Small Business Taxes & Management

IRS Pronouncements--2021

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:

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 23 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 21 to the appropriate year (available years vary).

New Additions - Bulletin 23

Rev. Rul. 2021-9 (IRB 2021-23) Applicable federal rates; adjusted federal long-term rate; June, 2021.

Announcement 2021-11 (IRB 2021-23) Competent Authority Arrangement; Switzerland; Swiss pension and retirement arrangements; individual retirement plans.

For the full text of these rulings, go to Internal Revenue Bulletin 2021-23

NOTE!--When searching for references to the Coronavirus, use COVID-19 instead.

Cumulative Listings - 2021

Revenue Rulings

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. 2020-6 (IRB 2020-12) 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.

Revenue Procedures

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.

Regulations

T.D. 9944 (IRB 2021-16) Sec. 45Q; carbon dioxide sequestration; credit.
T.D. 9938 (IRB 2021-7) Sec. 4960; remuneration in excess of $1 million; excess parachute payments; excise tax; tax-exempt organizations.
T.D. 9948 (IRB 2021-6) Excise taxes imposed on amounts paid for transportation of persons and property by air.
T.D. 9947 (IRB 2021-6) Sec. 199A; 1381 through 1388; cooperatives and patrons; Sec. 199A; qualified business income; QBI; agricultural and horticultural cooperatives.
. T.D. 9946 (IRB 2021-6) Sec. 162; 6050X; TCJA; deduction of certain fines, penalties, and other amounts; information reporting.
T.D. 9945 (IRB 2021-5) Sec. 1061; rechacterization of certain net long-term capital gains of a partner; carried interest.
T.D. 9943 (IRB 2021-5) Sec. 163; limitation on the business interest expense deduction; TCJA changes and Coronavirus Aid, Relief, and Economic Security Act; limitation application to consolidated group.
T.D. 9936 (IRB 2021-5) Sec. 1291; 1297; 1298; determination of owenership in a pasive foreign investment company; treatment of certain income of foreign corporation.
T.D. 9937 (IRB 2021-4) Sec. 402; TCJA; extended rollover period for a qualified plan loan offset.
T.D. 9942 (IRB 2021-3) Sec. 262A; 448; 460; 471; TCJA; simplification of application of tax accounting provisions; business with average gross receipts of $25 million or less (indexed for inflation); special accounting rules for long-term contracts
T.D. 9941 (IRB 2021-3) Sec. 451; TCJA; timing of income inclusion for accrual method taxpayers with an applicable financial statement; treatment of advance payments.
T.D. 9939 (IRB 2021-3) Sec. 274; amendments by TCJA; elimination of deduction for certain transportation and commuting benefits provided by employers; exceptions.
T.D. 9932 (IRB 2021-3) Sec. 162; $1,000,000 allowable deduction for employee remuneration with respect to covered employee; publicly held corporation; TCJA amendments; grandfather rule.
T.D. 9940 (IRB 2021-2) Procedures used by IRS to handle misdirected direct deposit tax refunds; procedure for taxpayers who believe direct deposit refund is missing.
T.D. 9925 (IRB 2021-2) Sec. 274; elimination of deduction for entertainment expenses paid or incurred in taxable years beginning after December 31, 2017; distinguishing entertainment expenses from meal and beverage expenses; exception to rule.

Proposed Regulations

REG-121095-19 (IRB 2021-18) Opportunity Zone; OZ; requirements that foreign persons and foreign-owned partnerships must meet to defer capital gains; working capital safe harbor; Federally declared disasters.
REG-111950-20 (IRB 2021-5) Sec. 1291; 1297; 1298; determination of owenership in a pasive foreign investment company; treatment of certain income of foreign corporation.
REG-115057-20 (IRB 2021-5) Sec. 165; 7508A; mandatory postponements of time to perform time-sensitive acts by reason of federally declared disaster; discrection of Secretary of Treasury to determine time-sensitive acts postponed for the mandatory 60-day period.
REG-114615-16 (IRB 2021-3) New user fee for IRS Letter 627; estate tax closing letter.
REG-130081-19 (IRB 2021-2) Grandfathered group health plans and grandfathered group health insurance coverage; amended rules to provide greater flexibility; changes to certain cost sharing requirements.

Notices

Notice 2021-34 (IRB 2021-23) Sec. 45I; natural gas production from qualified marginal wells; marginal well production credit.
Notice 2021-33 (IRB 2021-23) Corporate bond monthly yield curve May 2021; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2021-31 (IRB 2021-23) COBRA; temporary premium assistance; loss of coverage resulting from reduction in hours or involuntary termination of employment.
Notice 2021-32 (IRB 2021-21) Sec. 45; inflation adjustment factors; renewable electricity production credit; renewable electricity production credit; refined coal production credit.
Notice 2021-26 (IRB 2021-21) Dependent care benefits; benefits excluded from income in used during preceding year; 2020 and 2021; excludable 2021 and 2022; limits under Sec. 129.
Notice 2021-30 (IRB 2021-19) Sec. 613; percentage depletion on marginal properties.
Notice 2021-29 (IRB 2021-19) Sec. 43; 45; referenc price; oil recovery credit: marginal well production credit; percentage depletion from marginal properties.
Notice 2021-28 (IRB 2021-18) Request for public recommendations; published guidance projects; 2021-2022 Priority Guidance Plan.
Notice 2021-27 (IRB 2021-18) Corporate bond monthly yield curve April 2021; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2021-24 (IRB 2021-18) Sec. 6656; penalty relief; employer's failure to timely deposit employment taxes; employers required to pay qualified sick wages and qualified family leave wages; Notice 2020-22 amplified.
Notice 2021-25 (IRB 2021-17) Food and beverages provided by a restaurant; when 100-percent deduction and when 50-percent deduction continues to apply.
Notice 2021-23 (IRB 2021-16) Employee retention credit; qualified wages paid after December 31, 2020 and before July 1, 2021; Notice 2021-20 amplified.
Notice 2021-22 (IRB 2021-15) Corporate bond monthly yield curve March 2021; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2021-21 (IRB 2021-15) Sec. 7508A; guidance on postponement of Federal income tax filings and payments from April 15, 2021 to May 17, 2021; postponement of other forms.
Notice 2021-17 (IRB 2021-14) Clarification of Notice 2021-12; more precise citation.
Notice 2021-20 (IRB 2021-11) Employee retention credit; as amended by Taxpayer Certainty and Disaster Tax Relief Act of 2020; Paycheck Protection Program loans.
Notice 2021-19 (IRB 2021-11) Sec. 42; state housing credit; housing credit ceiling; private activity bond volume cap.
Notice 2021-18 (IRB 2021-11) Sec. 911; adjustments to limitation on housing expenses for 2021.
Notice 2021-16 (IRB 2021-10) Corporate bond monthly yield curve February 2021; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2021-15 (IRB 2021-10) Sec. 125; health flexible spending arrangements; FSAs; dependent care assistance program; carryover of unused portion; Taxpayer Certainty and Disaster Tax Relief Act of 2020.
Notice 2021-10 (IRB 2021-7) Sec. 7508A; 1400Z; qualified opportunity funds; QOFs; addtional relief; 180-day investment requirement; 30-month substantial improvement period; Notice 2020-39 relief extended.
Notice 2021-13 (IRB 2021-6) Relief for partnerships from certain penalties due to inclusion of incorrect information in reporting partners' beginning capital account balances on 2020 K-1.
Notice 2021-12 (IRB 2021-6) Sec. 42; 142; 147; extension of temporary relief; qualified low-income housing project; Notice 2020-53 amplified.
Notice 2021-11 (IRB 2021-6) Deferral of employee's portion of Social Security taxes from September 1, 2020 to December 31, 2020; extension of date for repayment; Notice 2020-65 modified.
Notice 2021-8 (IRB 2021-6) Sec. 6654; waiver of addition to tax for underpayment of estimated tax; underpayment attributable to amendment of Sec. 461 made by CARES Act; relief not automatic.
Notice 2021-6 (IRB 2021-6) 1099 Series Forms; waiver of requirements; specified grants, payments, subsidies and loan forgiveness excludable from income under various COVID-19 relief acts.
Notice 2021-9 (IRB 2021-5) Corporate bond monthly yield curve December 2020; Sec. 417; 430; interest rate on 30-year Treasury securities.
Notice 2021-7 (IRB 2021-3) Automobile lease valuation rule for income inclusion of personal use of vehicle; temporary relief in response to pandemic to revert to cents-per-mile valuation and vice versa.
Notice 2021-5 (IRB 2021-3) Sec. 45; 48; Extension of Continuity Safe Harbor for Offshore Projects and Federal Land Projects.
Notice 2021-2 (IRB 2021-3) Standard mileage rates for 2021; operation of motor vehicle for business, charitable, and medical or moving purposes; fixed and variable rate; FAVR; maximum fair market value for fleet-average valuation or cents-per-mile valuation rule.
Notice 2021-4 (IRB 2021-2) Dyed fuel relief; Milwaukee or Madison terminal; final extension; Notice 2017-30; Notice 2018-39; Notice 2019-04.
Notice 2021-3 (IRB 2021-2) Sec. 401; Notice 2020-42; 6-month extension physical presence test for participant elections required to be witnessed by plan representative.
Notice 2021-1 (IRB 2021-2) Private foundations; electronic filing of Form 4720; private foundations may no longer rely on Reg. Sec. 53.6011-1(c).

Announcements

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 2021-2 (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 Bulletins

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

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--Last Update 06/05/21