Internal Revenue Service – Federal Register Recent Federal Regulation Documents

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Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G
Document Number: 2020-17176
Type: Notice
Date: 2020-08-06
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This notice is provided in accordance with IRC section 6039G of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, as amended. This listing contains the name of each individual losing United States citizenship (within the meaning of section 877(a) or 877A) with respect to whom the Secretary received information during the quarter ending June 30, 2020. For purposes of this listing, long- term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship.
Open Meeting of the Taxpayer Advocacy Panel Joint Committee
Document Number: 2020-17141
Type: Notice
Date: 2020-08-06
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel Joint Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Effect of Section 67(g) on Trusts and Estates; Hearing Cancellation
Document Number: 2020-17126
Type: Proposed Rule
Date: 2020-08-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations that proposed regulations clarifying that certain deductions allowed to an estate or nongrantor trust are not miscellaneous itemized deductions and thus are not affected by the suspension of the deductibility of miscellaneous itemized deductions for taxable years beginning after December 31, 2017 and before January 1, 2026. The proposed regulations also provide guidance on determining the character, amount, and allocation of deductions in excess of gross income succeeded to by a beneficiary on the termination of an estate or non-grantor trust.
Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471
Document Number: 2020-16364
Type: Proposed Rule
Date: 2020-08-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed 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 contains proposed regulations regarding certain special accounting rules for long-term contracts under section 460 to implement legislative changes applicable to corporate taxpayers. The proposed regulations generally affect taxpayers with average annual gross receipts of not more than $25 million (adjusted for inflation). Additionally, this document contains a request for comments regarding the application of section 460 (or other special methods of accounting) to a contract with income that is accounted for in part under section 460 (or other special method) and in part under section 451.
Proposed Collection; Comment Request for Form 944, Form 944(SP), Form 944-X, and Form 944-X(SP)
Document Number: 2020-16973
Type: Notice
Date: 2020-08-04
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 general 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 Form 944, Employer's Annual Employment Tax Return, Form 944(SP), Declaracion Federal Anual de Impuestos del Patrono o Empleador, and Form 944-X, Adjusted Employer's Annual Federal Tax Return or Claim for Refund, and 944-X(SP), Ajuste a la Declaraci[oacute]n Federal ANUAL del Patrono o Reclamaci[oacute]n de Reembolso.
Proposed Collection; Comment Request for Form 15597
Document Number: 2020-16972
Type: Notice
Date: 2020-08-04
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 general 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 Form 15597, Foreclosure Sale Purchaser Contact Information Request.
Proposed Collection; Comment Request for the General Business Credit
Document Number: 2020-16970
Type: Notice
Date: 2020-08-04
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 general 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 Form 3800, General Business Credit.
Rules Regarding Certain Hybrid Arrangements; Correction
Document Number: 2020-15940
Type: Rule
Date: 2020-08-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations Treasury Decision 9896 that were published in the Federal Register on Wednesday, April 8, 2020. The final regulations providing guidance regarding hybrid dividends and certain amounts paid or accrued pursuant to hybrid arrangements, which generally involve arrangements whereby U.S. and foreign tax law classify a transaction or entity differently for tax purposes.
Excise Taxes; Transportation of Persons by Air; Transportation of Property by Air; Aircraft Management Services
Document Number: 2020-15504
Type: Proposed Rule
Date: 2020-07-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air. Specifically, the proposed regulations relate to the exemption for amounts paid for certain aircraft management services. The proposed regulations also amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance. In addition, the proposed regulations withdraw a provision that was included in a prior notice of proposed rulemaking that was never finalized and re-propose it. The proposed regulations affect persons that provide air transportation of persons and property, and persons that pay for those services.
Proposed Collection; Comment Request for Forms 943, 943-PR, 943-A, and 943A-PR and 943 (Schedule R)
Document Number: 2020-16449
Type: Notice
Date: 2020-07-29
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 943, Employer's Annual Tax Return for Agricultural Employees, 943-PR, Planilla Para La Declarcion Annual De La Contribucion Federal Del Patrono De Empleados Agricolas, 943-A, Agricultural Employer's Record of Federal Tax Liability, and 943A-PR, Registro De La Obligacion Contributiva Del Patrono Agricola, and 943 (Schedule R), Allocation Schedule for Aggregate Form 943 Filers.
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act
Document Number: 2020-16302
Type: Rule
Date: 2020-07-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document amends the regulations under sections 3111 and 3221 of the Internal Revenue Code with the addition of temporary regulations issued under the regulatory authority granted by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act to prescribe such regulations as may be necessary for reconciling advance payments of refundable employment tax credits provided under these acts and recapturing the benefit of the credits when necessary. Consistent with this authority, these temporary regulations authorize the assessment of any erroneous refund of the credits paid under sections 7001 and 7003 of the Families First Coronavirus Response Act, including any increases in such credits under section 7005 thereof, and section 2301 of the Coronavirus Aid, Relief, and Economic Security Act. The text of these temporary regulations also serves as the text of the proposed regulations (REG-111879-20) set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section of this issue of the Federal Register.
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act
Document Number: 2020-16300
Type: Proposed Rule
Date: 2020-07-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations pursuant to the regulatory authority granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act to prescribe such regulations as may be necessary for reconciling advance payments of refundable employment tax credits provided under these acts and recapturing the benefit of the credits when necessary. These proposed regulations affect businesses and tax- exempt organizations that claim certain credits under the Families First Coronavirus Response Act for qualifying sick and family leave wages and that claim certain employee retention credits under the Coronavirus Aid, Relief, and Economic Security Act. The text of those temporary regulations serves as the text of these proposed regulations.
Proposed Collection; Comment Request Concerning Time and Manner of Making Certain Elections Under the Technical and Miscellaneous Revenue Act of 1988, and the Redesignation of Certain Other Temporary Elections
Document Number: 2020-15948
Type: Notice
Date: 2020-07-23
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 time and manner of making certain elections under the technical and miscellaneous revenue act of 1988, and the redesignation of certain other temporary elections.
Guidance Under Sections 951A and 954 Regarding Income Subject to a High Rate of Foreign Tax
Document Number: 2020-15351
Type: Rule
Date: 2020-07-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains 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. The final regulations affect United States shareholders of foreign corporations. This guidance relates to changes made to the applicable law by the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.
Guidance Under Section 954(b)(4) Regarding Income Subject to a High Rate of Foreign Tax
Document Number: 2020-15349
Type: Proposed Rule
Date: 2020-07-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations under the subpart F income and global intangible low-taxed income provisions of the Internal Revenue Code regarding the treatment of certain income that is subject to a high rate of foreign tax. This document also contains proposed regulations under the information reporting provisions for foreign corporations to facilitate the administration of certain rules in the proposed regulations. The proposed regulations would affect United States shareholders of controlled foreign corporations.
Proposed Collection; Comment Request for Certificate of Foreign Contracting Party Receiving Federal Procurement Payments
Document Number: 2020-15829
Type: Notice
Date: 2020-07-22
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Certificate of Foreign Contracting Party Receiving Federal Procurement Payments.
Proposed Collection; Comment Request for the General Business Credit
Document Number: 2020-15828
Type: Notice
Date: 2020-07-22
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 3800, General Business Credit.
Credit for Carbon Oxide Sequestration; Hearing
Document Number: 2020-15237
Type: Proposed Rule
Date: 2020-07-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides a notice of public hearing on proposed regulations regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code (Code).
Proposed Collection; Comment Request for Form 15597
Document Number: 2020-15593
Type: Notice
Date: 2020-07-20
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 15597, Foreclosure Sale Purchaser Contact Information Request.
Proposed Collection; Comment Request for Forms 706 and Schedule R-1 (Form 706)
Document Number: 2020-15584
Type: Notice
Date: 2020-07-20
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return and Schedule R-1 (Form 706), Generation-Skipping Transfer Tax.
Proposed Collection; Comment Request Concerning Representation of Taxpayers Before the Internal Revenue Service
Document Number: 2020-15573
Type: Notice
Date: 2020-07-20
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 representation of taxpayers before the Internal Revenue Service.
Proposed Collection; Comment Request Concerning Source of Compensation for Labor or Personal Services
Document Number: 2020-15572
Type: Notice
Date: 2020-07-20
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 source of compensation for labor or personal services.
Preparer Tax Identification Number (PTIN) User Fee Update
Document Number: 2020-15446
Type: Rule
Date: 2020-07-17
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
These final regulations amend existing regulations relating to the imposition of certain user fees on tax return preparers. The final regulations reduce the amount of the user fee to apply for or renew a preparer tax identification number (PTIN) and affect individuals who apply for or renew a PTIN. The Independent Offices Appropriations Act of 1952 authorizes the charging of user fees.
Proposed Collection; Comment Request for Proceeds From Broker and Barter Exchange Transactions, Form 1099-B
Document Number: 2020-15440
Type: Notice
Date: 2020-07-17
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 1099-B, Proceeds From Broker and Barter Exchange Transactions.
Proposed Collection; Comment Request for Taxpayer Statement Regarding Refund
Document Number: 2020-15439
Type: Notice
Date: 2020-07-17
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service (IRS), in accordance with the Paperwork Reduction Act of 1995 (PRA 95), provides the general public and Federal agencies with an opportunity to comment on continuing collections of information. This helps the IRS assess the impact of its information collection requirements and minimize the reporting burden on the public and helps the public understand the IRS's information collection requirements and provide the requested data in the desired format. The IRS is soliciting comments concerning Taxpayer Statement Regarding Refund. The information and taxpayer signature are needed to begin the tracing action.
Effect of Section 67(g) on Trusts and Estates; Hearing
Document Number: 2020-15019
Type: Proposed Rule
Date: 2020-07-17
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides a notice of public hearing on proposed regulations clarifying that certain deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions and thus are not affected by the suspension of the deductibility of miscellaneous itemized deductions for taxable years beginning after December 31, 2017 and before January 1, 2026. The proposed regulations also provide guidance on determining the character, amount, and allocation of deductions in excess of gross income succeeded to by a beneficiary on the termination of an estate or non-grantor trust.
Proposed Collection; Comment Request for Notice 2005-62
Document Number: 2020-14994
Type: Notice
Date: 2020-07-17
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Notice 2005-62, Modification of Notice 2005-04; Biodiesel and Aviation-Grade Kerosene.
Proposed Collection; Comment Request Concerning Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement Source of Compensation for Labor or Personal Services
Document Number: 2020-15354
Type: Notice
Date: 2020-07-16
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 consent to extend the time to assess tax under section 367-gain recognition agreement.
Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage
Document Number: 2020-14895
Type: Proposed Rule
Date: 2020-07-15
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 is a notice of proposed rulemaking regarding grandfathered group health plans and grandfathered group health insurance coverage that would, if finalized, amend current rules to provide greater flexibility for certain grandfathered health plans to make changes to certain types of cost-sharing requirements without causing a loss of grandfather status.
Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income
Document Number: 2020-14649
Type: Rule
Date: 2020-07-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance regarding the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). This document also contains final regulations coordinating the deduction for FDII and GILTI with other provisions in the Internal Revenue Code. These regulations generally affect domestic corporations and individuals who elect to be subject to tax at corporate rates for purposes of inclusions under subpart F and GILTI.
Proposed Collection; Comment Request Concerning Forms Project
Document Number: 2020-15106
Type: Notice
Date: 2020-07-14
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 employer's quarterly federal tax return, adjusted employer's quarterly federal tax return or claim for refund, allocation schedule for aggregated filers and employer credit for qualified sick and family leave wages.
Proposed Collection; Comment Request for Form 1041-ES
Document Number: 2020-14501
Type: Notice
Date: 2020-07-14
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 1041-ES, Estimated Income Tax for Estates and Trusts.
Open Meeting of the Taxpayer Advocacy Panel's Special Projects Committee
Document Number: 2020-14775
Type: Notice
Date: 2020-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Special Projects Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee
Document Number: 2020-14774
Type: Notice
Date: 2020-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee
Document Number: 2020-14773
Type: Notice
Date: 2020-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel Taxpayer Communications Project Committee
Document Number: 2020-14771
Type: Notice
Date: 2020-07-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Taxpayer Communications Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel Joint Committee
Document Number: 2020-14776
Type: Notice
Date: 2020-07-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel Joint Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Line Project Committee
Document Number: 2020-14772
Type: Notice
Date: 2020-07-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Line Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel Taxpayer Assistance Center Improvements Project Committee
Document Number: 2020-14770
Type: Notice
Date: 2020-07-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Taxpayer Assistance Center Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Consolidated Net Operating Losses
Document Number: 2020-14427
Type: Proposed Rule
Date: 2020-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This notice of proposed rulemaking contains proposed amendments to the consolidated return regulations under section 1502 of the Internal Revenue Code (Code). The proposed regulations provide guidance implementing recent statutory amendments to section 172 and withdraw and re-propose certain sections of proposed regulations issued in prior notices of proposed rulemaking relating to the absorption of consolidated net operating loss carryovers and carrybacks. In addition, the proposed regulations update regulations applicable to consolidated groups that include both life insurance companies and other companies to reflect statutory changes. These proposed regulations would affect corporations that file consolidated returns.
Carryback of Consolidated Net Operating Losses
Document Number: 2020-14426
Type: Rule
Date: 2020-07-08
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations under section 1502 of the Internal Revenue Code (Code) that affect corporations filing consolidated returns. These regulations permit consolidated groups that acquire new members that were members of another consolidated group to elect in a year subsequent to the year of acquisition to waive all or part of the pre-acquisition portion of an extended carryback period under section 172 of the Code for certain losses attributable to the acquired members where there is a retroactive statutory extension of the NOL carryback period under section 172. These regulations respond to the enactment of section 2303 of the CARES Act, which retroactively extends the carryback period under section 172 for taxable years beginning after 2017 and before 2021.
Section 42, Low-Income Housing Credit Compliance-Monitoring Regulations
Document Number: 2020-14555
Type: Proposed Rule
Date: 2020-07-07
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to the compliance-monitoring duties of State or local housing credit agencies (Agencies) for purposes of the low-income housing credit under section 42 of the Internal Revenue Code (Code). These proposed regulations would relax the minimum compliance-monitoring sampling requirement for purposes of physical inspections and low-income certification review provided in the Amendments to the Low-Income Housing Credit Compliance- Monitoring Regulations (T.D. 9848) published in the Federal Register (84 FR 6076). The proposed regulations will affect owners of low-income housing projects, tenants in those low-income housing projects, and Agencies that administer the credit.
Proposed Collection; Comment Request for Form 2032
Document Number: 2020-14169
Type: Notice
Date: 2020-07-01
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 Contract Coverage Under Title II of the Social Security Act.
Credit for Carbon Oxide Sequestration; Correction
Document Number: 2020-14033
Type: Proposed Rule
Date: 2020-06-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to a notice of proposed rulemaking that was published in the Federal Register on June 2, 2020. The proposed regulations regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code (Code).
Qualified Business Income Deduction
Document Number: 2020-11832
Type: Rule
Date: 2020-06-25
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations concerning the deduction for qualified business income (QBI) under section 199A of the Internal Revenue Code (Code). The regulations will affect certain individuals, partnerships, S corporations, trusts, and estates. The regulations provide guidance on the treatment of previously suspended losses included in qualified business income. The regulations also provide guidance on the determination of the section 199A deduction for taxpayers that hold interests in regulated investment companies, split- interest trusts, and charitable remainder trusts.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Enhanced Oil Recovery Project
Document Number: 2020-13649
Type: Notice
Date: 2020-06-24
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 a qualified enhanced oil recovery project.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Quarterly Federal Excise Tax Return
Document Number: 2020-13648
Type: Notice
Date: 2020-06-24
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 the quarterly federal excise tax return.
Proposed Information Collection Request Submitted for Public Comment; Comment Request Relating to Annual Certification for Multiemployer Defined Benefit Plans
Document Number: 2020-13519
Type: Notice
Date: 2020-06-24
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 guidance to the annual certification for Multiemployer Defined Benefit Plans.
Privacy Act of 1974, as amended
Document Number: 2020-12898
Type: Notice
Date: 2020-06-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury, Internal Revenue Service, gives notice of proposed modifications to system of records entitled: Treasury/IRS 60.000 Employee Protection System Records.
Qualified Transportation Fringe, Transportation and Commuting Expenses under Section 274
Document Number: 2020-13506
Type: Proposed Rule
Date: 2020-06-23
Agency: Internal Revenue Service, Department of Treasury
This document contains proposed 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 proposed 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 in taxable years beginning after December 31, 2017. The proposed 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 proposed regulations affect taxpayers who pay or incur such expenses.