Wednesday, October 7, 2020
Introduced beneath is our abstract of serious Inner Income Service (IRS) steerage and related tax issues for the week of September 28, 2020 – October 2, 2020. Moreover, for persevering with updates on the tax impression of COVID-19, please go to our useful resource web page right here.
September 29, 2020: The IRS revealed last rules associated to the supply of revenue for sure property gross sales and modifying guidelines for figuring out whether or not overseas supply revenue is successfully linked with a US commerce or enterprise.
September 29, 2020: The IRS revealed last rules associated to a variety of overseas tax credit score subjects. The rules present steerage on the allocation and apportionment of deductions and creditable overseas taxes, the definition of economic companies revenue, overseas tax redeterminations, availability of overseas tax credit underneath the transition tax, the appliance of the overseas tax credit score limitation to consolidated teams, changes to hybrid deduction accounts to keep in mind sure inclusions in revenue by a United States shareholder, conduit financing preparations involving hybrid devices and the remedy of sure funds underneath the worldwide intangible low-taxed revenue provisions.
October 1, 2020: The IRS revealed Discover 2020-70 typically eradicating Type 1040NR, US Nonresident Alien Revenue Tax Return, from the listing of returns which might be administratively exempt from the digital submitting requirement.
October 1, 2020: The IRS revealed last rules associated to financial savings packages for eligible people with a incapacity underneath part 529A.
October 1, 2020: The IRS launched an Workplace of Chief Counsel Discover associated to settlement choices for syndicated conservation easement transactions.
October 2, 2020: The IRS revealed Discover 2020-76 offering for transition aid associated to data reporting necessities associated to the Inexpensive Care Act.
October 2, 2020: The IRS up to date the directions for Type 8858: Info Return of US Individuals with Respect to Overseas Disregarded Entities (FDEs) and Overseas Branches (FBs) to replicate modifications as a result of COVID-19 pandemic.
October 2, 2020: The IRS launched Inner Income Bulletin 2020-41, dated October 5, 2020, containing the next highlights: Announcement 2020-12 (Administrative); Rev. Proc. 2020-42 (Administrative); Rev. Rul. 2020-20 (Revenue Tax); Rev. Rul. 2020-21 (Revenue Tax); TD 9915 (Revenue Tax); Discover 2020-73 (Revenue Tax); Discover 2020-74 (Revenue Tax).
September 25, 2020: The IRS launched its weekly listing of written determinations (e.g., Non-public Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).
Particular due to Brian Moore in our Washington, DC, workplace for this week’s roundup.