Small Business Taxes & ManagementTM--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, we have created two indicies--this one is a complete list of all pronouncements. For 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, go to IRS Pronouncements--2021--Short List. Please note. Revenue Rulings, Procedures, etc. are not always released in strict numberical order. For a abbreviated, similar listing for prior years, go to:
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.
The list below includes pronouncements for the first 52 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.
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 21 to the appropriate year (available years vary).
New Additions - Bulletin 52
For the full text of these rulings, go to Internal Revenue Bulletin 2021-52
NOTE!--When searching for references to the Coronavirus, use COVID-19 instead.
Cumulative Listings - 2021
Rev. Rul. 2021-20 (IRB 2021-51) Sec. 42; low-income buildings; 4-percent applicable percentage; draw-down bond; allocation of housing credit.
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. 2021-22 (IRB 2021-47) Sec. 995; taxation of DISC income to shareholders; 2021 base period T-Bill rate. 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. 2021-13 (IRB 2021-30) Sec. 45Q; acid-gas removal unit; component of carbon capture.
Rev. Rul. 2021-12 (IRB 2021-27) Applicable federal rates; adjusted federal long-term rate; July, 2021.
Rev. Rul. 2021-10 (IRB 2021-25) Interest rates on underpayments and overpayments; quarter beginning July 1, 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. 2021-8 (IRB 2021-18) Applicable federal rates; adjusted federal long-term rate; May, 2021.
Rev. Rul. 2021-7 (IRB 2021-14) Applicable federal rates; adjusted federal long-term rate; April, 2021.
Rev. Rul. 2021-6 (IRB 2021-12) Interest rates on underpayments and overpayments; quarter beginning April 1, 2021.
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 2021-4) 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 2021-2) Applicable federal rates; adjusted federal long-term rate; January, 2021.
Rev. Proc. 2021-54 (IRB 2021-52) Sec. 846; insurance companies; unpaid loss discount factors for 2021 accident year; salvage discount factors.
Rev. Proc. 2021-53 (IRB 2021-51) Sec. 301; 305; publicly offered real estate investment trusts; REITs; publicly offered regulated investment companies; RIC; treatment of certain stock distributions; temporary modification.
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. 2021-43 (IRB 2021-51) Sec. 42; allocation of low-income housing credit; safe harbors for an obligation; more than de minimis.
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. 2021-47 (IRB 2021-48) Reporting requirements; payments made to financially distressed individual homeowners; Homeowner's Assistance Fund; HAF.
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. 2021-46 (IRB 2021-47) Specifications for private printing of Forms W-2 and W-3 red-ink substitutes for 2021; Rev. Proc. 2020-38 superseded.
Rev. Proc. 2021-42 (IRB 2021-43) Specifications for private printing of certain information returns.
Rev. Proc. 2021-44 (IRB 2021-42) Sec. 42; unused housing credit carryovers allocated for calendar year 2021.
Rev. Proc. 2021-32 (IRB 2021-42) Sec. 6049; information exchange treaty; Chile; Dominican Republic; Singapore; bank deposit interest; Rev. Proc. 2020-15 updated and superseded.
Rev. Proc. 2021-41 (IRB 2021-39) Sec. 842; foreign life, property, and liability insurance companies; domestic asset/liability percentages and deomestic investment yields.
Rev. Proc. 2021-39 (IRB 2021-38) Sec. 147; tax-exempt private activity bonds; public approval requirement; extension to March 31, 2022 time period described in Rev. Proc. 2020-21 and 2020-22.
Rev. Proc. 2021-38 (IRB 2021-38) Sec. 401 pre-approved plans; deadline for adopting interim amendment extended; Rev. Proc. 2016-37 modified.
Rev. Proc. 2021-37 (IRB 2021-38) Sec. 403; procedures for issuing opinion letters concerning satisfaction of Sec. 403 requirement of preapproved plans; second remedial amendment cycle.
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. 2021-35 (IRB 2021-35) Sec. 451(b); treatment of credit card fees; proportional method of accounting for original issue discount on pool of receivables.
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. 2021-30 (IRB 2021-31) New benefit overpayment correction methods to avoid seeking recoupment of benefit overpayments made to participants and beneficiaries; elimination of VCPanonymous submission procedure and addition of annonymous, non-fee VCP pre-submission conference procedure; extension of safe-harbor correction method for certain missed elective deferrals.
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. 2021-27 (IRB 2021-26) Specifications for private printing of certain information returns.
Rev. Proc. 2021-22 (IRB 2021-26) Specifications for substitute Form 941 and related forms; Rev. Proc. 2020-31 superseded.
Rev. Proc. 2021-26 (IRB 2021-22) Controlled foreign corporations; automatic consent to change method of accounting; alternative depreciation system; earnings and profits compuations; Rev. Proc. 2015-13 clarified.
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. 2021-19 (IRB 2021-15) Sec. 25; 143; qualified mortgage bonds; mortgage credit certificates; average median gross income figures.
Rev. Proc. 2021-18 (IRB 2021-15) Sec 139; procedure for extending empowerment zone designation.
Rev. Proc. 2021-17 (IRB 2021-15) Sec. 25; 143; qualified mortgage bonds; mortgage credit certificates; average purchase price of residences; average area purchase price safe harbors.
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. 2021-12 (IRB 2021-5) REMICs and investment trusts; forbearances of mortgage loans; safe harbor in Rev. Proc. 2020-26 and Rev. Proc. 2020-34 deadline extended to September 30, 2021.
Rev. Proc. 2021-10 (IRB 2021-4) Sec. 150; issuer of tax-exempt bonds; request for administrative appeal on proposed adverse determination.
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.
RegulationsT.D. 9958 (IRB 2021-49) Consolidated Appropriates Act; transparency requirements; group health and health insurance plans; report information about prescription drugs and health care spending.
Proposed RegulationsREG-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.
NoticesNotice 2021-66 (IRB 2021-52) Sec. 4672; 4662; initial list of taxable substances; Infrastructure Investment and Jobs Act; exemption for certain sales; Notice 89-61 suspended.
Announcement 2021-19 (IRB 2021-52) Republic of Malta; Competent Authority Arrangement; pension or other retirement arrangements; Maltese personal retirement schemes; treaty benefits.
Announcement 2021-18 (IRB 2021-52) 6652; Announcement 2001-33 revoked; tax-exempt organizations; instructions to follow; annual information returns; Form 990.
Announcement 2021-17 (IRB 2021-51) Sec. 501; organizations no longer qualifying as 501(c)(3) organizations where contributions are deductible.
Announcement 2021-16 (IRB 2021-50) Office of Professional Responsibility; OPR; disciplinary sanctions.
Announcement 2021-15 (IRB 2021-49) Sec. 501; revocation of 501(c)(3) organizations for failure to meet code section requirements; contributions no longer deductible.
Announcement 2021-14 (IRB 2021-33) Competent Authority Arrangement; United Kingdom.
Announcement 2021-13 (IRB 2021-33) Competent Authority Arrangement; United Kingdom.
Announcement 2021-12 (IRB 2021-31) Office of Professional Responsibility; OPR; disciplinary sanctions.
Announcement 2021-11 (IRB 2021-23) Competent Authority Arrangement; Switzerland; Swiss pension and retirement arrangements; individual retirement plans.
Announcement 2021-10 (IRB 2021-22) Qualified opportunity tax credit; new or updated census tract boundaries and numbers; no effect on opportunity zone credits.
Announcement 2021-9 (IRB 2021-20) Notification that no articles were submitted for publication in IRB 2021-20.
Announcement 2021-8 (IRB 2021-18) Office of Professional Responsibility; OPR; disciplinary sanctions.
Announcement 2021-7 (IRB 2021-15) Sec.213; Amounts paid for personal protective equipment (PPE) deductible as medical expense; reimbursable under health flexible spending arrangements and health reimbursement arrangements.
Announcement 2021-6 (IRB 2021-15) Notification of Advance Pricing Agreement Program and Mutual Agreement Program; advance pricing agreements.
Announcement 2021-5 (IRB 2021-13) Competent Authority Agrrangement; U.S. and Japan; avoidance of double taxation; prevention of fiscal evasion with respect to taxes.
Announcement 2021-4 (IRB 2021-9) Notification that no articles were submitted for publication in IRB 2021-9.
Announcement 2021-3 (IRB 2021-8) Office of Professional Responsibility; OPR; disciplinary sanctions.
Announcement 2021-2 (IRB 2021-8) Subsidized loan payments reported on Form 1099-MISC; file and furnish corrected forms excluding payments; waiver of reporting requirements.
Announcement 2021-1 (IRB 2021-4) Competent Authority Agrrangement; U.S. and Italy; remuneration paid by U.S. to U.S. citizens or dual nationals who are residents of Italy rendering services to the U.S. embassies and consulates in Italy.
Action On Decision
Action on Decision 2021-4 (IRB 2021-47) Nonacquiescence as to holding; Mayo Clinic; Sec. 1.170A; primary function of educational organization.
Action on Decision 2021-3 (IRB 2021-24) Nonacquiescence to holdings; Gevity, Sec. 3401; TriNet Group, Inc. 979 F.3d 1311.
Action on Decision 2021-2 (IRB 2021-21) Nonacquiescence; Machacek, 906 F.3d 429.
Action on Decision 2021-1 (IRB 2021-15) Nonacquiescence; Schieber, T.C. Memo. 2017-32.
Links to Individual BulletinsInternal Revenue Bulletin 2021-1 Internal Revenue Bulletin 2021-27
Copyright 2021 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
--Last Update 12/30/21