other business or investment property, and that must determine whether the exchanged properties are real property under section 1031.
Unrelated Business Taxable Income Separately Computed for Each Trade or Business
Document Number: 2020-25954
Type: Rule
Date: 2020-12-02
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance on how an exempt organization subject to the unrelated business income tax determines if it has more than one unrelated trade or business, and, if so, how the exempt organization calculates unrelated business taxable income. The final regulations also clarify that the definition of ``unrelated trade or business'' applies to individual retirement accounts. Additionally, the final regulations provide that inclusions of ``subpart F income'' and ``global intangible low-taxed income'' are treated in the same manner as dividends for purposes of determining unrelated business taxable income. The final regulations affect exempt organizations that are subject to the unrelated business income tax.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 2678
Document Number: 2020-26496
Type: Notice
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden associated with Form 2678, Employer/Payer Appointment of Agent.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Mortgage Credit Certificates (MCCs)
Document Number: 2020-26456
Type: Notice
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the application process for determination of employee stock ownership plans.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Adjustments to Basis of Stock and Indebtedness and Treatment of Distributions
Document Number: 2020-26455
Type: Notice
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to adjustments to basis of stock and indebtedness to shareholders of S corporations and treatment of distributions by S corporations to shareholders.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form CT-1 and CT-1 X
Document Number: 2020-26393
Type: Notice
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden associated with Form CT-1, Employer's Annual Railroad Retirement Tax Return and Form CT-1 X, Adjusted Employer's Annual Railroad Retirement Tax Return or Claim for Refund.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Form 5308
Document Number: 2020-26392
Type: Notice
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden associated with Form 5308, Request for Change in Plan/Trust Year.
Guidance Clarifying Premium Tax Credit Unaffected by Suspension of Personal Exemption Deduction
Document Number: 2020-26200
Type: Rule
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document includes final regulations under sections 36B and 6011 of the Internal Revenue Code (Code) that clarify that the reduction of the personal exemption deduction to zero for taxable years beginning after December 31, 2017, and before January 1, 2026, does not affect an individual taxpayer's ability to claim the premium tax credit. These final regulations affect individuals who claim the premium tax credit.
Coordination of Extraordinary Disposition and Disqualified Basis Rules
Document Number: 2020-26074
Type: Rule
Date: 2020-12-01
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under sections 245A and 951A of the Internal Revenue Code (the ``Code'') that coordinate the extraordinary disposition rule under section 245A of the Code with the disqualified basis and disqualified payment rules under section 951A of the Code. This document also contains final regulations under section 6038 of the Code regarding information reporting to facilitate administration of the final regulations. The final regulations affect corporations that are subject to the extraordinary disposition rule and the disqualified basis rule or the disqualified payment rule. This document finalizes proposed regulations published on August 27, 2020.