Small Business Taxes & Management

IRS Pronouncements--2020--Short List

Note. The list below contains a synopses of revenue rulings, revenue procedures, notices, announcements and regulations beginning with those issued January 1, 2020. 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--2020. For a abbreviated, similar listing for prior years, go to:

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 27 bulletins of 2020.
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 2020
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-20-xx.pdf
For Revenue Procedures-- www.irs.gov/pub/irs-drop/rp-20-xx.pdf
For Notices-- www.irs.gov/pub/irs-drop/n-20-xx.pdf

The xx must be at least two digits. Thus, Revenue Ruling 5 for 2020 would be: www.irs.gov/pub/irs-drop/rr-20-05.pdf For prior years, change the 20 to the appropriate year (available years vary).

New Additions - Bulletin 27

For the full text of these rulings, go to Internal Revenue Bulletin 2020-27

Cumulative Listings - 2020

Revenue Rulings

Rev. Rul. 2020-13 (IRB 2019-26) Interest rates on underpayments and overpayments; quarter beginning July 1, 2020.
Rev. Rul. 2020-12 (IRB 2019-24) Applicable federal rates; adjusted federal long-term rate; June, 2020.
Rev. Rul. 2020-11 (IRB 2019-19) Applicable federal rates; adjusted federal long-term rate; May, 2020.
Rev. Rul. 2020-8 (IRB 2019-19) Sec. 6511; 10-year limitations period; claims of refund or overpayment resulting from foreign tax credit carryback arising as a result of a net operating loss carryback from a subsequent year; Rev. Rul. 71-533 suspended entirely; Rev. Rul. 68-150 suspended in party.
Rev. Rul. 2020-10 (IRB 2019-15) Sec. 1.61-21(g); fringe benefits aircraft valuation formula; SIFL cents-per-mile rate; employer-provided aircraft; first half of 2020.
Rev. Rul. 2020-9 (IRB 2019-15) Applicable federal rates; adjusted federal long-term rate; April, 2020.
Rev. Rul. 2020-7 (IRB 2019-12) Interest rates on underpayments and overpayments; quarter beginning April 1, 2020.
Rev. Rul. 2020-6 (IRB 2019-11) Applicable federal rates; adjusted federal long-term rate; March, 2020.
Rev. Rul. 2020-5 (IRB 2020-09) Sec. 1016; adjusted basis of an insurance contract not reduced by cost of insurance; Rev. Proc. 2009-13 and Rev. Rul. 20019-14 reversed; Tax Cuts and Jobs Act addition.
Rev. Rul. 2020-4 (IRB 2020-08) Sec. 42; computing income limits applicable to low-income housing credit; new minimum set-aside test; average income test.
Rev. Rul. 2020-3 (IRB 2020-07) Applicable federal rates; adjusted federal long-term rate; February, 2020
Rev. Rul. 2020-1 (IRB 2019-03) Applicable federal rates; adjusted federal long-term rate; January, 2020.

Revenue Procedures

Rev. Proc. 2020-34 (IRB 2020-26) Sec. 7701; 677; 1031; Temporary relief to trusts which are, or have tenants who are, experiencing financial hardship; COVID-19; modifications to mortgage loans and lease agreements; acceptance of additional cash contributions.
Rev. Proc. 2020-32 (IRB 2020-24) Sec. 223; Health Savings Accounts; HSA; 2021 inflation adjusted amounts.
Rev. Proc. 2020-29 (IRB 2020-21) Temporary modification of Rev. Proc. 2020-1 to allow for the electronic submission of requests for letter rulings, closing agreements, determination letters, etc.
Rev. Proc. 2020-27 (IRB 2020-20) Sec. 911; foreign earned income exclusion; relief from bona fide residence test and physical presence test; COVID-19 health emergency; qualified individual.
Rev. Proc. 2020-20 (IRB 2020-20) Nonreident individuals; substantial presence test; COVID-19; medical condition exception to exclude up to 60 consecutive days spent in U.S.; claiming benefits under and income tax treaty.
Rev. Proc. 2020-28 (IRB 2020-19) Economic impact payments provided by CARES Act; tax return filing procedures for certain eligible individuals not otherwise required to file 2019 Federal income tax return.
Rev. Proc. 2020-25 (IRB 2020-19) Sec. 168; change of depreciation method; qualified improvement property; QIP; making of late election for certain years.
Rev. Proc. 2020-24 (IRB 2020-18) Sec. 172; net operating losses; NOLs; carryback of losses arising in 2018, 2019, and 2020 back 5 preceding taxable years; election to waive or reduce carryback period; election with respect to income inclusion as a result of Sec. 965.
Rev. Proc. 2020-23 (IRB 2020-18) Sec. 6031; CARES Act; partnerships; relief for 2018 and 2019 centralized partnership audit regime under BBA Act of 2015; amendment of partnership returns; administrative adjustment request; AAR.
Rev. Proc. 2020-22 (IRB 2020-18) Sec. 163; interest limitation deduction; elections to be an electing real property or farming trade or business.

Rev. Proc. 2020-14 (IRB 2020-16) Sec. 911; earned income exclusion; waiver of time requirements for time in foreign country; countries added to waiver countries.
Rev. Proc. 2020-13 (IRB 2020-11) Sec. 263A; taxpayers in farming business; changes by Tax Cuts and Jobs Act; application to certain plants; qualification as a small business under Sec. 448 gross receipts test.
Rev. Proc. 2020-8 (IRB 2020-8) Form 1023; application for recognition of exemption organization; Sec. 501; electronic submission process; Rev. Proc. 2020-5 modified.
Rev. Proc. 2020-11 (IRB 2020-6) Sec. 108; income from discharge of indebtedness; Federal or private student loans to finance; discharge not taxable for certain students where schools closed.
Rev. Proc. 2020-9 (IRB 2020-2) Sec. 401; amendments which are treated as integral to a plan provision that fails to satisfy qualification requirements of Code; recent regulations under Sec. 401(k), 401(m); hardship distributions of elective deferrals; interim amendment for pre-approved plans.
Rev. Proc. 2020-7 (IRB 2020-1) Areas of IRC under jurisdiction of Associate Chief Counsel (International); IRS will not issue determination letters or letter rulings.
Rev. Proc. 2020-5 (IRB 2020-1) 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. 2020-4 (IRB 2020-1) Revised procedures; determination letters and letter rulings issued by the Commissioner; Tax Exempt and Government Entities; Employee Plans Rulings and Agreements; Rev. Procs. 2019-4 superseded.
Rev. Proc. 2020-3 (IRB 2020-1) 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. 2019-3 superseded.
Rev. Proc. 2020-2 (IRB 2020-1) Procedures for Technical advice memoranda; TAMS; taxpayer rights when field office requests TAMS; Rev. Proc. 2019-2 superseded.
Rev. Proc. 2020-1 (IRB 2020-1) 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. 2019-1 superseded.

Regulations

T.D. 9898 (IRB 2020-25) Sec. 503; 6033; information reporting requirements for exempt organizations; certain grants of reporting relief; Form 990 and 990-EZ.
T.D. 9897 (IRB 2020-23) Sec. 385; treatment of certain interests in coporations as stock or indebtedness.
T.D. 9893 (IRB 2020-9) Sec. 61; valuation of fringe benefits; employee personal use company car; maximum vehicle values for use with special valuation rule for autos; adoption of special valuation rule for 2018 and 2019.
T.D. 9891 (IRB 2020-8) Sec. 721; transfers of appreciated property by U.S. persons to partnerships with related foreign partners; finalize REG-127203-15.

Proposed Regulations

REG-109755-19 (IRB 2020-26) Sec. 213; treatment of amounts paid for certain medical care arrangements; health care sharing ministries; certain government sponsored health care programs; deduction for amount paid as medical expenses.
REG-100320-20 (IRB 2020-25) Sec. 3405; income tax withholding on certain periodic retirement and annuity payments; Tax Cuts and Jobs Act; TCJA.
REG-124327-19 (IRB 2020-24) Sec. 47; guidance regarding allocation of rehabilitation credit over a 5-year period; coordination with other special rules for investment credit property.
REG-104591-18 (IRB 2020-23) Sec. 162; 6050X; deduction of certain fines, penalties, and other amounts; amounts paid or incurred to or at the direction of governments or governmental entities in relation to the violation of a law; TCJA.
REG-113295-18 (IRB 2020-22) Sec. 67; clarification of deductions allowed to an estate or non-grantor trust not miscellaneous itemized deductions subject to suspension; costs paid or incurred in connection with administration of estate or trust that would not be incurred but for the estate or trust; distribution deduction.
REG-106864-18 (IRB 2020-20) Sec. 511; exempt organizations; unrelated business income; more than one unrelated trade or business; calculation of taxable income from unrelated business activities; application to individual retirment accounts.
REG-117138-17 (IRB 2020-19) User fee on tax return preparers; PTIN number; costs recalculated; user fee reduced from $33 to $21 plus $14.95 third party contractor fee.
REG-100814-19 (IRB 2020-12) Sec. 274; amendments by Tax Cuts and Jobs Act; elimination of deduction for expenditures related to entertainment, amusement, or recreation activities; whether an activity is entertainment.
REG-132741-17 (IRB 2020-10) Sec. 3401; 3402; conformation to changes made by Tax Cuts and Jobs Act; redesigned Form W-4; new computational procedures; employee withholding.
REG-125710-18 (IRB 2020-5) Sec. 382; portion of proposed rulemaking withdrawn; items of income and deduction included in calculation of built-in gains and losses; ownership changes.

Notices

Notice 2020-49 (IRB 2020-27) Sec. 45D; due dates for making investments, making reinvestments, and expending amounts for construction of real property due to be performed on or after April 1, 2020 and before December 31, 2020 postponed until December 31, 2020.
Notice 2020-46 (IRB 2020-27) Income and employment tax treatment of cash payments made by employers under leave-based donation programs in aid of COVID-19 victims.
Notice 2020-43 (IRB 2020-27) Partners and certain other persons; reporting of capital accounts on Schedule K-1; partnership taxable years ending on or after December 31, 2020; methods of reporting limited.
Notice 2020-42 (IRB 2020-26) Sec. 401; qualified retirement plans; participants, beneficiaries, administrators; temporary relief from physical presence; witnessing of documents; facilitate distributions and plan loans; COVID-19; CARES Act.
Notice 2020-39 (IRB 2020-26) Sec. 7508A; qualified opportunity funds; QOF; COVID-19; certain relief provisions of Sec. 1400Z.
Notice 2020-33 (IRB 2020-25) Postponement of certain time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, and Coverdell education savings accounts; COVID-19 pandemic.
Notice 2020-33 (IRB 2020-22) Sec. 125; carryover amount 20 percent of maximum salary reduction amount; for 2020 carryover amount increased from $500 to $550.
Notice 2020-29 (IRB 2020-22) Sec. 125; cafeteria plans; COVID-19; flexibility; mid-year elections; during calendar year 2020; employer-sponsored health coverage; health Flexible Spending Arrangements; FSAs; dependent care assistance programs; increased flexibility with respect to grace periods to apply unused amounts; telehealth services.
Notice 2020-25 (IRB 2020-22) Sec. 103; 141 through 150; temporary expansion of circumstances and time periods; tax-exempt bond purchased by state or local governmental issuer treated as continuing in effect.
Notice 2020-34 (IRB 2020-21) Sec. 45I; reference price for qualified natural gas production for qualified marginal wells.
Notice 2020-32 (IRB 2020-21) Loan forgiveness under CARES Act; guidance regarding nondeductibility of financed costs.
Notice 2020-31 (IRB 2020-19) Inflation adjustment factor and phase-out amount for enhanced oil recovery credit for taxable years beginning in 2020; 2019 calendar year price; phased out completely.
Notice 2020-30 (IRB 2020-19) Sec. 631A; applicable percentage for determining percentage deplection from marginal wells for 2020 is 15 percent.
Notice 2020-28 (IRB 2020-19) Sec. 43; 45; 45K; 631A; reference price; enhanced oil recovery credit; marginal well production credit for qualified crude oil production; percentage depletion from marginal wells.
Notice 2020-26 (IRB 2020-18) Sec. 6411; Net operating losses; NOLs; changes made by CARES Act; tentative carryback adjustment; taxable years beginning before calendar year 2018.
Notice 2020-23 (IRB 2020-18) Selected tax filings and payments delayed to July 15; specified time-sensitive actions also postponed; Notice 2020-18 and Notice 2020-20 amplified.
Notice 2020-22 (IRB 2020-17) Sec. 6302; failure to make a deposit of employment taxes; Families First Coronavirus Response Act; qualified sick leave; qualified family leaves wages; employment tax deposits in anticipation of credits.
Notice 2020-21 (IRB 2020-16) Sec. 3111; 3221; Families First Coronavirus Response Act; tax credits for qualified sick leave wages and qualified family leave wages; credit against employment taxes; certain self-employed individuals.
Notice 2020-20 (IRB 2020-16) Sec. 7508A; tax relief; due date for filing give and generation-skipping transfer tax returns due April 15; associated interest, penalties, and additions to tax for late payment suspended; Coronavirus Disease; Notice 2020-18 amplified.
Notice 2020-18 (IRB 2020-15) Sec. 7508A; due date extensions for tax returns from April 15, 2020 to July 15, 2020; suspension of associated interest, additions to tas, late payment penalties; Notic 2020-17 superseded.
Notice 2020-17 (IRB 2020-15) Sec. 7508A; due date extensions for tax returns from April 15, 2020 to July 15, 2020; suspension of associated interest, additions to tas, late payment penalties.
Notice 2020-13 (IRB 2020-11) Sec. 911; exclusion from gross income of foreign housing cost amount.
Notice 2020-6 (IRB 2020-7) Reporting by financial institutions; notification to owners of IRAs; required minimum distribution; RMD; increase in age triggering RMD to 72.
Notice 2020-5 (IRB 2020-4) Sec. 61; standard mileage rates for 2020; cost of operating motor vehicle for business, charitable, medical or moving purposes; reduction to basis for deemed depreciation; maximum fair market value of employer-provided autos for personal use; fleet-average valuation rule; cents-per-mile valuation rule.

Announcements

Announcement 2020-5 (IRB 2020-19) Connecticut homeowners; financial assistance from Connecticut Foundation Solutions Indemnity Company; premature deterioration of concrete foundations; mineral pyrrhotite.

Action On Decision

Action on Decision 2020-3 (IRB 2020-17) Sec. 7811; acquiescence to the holding that the term “taxpayer” interpreted to include a wrongful-levy claimant. Nonacquiescence to the holding that suspends the running of the limitations periods for third-parties to file wrongful levy claims or suits. Rothkamm; (5th Cir. 2015).

Links to Individual Bulletins

Copyright 2020 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources--ISSN 1089-1536

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--Last Update 06/27/20