Consumption tax; Well being plans; Revenue tax data

Wednesday January 20th 2021

The following is a summary of the Internal Revenue Service (IRS) key guidance and relevant tax issues for the week of January 11, 2021 to January 15, 2021. For more information on the tax implications of COVID-19, please visit our resource page here .

Jan 11, 2021: The IRS issues TD 9948 final provisions on excise duties on certain amounts paid for the transportation of people and property by air.

Jan 11, 2021: The IRS issued TD 9938 which sets out the final rules regarding excise tax on rewards in excess of $ 1 million and any parachute payments made by certain exempt organizations to insured employees.

Jan 12, 2021: The IRS issues TD 9946 final rules for deducting and reporting certain fines, penalties, and other amounts.

Jan 13, 2021: The IRS issues TD 9949 final rules on applying the employer shared responsibility and certain non-discrimination rules to health reimbursement schemes and certain other health plans.

January 14, 2021: The IRS releases Rev. Proc. 21-11 Provide methods for calculating W-2 wages for the purpose of capping wages for Section 199A (g) deduction.

January 14, 2021: The IRS releases Rev. Proc. 21-12 Extension of the expiration date for the use of certain safe havens to protect the tax status of certain REMICs (Real Estate Mortgage Investment Conduits) and investment trusts in the face of the ongoing COVID-19 pandemic.

January 15, 2021: The IRS releases Rev. Rul. 21-03 Provision of tables with covered remuneration in relation to the contribution and benefit bases according to the Social Insurance Act.

Jan 15, 2021: The IRS has released Notice 21-12 providing a temporary exemption from certain requirements for Qualified Low Income Residential Projects and Qualified Residential Rental Projects due to the ongoing COVID-19 pandemic.

Jan 15, 2021: The IRS publishes its weekly list of written determinations (e.g., decisions about private letters, memoranda of technical advice, and advice from the Chief Counsel).

Jan 15, 2021: The IRS released Internal Revenue Bulletin 2021-3, Jan. 19, 2021 with the following highlights: Notice 2021-7 (Administration, Employment); TD 9932 (employee plans, income tax); REG-114615-16 (excise duty); Announcement 2021-2 (Income Tax); Notice 2021-5 (Income Tax); Rev. Proc. 2021-9 (income tax); TD 9939 (income tax); TD 9941 (income tax); and TD 9942 (income tax).

Special thanks to Brian Moore at our Washington, DC office for this week’s roundup.