September 27, 2021

Volume XI, Number 270

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September 27, 2021

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Weekly IRS Roundup December 7 – December 11, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 7 – December 11, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 7, 2020: The IRS released TD 9937 related to rollover rules for qualified plan loan offset amounts.

December 9, 2020: The IRS issued Notice 2020-86 providing guidance on sections 102 and 103 of the SECURE Act with respect to safe harbor plans.

December 9, 2020: The IRS released TD 9939 containing final regulations addressing the elimination of the deduction under section 274 for expenses related to certain transportation and commuting benefits provided by employers to their employees.

December 9, 2020: The IRS updated an Issue Snapshot providing an overview of the tax implications of settlements and judgments.

December 9, 2020: The IRS updated an Issue Snapshot detailing worker classification when a taxpayer files both Form W-2 and Form 1099-MISC for a worker for the same year.

December 11, 2020: The IRS issued Notice 2020-87 updating certain weighted average interest rates, yield curves and segment rates.

December 11, 2020: The IRS issued Notice 2020-78 providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC) under section 51.

December 11, 2020: The IRS released Internal Revenue Bulletin 2020-51, dated December 14, 2020, containing the following highlights: REG-123652-18 (Administrative); Notice 2020-85 (Employee Plans); Notice 2020-84 (Excise Tax); and TD 9926 (Income Tax).

December 11, 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, D.C. office for this week’s roundup.

© 2021 McDermott Will & EmeryNational Law Review, Volume X, Number 350
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About this Author

In 1934 E.H. McDermott opened a law practice that focused exclusively on taxes. As chief counsel to the Joint Committee on Taxation of the United States Congress, McDermott observed firsthand how the rapidly expanding federal tax laws were affecting businesses and individuals. He recognized the need for a law firm to assist people and their businesses to understand and comply with their changing tax obligations.

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