IRS Pronouncements--2021--Short List

Small Business Taxes & Management^TM--Copyright 2021, A/N Group, Inc.

Note. The list below contains a synopses of revenue rulings, revenue procedures, notices, announcements and regulations beginning with those issued January 1, 2021. Because the IRS is no longer indexing the contents of the bulletins as in the past, beginning with 2015 we have created two indicies--this one is an abbreviated list that is limited to those items we believe to be of interest to small to mid-sized business owners, their advisors, CPAs, enrolled agents, etc. Because it does not contain items of interest to insurance companies, banks, etc. the list is shorter and easier to review. For a list of all pronouncements go to IRS Pronouncements--2021. For a abbreviated, similar listing for prior years, go to:

IRS Pronouncements--2020
IRS Pronouncements--2019
IRS Pronouncements--2018
IRS Pronouncements--2017
IRS Pronouncements--2016
IRS Pronouncements--2015
IRS Pronouncements--2014
IRS Pronouncements--2013
IRS Pronouncements--2012
IRS Pronouncements--2011
IRS Pronouncements--2010
IRS Pronouncements--2009
IRS Pronouncements--2008
IRS Pronouncements--2007
IRS Pronouncements--2006
IRS Pronouncements--2005
IRS Pronouncements--2004
IRS Pronouncements--2003
IRS Pronouncements--2002
IRS Pronouncements--2001
IRS Pronouncements--2000

We've included the IRB (Internal Revenue Bulletin) reference so you can find the full text on the IRS web site. We've tried to make the list as searchable as possible while keeping the descriptions short. Use the "find-in-page" or "find" feature of your browser (CTRL-F) to search this list. Be sure to try variations of keywords such as "activities" as well as "activity"; "depreciation" as well as "depreciate". The Applicable Federal Rate and interest rates on over- and underpayments are updated on our IRS Interest Rates page.

Notes.

• The list below includes pronouncements for the first 51 bulletins of 2021.

• Entries for each section are in the order they appear in the bulletins.

• Go to our Abbreviations page for details on any abbreviations.

• Quick link to Individual Bulletins for 2021

• If you know the number, you can access a PDF file of any recent Revenue Ruling, Revenue Procedure, or Notice at the IRS Web site directly. Simply paste the appropriate link below into your browser and enter the desired ruling, procedure, or notice number instead of the xx.

For Revenue Rulings-- www.irs.gov/pub/irs-drop/rr-21-xx.pdf
For Revenue Procedures-- www.irs.gov/pub/irs-drop/rp-21-xx.pdf
For Notices-- www.irs.gov/pub/irs-drop/n-21-xx.pdf

The xx must be at least two digits. Thus, Revenue Ruling 5 for 2021 would be: www.irs.gov/pub/irs-drop/rr-21-05.pdf   For prior years, change the 20 to the appropriate year (available years vary).

New Additions - Bulletin 51

Rev. Proc. 2021-52 (IRB 2021-51) Sec. 6694; disclosure on a taxpayer's income tax return adequate for the purpose of reducing the understatement of income tax penalty; tax return preparer penalty; revenue procedure application to returns filed on 2021 tax forms for taxable year beginning in 2021.

REG-109128-21 (IRB 2021-51) Minimum essential coverage; does not include Medicaid coverage that is limited to COVID-19testing and diagnostic services provided under Families First Coronavirus Response Act; statements regarding coverage be employers; extension of time to furnish statements.

Notice 2021-65 (IRB 2021-51) Sec. 3134; retroactive termination of employee retention credit in fourth quarter of 2021; employers who took advance credit.

For the full text of these rulings, go to Internal Revenue Bulletin 2021-51

Cumulative Listings - 2021

Revenue Rulings

Rev. Rul. 2021-24 (IRB 2021-50) Interest rates on underpayments and overpayments; quarter beginning January 1, 2022.
Rev. Rul. 2021-23 (IRB 2021-49) Applicable federal rates; adjusted federal long-term rate; December, 2021.
Rev. Rul. 2021-21 (IRB 2021-44) Applicable federal rates; adjusted federal long-term rate; November, 2021.
Rev. Rul. 2021-19 (IRB 2021-42) Sec. 61; fringe benefits; aircraft valuation formula; SIFL; Standard Industry Fare Level second half 2021.
Rev. Rul. 2021-18 (IRB 2021-40) Applicable federal rates; adjusted federal long-term rate; October, 2021.
Rev. Rul. 2021-17 (IRB 2021-37) Interest rates on underpayments and overpayments; quarter beginning October 1, 2021.
Rev. Rul. 2021-16 (IRB 2021-36) Applicable federal rates; adjusted federal long-term rate; September, 2021.
Rev. Rul. 2021-15 (IRB 2021-35) Sec. 2032A; estate taxes; special use value; farms; interest rates; 2021 interest rates.
Rev. Rul. 2021-14 (IRB 2021-31) Applicable federal rates; adjusted federal long-term rate; August, 2021.
Rev. Rul. 2021-12 (IRB 2021-27) Applicable federal rates; adjusted federal long-term rate; July, 2021.
Rev. Rul. 2021-11 (IRB 2021-24) Sec. 61; fringe benefits; aircraft valuation formula; SIFL; Standard Industry Fare Level first half 2021.
Rev. Rul. 2021-9 (IRB 2021-23) Applicable federal rates; adjusted federal long-term rate; June, 2021.
Rev. Rul. 2021-7 (IRB 2021-14) Applicable federal rates; adjusted federal long-term rate; April, 2021.
Rev. Rul. 2021-6 (IRB 2020-12) Interest rates on underpayments and overpayments; quarter beginning April 1, 2020.
Rev. Rul. 2021-5 (IRB 2021-10) Applicable federal rates; adjusted federal long-term rate; March, 2021.
Rev. Rul. 2021-4 (IRB 2021-6) Applicable federal rates; adjusted federal long-term rate; February, 2021.
Rev. Rul. 2021-3 (IRB 2021-5) Sec. 401; tables of covered compensation.
Rev. Rul. 2021-2 (IRB 2021-04) Deductibility of expenses paid with proceeds from a Paycheck Protection Program loan; Notice 2020-32 and Rev.a Rul. 2020-27 obsoleted.
Rev. Rul. 2021-1 (IRB 2021-02) Applicable federal rates; adjusted federal long-term rate; January, 2021.

Revenue Procedures

Rev. Proc. 2021-52 (IRB 2021-51) Sec. 6694; disclosure on a taxpayer's income tax return adequate for the purpose of reducing the understatement of income tax penalty; tax return preparer penalty; revenue procedure application to returns filed on 2021 tax forms for taxable year beginning in 2021.
Rev. Proc. 2021-50 (IRB 2021-49) Partnership returns; Form 1065; amended return and Schedule K-1 furnished to partners as alternative option to filing an administrative adjustment request; AAR.
Rev. Proc. 2021-49 (IRB 2021-49) Paycheck Protection Program Loans; PPP; forgiveness; treatment for partnerships and consolidated groups; allocations under Sec. 704(b); 705; 1502; basis adjustments of stock resulting from forgiven PPP loans, grant proceeds or subsidized payment of certain principal, interest, and fees.
Rev. Proc. 2021-48 (IRB 2021-49) Paycheck Protection Program Loans; PPP; exclusion of forgiveness; timing of treatment of forgiveness.
Rev. Proc. 2021-45 (IRB 2021-48) Cost-of-living adjustments for 2022; COLA; inflation; individual tax rates; standard deduction; alternative minimum tax exemptions and phasehout; qualified transportation fringe; estate and gift taxes; penalties.
Rev. Proc. 2021-36 (IRB 2021-35) Sec. 36B; premium tax credit; applicable percentage table; indexing adjustment for required contribution percentage; eligibility for affordable employer-sponsored minimum essential coverage.
Rev. Proc. 2021-34 (IRB 2021-35) Sec. 446; automatic consent to change methods of accounting; final regulations Secs. 1.451-3, 1.451-8 and 1.1275-2(l); Rev. Proc. 2015-13, 2015-33, 2016-1, 2017-59, and 2021-26 modified.
Rev. Proc. 2021-33 (IRB 2021-34) Exclusion of certain items from gross receipts definition; safe harbor for eligibility for employee retention credit; ERC; forgiveness of Paycheck Protection Program loan; PPP; grant under Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act; restaurant revitalization grant.
Rev. Proc. 2021-31 (IRB 2021-34) Sec. 280F; limitations on depreciation for business use of autos; lease inclusion tables for passenger automobiles; includes trucks and vans.
Rev. Proc. 2021-14 (IRB 2021-30) Sec. 172; net operating loss; NOL; special rules for 2018, 2019. 2020; farming loss; CARES Act; Tax Relief Act of 2020.
Rev. Proc. 2021-24 (IRB 2021-29) Procedure for receiving child tax credit; 2020 recovery rebate credit payments; additional 2020 recovery rebate credit payments; third round economic impact payments; taxpayers not otherwise required to file 2020 federal income tax returns; simplified return; complete returns.
Rev. Proc. 2021-29 (IRB 2021-27) Alternative to administrative adjustment request; AAR; amended Form 1065.
Rev. Proc. 2021-28 (IRB 2021-27) Sec. 168; TCDTRA; 30-year recovery period; ADS; residential rental; held by electing property trade or business; Rev. Proc. 2019-8 modified; Rev. Proc. 2019-43 modified.
Rev. Proc. 2021-25 (IRB 2021-21) Sec. 223; Health Savings Accounts; HSAs; inflation adjusted amounts; health reimbursement arrangements; HRAs.
Rev. Proc. 2021-23 (IRB 2021-19) Sec. 36B; child tax credit; earned income tax credit; amount of credit revised; percentage table revised for American Rescue Plan Act; Rev. Proc. 2020-45 and Rev. Proc. 2020-36 superseded.
Rev. Proc. 2021-20 (IRB 2021-19) PPP loan; Payroll Protection Program; expenses used to justify loan not deducted on return for taxable year ending on or before December 31, 2020; safe harbor; expenses deductible on first taxable year following.
Rev. Proc. 2021-21 (IRB 2021-17) Sec. 911; foreign earned income exclusion; waiver of time requirements for individuals who must leave a foreign country because of war, civil unrest, or similae adverse conditions; Iraq added to list of waiver countries.

Rev. Proc. 2021-15 (IRB 2021-8) Sec. 62; educator's deduction; safe harbor; unreimbursed expenses paid o incurred after March 20, 2020; personal protective equipment, disinfecttant, other items to prevent spread of COVID-19.
Rev. Proc. 2021-11 (IRB 2021-6) Sec. 199A; methods for calculating W-2 wages; agricultural or horticultural cooperatives; short taxable years; Rev. Proc. 2019-11 modified.
Rev. Proc. 2021-8 (IRB 2021-4) Sec. 501; electronic submission of Form 1024-A; 90-day transition relief period; Rev. Proc. 2021-5 modified.
Rev. Proc. 2021-9 (IRB 2021-3) Sec. 163; trade or business managing a qualified residential living facility; safe harbor treatment as real property trade or business.

Rev. Proc. 2021-7 (IRB 2021-1) Areas of IRC under jurisdiction of Associate Chief Counsel (International); IRS will not issue rulings.
Rev. Proc. 2021-5 (IRB 2021-1) Procedures for issuing determination letters; issues under jurisdiction of Director, Exempt Organizations; EO; rulings and agreements; pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans; private foundation status; Sec. 7428.
Rev. Proc. 2021-4 (IRB 2021-1) Revised procedures; determination letters and letter rulings issued by the Commissioner; Tax Exempt and Government Entities; Employee Plans Rulings and Agreements; Rev. Procs. 2020-4 updated.
Rev. Proc. 2021-3 (IRB 2021-1) Revised list of areas where IRS will not issue letter rulings or determination letters; Corporate; Financial Institutions and Products; Income Tax and Accounting; Passthroughs and Special Industries; Procedure and Administration; Tax Exempt and Government Entities; Associate Chief Counsel; Rev. Proc. 2020-3 superseded.
Rev. Proc. 2021-2 (IRB 2021-1) Procedures for Technical advice memoranda; TAMS; taxpayer rights when field office requests TAMS; Rev. Proc. 2020-2 superseded.
Rev. Proc. 2021-1 (IRB 2021-1) Procedures for letter rulings and information letters; Associate Chief Counsel; Corporate; Financial Institutions and Products; Income Tax and Accounting; International; Passthroughs and Special Industries; Procedure and Administration; Tax Exempt and Government Entities; Rev. Proc. 2020-1 superseded.

Regulations

Proposed Regulations

Notices