Recent Articles

October 2021

Oct 20 - KPMG report: State and local tax, technology-related developments (table, third quarter 2021)

Oct 20 - KPMG report: Year-end tax considerations for cryptocurrency investors

Oct 18 - LB&I video-conferencing for large business taxpayers

Oct 18 - KPMG reports: Alaska (failure to file electronically); Oregon (sales factor and foreign dividends); Texas (apportionment); Texas (sales tax nexus)

Oct 15 - IRS clarifies FAQs may offer reasonable cause for penalty protection, but are not precedential

Oct 15 - IRS sets forth required information for valid research credit claim for refund (Chief Counsel legal advice memo)

Oct 15 - Rev. Rul. 2021-19: Fringe benefit aircraft valuations, second half of 2021

Oct 12 - Notice 2021-57: Funding relief for multi-employer defined benefit pension plans pursuant to “American Rescue Plan Act of 2021”

Oct 12 - Notice 2021-59: Deferred applicability dates for foreign currency guidance under section 987

Oct 11 - KPMG reports: California (property tax, solar energy); Michigan (alternative apportionment formula); New Jersey (combined reporting)

Oct 9 - KPMG report: OECD/G20 Inclusive Framework agreement on BEPS 2.0

Oct 8 - OECD: Agreement for global minimum tax, to resolve international taxation of digital economy

Oct 7 - KPMG report: Form 1099-NEC added to the combined federal-state filing program

Oct 7 - Texas: Revised R&D rules for state tax purposes

Oct 7 - U.S. Treasury release: No change to list of countries cooperating with international boycott

Oct 6 - FBAR filing deadline relief for persons affected by certain natural disasters

Oct 6 - Notice 2021-58: Application of certain extensions under COBRA (COVID-19)

Oct 4 - IRS practice unit: Examining a reseller’s section 263A computation

Oct 4 - KPMG reports: Arkansas (add back); Massachusetts (sales tax); Mississippi (software, sales tax); Virginia (NOL carrybacks)

September 2021

Sep 30 - Regulations: Measures to address “surprise” medical billing

Sep 30 - Washington State: High court upholds B&O tax surcharge on banks

Sep 28 - Rev. Proc. 2021-32: Updated list of countries, deposit interest paid to nonresident aliens (Chile, Dominican Republic, Singapore)

Sep 27 - Final regulations: Process, user fee for requesting estate tax closing letter

Sep 27 - KPMG reports: New Jersey (royalty payments); Ohio (local billboard tax); Pennsylvania (remote supply services); Washington State (heavy equipment rental tax)

Sep 24 - KPMG report: State, local tax changes (third quarter 2021, table format)

Sep 24 - Notice 2021-55: Farmers, ranchers affected by drought allowed more time to replace livestock

Sep 22 - IRS webpage: Resource and information about refunds subject to review by Joint Committee on Taxation

Sep 22 - Senate approves Assistant Secretary for Tax Policy

Sep 21 - Final regulations: Distributions of property by corporations to shareholders

Sep 21 - Final regulations: Rules relating to qualified business asset investment (QBAI) (text of regulations)

Sep 20 - PLRs: IRS acceptance of non-traditional real property (such as fiber optic cable) for REIT income tests

Sep 20 - KPMG reports: California (sales tax, farming equipment); Florida (corporate income tax rate); Nevada (local franchise fees); Pennsylvania (corporate net income tax refund)

Sep 16 - IRS practice units: Section 263A costs for self-constructed assets; limitation of exchange gain or loss

Sep 15 - IRS extends dyed diesel fuel penalty relief in Louisiana, response to hurricanes

Sep 14 - Proposed regulations: Changes to Form 5500 annual returns filed for employee pension plans

Sep 14 - Tax relief for taxpayers in Pennsylvania affected by Hurricane Ida

Sep 14 - Texas: Leasing company entitled to use lower wholesale franchise tax rate; Texas high court to review satellite radio sourcing rules

Sep 13 - Rev. Proc. 2021-41: Foreign insurance companies; effectively connected net investment income (2020)

Sep 13 - IRS provides tax relief for taxpayers in North Carolina affected by Tropical Storm Fred

Sep 13 - KPMG report: Marketplace facilitator updates (California, Illinois, Texas)

Sep 13 - KPMG reports: Colorado (online learning platform); Virginia and Washington (bag tax); West Virginia (streaming services)

Sep 10 - IRS Priority Guidance Plan for 2021-2022

Sep 10 - IRS reminder: Cost of home testing is eligible medical expense; reimbursable under FSAs, HSAs (COVID-19)

Sep 10 - Tax relief for taxpayers in Mississippi affected by Hurricane Ida

Sep 8 - Regulations: Recapture of excess employment tax credits under the “American Rescue Plan Act” (COVID-19)

Sep 8 - IRS provides tax relief for taxpayers affected by Hurricane Ida (New York and New Jersey)

Sep 8 - KPMG report: Like-kind exchange relief for taxpayers affected by Hurricane Ida

Sep 7 - Notice 2021-53: Reporting qualified sick leave, qualified family leave wages (COVID-19)

Sep 7 - KPMG report: Draft forms and instructions in W-8 series

Sep 3 - Notice 2021-52: Per diem rates, substantiation of employee lodging, meals, incidentals (2021-2022)

Sep 3 - Penalty for failure to deposit taxes under CARES Act (Chief Counsel legal advice memo)

Sep 1 - Rev. Proc. 2021-37, Rev. Proc. 2021-38: Pre-approved retirement plans

Sep 1 - Treasury awards $5 billion in New Markets Tax Credit (NMTC) allocations

Sep 1 - IRS practice unit: Foreign tax credit (business) general principles

Sep 1 - IRS to waive dyed fuel penalty in Louisiana; hurricane-related relief

August 2021

Aug 31 - Rev. Proc. 2021-39: Further extension of relief regarding tax-exempt bonds (COVID-19)

Aug 31 - IRS provides tax relief for taxpayers in Louisiana affected by Hurricane Ida

Aug 30 - KPMG reports: California (worker’s compensation); Michigan (business tax sales factor); New York (passthrough entity tax); multiple states (business activity by internet seller)

Aug 27 - IRS provides tax relief for taxpayers affected by August 2021 storms in Tennessee

Aug 27 - Tax relief for taxpayers in California affected by wildfires

Aug 25 - Seventh Circuit: Safe harbor relief from federal excise tax, refurbished heavy truck tractors

Aug 25 - Rev. Rul. 2021-17: Interest rates, tax underpayments and overpayments (no changes for fourth quarter 2021)

Aug 25 - KPMG report: IRS extends certification deadline for certain employers claiming work opportunity tax credit

Aug 24 - Notice 2021-51: Revised applicability date, withholding and reporting regarding publicly traded partnership interests

Aug 24 - IRS practice units: Transfers of property to partnerships; accuracy-related penalty and reportable transactions

Aug 24 - KPMG report: Employee retention credit—additional guidance ties up many loose ends

Aug 23 - IRS opens application period for 2022 Compliance Assurance Process (CAP) program

Aug 23 - KPMG reports: Colorado (federal tax conformity); North Carolina (sourcing, asset management services); Texas (sourcing, satellite radio service)

Aug 16 - U.S. Tax Court: Treaty provisions do not allow foreign tax credit offset against net investment income tax

Aug 16 - KPMG report: Tax updates for facilitators of accommodations (New Hampshire, Virginia)

Aug 16 - KPMG reports: Hawaii (software, excise tax); Pennsylvania (erroneous sales tax collection); Oregon (corporate activity tax)

Aug 12 - Rev. Proc. 2021-35, Rev. Proc. 2021-34: Safe harbor method accounting, OID on pool of credit card receivables and related automatic consent

Aug 10 - Notice 2021-43: Relief for certain employers claiming the Work Opportunity Tax Credit

Aug 10 - Rev. Proc. 2021-33: Safe harbor for employers to exclude amounts for determining employee retention credit eligibility

Aug 9 - KPMG report: Second set of corrective amendments to qualified opportunity fund regulations

Aug 9 - KPMG reports: Arkansas (NOL add-back); Colorado (cable television services); Connecticut (relief for sellers of meals); Washington State (retailer’s nexus)

Aug 6 - Notice 2021-47: Enhanced oil recovery credit for 2021

Aug 6 - Rev. Proc. 2021-31: Automobile depreciation deduction limits for 2021

Aug 6 - IRS reminder: Plans retroactively adopted after the end of the plan year have no 2020 Form 5500 filing requirement

Aug 4 - Notice 2021-49: Guidance for employers claiming employee retention credit, for third and fourth quarters 2021

Aug 4 - IRS practice unit: Penalty for failure to include reportable transaction information

Aug 3 - Competent authority arrangements on derivative benefits under United States-United Kingdom income tax treaty

Aug 3 - Updated FAQs concerning PPP loans, SBA discontinues “loan necessity questionnaire”

Aug 2 - Notice 2021-48: Guidance on single-employer defined benefit pension plan funding changes

Aug 2 - KPMG report: Expiring nexus and withholding relief in multiple states (COVID-19)

Aug 2 - KPMG report: Marketplace facilitator updates (Alabama, Missouri, New Mexico)

Aug 2 - KPMG reports: Florida (federal tax conformity); Virginia (easy return labels subject to sales and use tax)

July 2021

Jul 29 - IRS updates FAQs on paid leave credits available for employers; leave provided to employees with regard to vaccinations (COVID-19)

Jul 28 - Interim final rule: PPP loan forgiveness process, appeals deferment (COVID-19)

Jul 28 - IRS practice unit: Overview of section 987 and branch operations in a foreign currency

Jul 28 - KPMG report: Employers helping employees—disaster relief

Jul 28 - KPMG report: Treaty claims and Form W-8BEN-E

Jul 26 - IRS revises system for filing information returns electronically

Jul 26 - Notice 2021-46: Additional IRS guidance on premium assistance for COBRA benefits

Jul 26 - KPMG report: Marketplace facilitator legislation (Alaska, Colorado, Florida, Illinois, Kansas, Missouri)

Jul 26 - KPMG reports: Indiana (franchise fee litigation); Michigan (advertising materials)

Jul 22 - U.S. list of countries cooperating with international boycott; no change

Jul 21 - Proposed regulations: Electronic-filing requirements for specific tax returns, other documents

Jul 21 - IRS provides tax relief for taxpayers affected by June 2021 storms in Michigan

Jul 19 - KPMG report: Treatment of PPP loans (California, Hawaii, Minnesota, Rhode Island)

Jul 19 - KPMG reports: Arizona (digital data); California (SALT cap work-around); Oregon (corporate activity tax)

Jul 16 - Rev. Proc. 2021-30: Employee plans correction methods, updated

Jul 16 - Section 482 adjustments for cost-sharing agreements with reverse claw-back provisions (Chief Counsel legal advice memo)

Jul 16 - KPMG report: State and local tax, technology-related guidance (table, second quarter 2021)

Jul 10 - G20 Finance Ministers conclude meeting with agreement for global minimum tax, other measures

Jul 9 - Notice 2021-38: PBGC special financial assistance for multiemployer defined benefit pension plans financially at risk

Jul 9 - IRS practice units: FDII and computing qualified research expenses

Jul 6 - Regulations: Implementing “no surprises” measures, medical and health-related bills

Jul 6 - IRS provides FAQs on tax treatment of Treasury grants for transportation service companies (COVID-19)

Jul 2 - Delaware: New unclaimed property enforcement provisions are enacted

Jul 2 - IRS practice unit: Foreign tax redeterminations

Jul 2 - KPMG report: OECD/G20 Inclusive Framework agreement on BEPS 2.0

Jul 1 - Rev. Rul. 2021-13: Credit for carbon oxide sequestration under section 45Q

June 2021

Jun 30 - Notice 2021-39: Transition relief, new Schedules K-2 and K-3 for enhance reporting of international tax matters by pass-through entities

Jun 30 - Notice 2021-42: Employer leave-based donation programs, extended for 2021 (COVID-19)

Jun 30 - Rev. Proc. 2021-14: Guidance on NOL elections and revocations, farming losses

Jun 30 - IRS practice unit: Allocation methods of personal use of aircraft

Jun 29 - Notice 2021-41: Continuity safe harbor is extended, renewable energy projects

Jun 29 - KPMG report: State, local tax changes (second quarter 2021, table format)

Jun 28 - KPMG reports: Colorado (combined reporting); Connecticut (corporate surtax); Florida (sales tax holiday); New Hampshire (forgiven PPP loans); Vermont (forgiven PPP loans)

Jun 24 - Notice 2021-40: One-year extension allowing retirement plan elections and spousal consents to be signed remotely (COVID-19)

Jun 24 - CDC extends temporary eviction moratorium through July 2021 (COVID-19)

Jun 24 - IRS releases tax collection data for fiscal year 2020

Jun 23 - TTB guidance: Extended tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19)

Jun 22 - Virginia: Pro-forma combined reports due July 1, 2021; certain single-entity unitary businesses required to file

Jun 21 - Request for information, reporting of pharmacy benefits and prescription drug costs by group health plans and health insurance

Jun 21 - KPMG reports: Illinois (manufacturing exemption); Iowa (bonus depreciation); New York State (non-filer liability); Texas (marketplace facilitator)

Jun 18 - IRS practice unit: Concepts of GILTI

Jun 18 - Puerto Rico: “Back to school” sales and use tax exemption

Jun 17 - Rev. Proc. 2021-28: Real property trade or business, 30-year recovery under alternative depreciation system

Jun 17 - Rev. Proc. 2021-29: Process for partnerships applying for 30-year alternative depreciation recovery period for residential rental property

Jun 17 - U.S. Supreme Court: Implications for protective refund claims for ACA-related taxes and fees

Jun 14 - KPMG report: Permanent establishment-related considerations, employees working remotely

Jun 14 - KPMG report: Planning in advance for Biden Administration’s proposed increased tax rates

Jun 14 - KPMG report: Treasury releases the American Families Plan tax compliance agenda

Jun 14 - Updated FAQs concerning PPP loans, nonprofits in Puerto Rico

Jun 14 - KPMG reports: Colorado (marketplace facilitator); Nevada (mining excise tax); Nevada (business tax refunds); Vermont (taxable meal facilitator); Washington State (payroll tax, B&O surcharge)

Jun 11 - AOD 2021-3: Nonacquiescence to Eleventh Circuit decision, professional employer organization’s claims for FICA credits

Jun 11 - IRS practice unit: Partner’s outside basis

Jun 11 - IRS provides FAQs provide guidance for individuals, SMEs under “American Rescue Plan” (COVID-19)

Jun 11 - Rev. Rul. 2021-11: Fringe benefit aircraft valuations, first half of 2021

Jun 10 - Final regulations: Mandatory 60-day postponement of tax deadlines, federally declared disasters

Jun 10 - IRS provides tax relief for taxpayers affected by May 2021 storms in Louisiana

Jun 10 - IRS adds a new compliance campaign (LB&I division)

Jun 10 - Senate Finance Committee approves Treasury Department officials, including Assistant Secretary for Tax Policy

Jun 10 - Notice 2021-36: Future amendments to regulations under sections 59A and 6038A for reporting qualified derivative payments

Jun 7 - Puerto Rico: Reduced sales and use tax for prepared foods involving marketplace facilitators

Jun 7 - Announcement 2021-11: Competent authorities add individual savings plans as eligible for dividend benefits under United States-Switzerland tax treaty

Jun 7 - KPMG reports: New Jersey (Public Law 86-272); New Jersey (NOL carryforward); Maryland (digital advertising services); Tennessee (sales tax holiday); multistate (corporate tax rate reductions)

Jun 7 - KPMG report: Analysis and observations about tax measures in G7 communique

Jun 5 - Communique from meeting of G7 finance ministers and central bank governors

Jun 3 - Illinois: Budget agreement includes corporate tax revenue raisers

Jun 2 - Fifth Circuit: Taxpayer not a “bank” and thus not allowed to deduct certain losses

Jun 2 - Ninth Circuit: FSC used to transfer funds from family business into Roth IRAs (Tax Court reversed)

Jun 2 - United States suspends tariffs on goods from six countries, digital services tax investigations

Jun 1 - IRS provides tax relief for taxpayers affected by February 2021 storms in West Virginia

Jun 1 - KPMG report: Accounting considerations for the UK “super-deduction”

May 2021

May 27 - Rev. Rul. 2021-10: Interest rates, tax underpayments and overpayments (no changes for third quarter 2021)

May 24 - IRS practice unit: Allocation and apportionment of deductions, individual taxpayers

May 24 - KPMG reports: Missouri (remote sellers, marketplace facilitators); Indiana (pharmacy benefits management); Nevada (modified business tax rate)

May 20 - KPMG report: IRS guidance on premium assistance for COBRA benefits (Notice 2021-31)

May 20 - KPMG report: Tax reform proposals—BEAT down, SHIELD up

May 20 - Treasury’s report on proposed tax compliance measures; addressing the “tax gap”

May 20 - Treasury officials participate in OECD meetings, proposal for global corporate minimum tax rate

May 18 - Notice 2021-31: Premium assistance and tax credit for COBRA continuation of health coverage (Q&As)

May 17 - U.S. Supreme Court: Anti-Injunction Act does not bar suit challenging IRS notice requiring information reporting

May 17 - Regulations implementing funding to support state and local governments (COVID-19)

May 17 - KPMG reports: Arkansas (software sales); Idaho (tax rate reductions); Maryland (single-sales factor formula)

May 14 - Announcement 2021-10: Qualified opportunity zone boundaries not affected by 2020 census

May 14 - IRS provides tax relief for taxpayers affected by March 2021 storms in Tennessee

May 13 - IRS offers dyed diesel fuel penalty relief in certain states, response to disruptions to fuel-supply chain

May 11 - Rev. Proc. 2021-26: CFCs changing methods of accounting to alternative depreciation system

May 11 - KPMG report: Overview of R&D tax incentives, by country (2021)

May 10 - Notice 2021-26: Treatment of dependent care assistance programs clarified for 2021 and 2022 (COVID-19)

May 10 - Rev. Proc. 2021-25: HSA inflation-adjusted amounts for 2022

May 10 - Kansas: Income tax credits, sales tax exemptions for investments; high performance incentive program (HPIP)

May 10 - KPMG reports: California (market-based sourcing); California (PPP conformity); Hawaii and Indiana (federal tax conformity); Maine (NOL carryforward)

May 7 - Oil and gas, percentage depletion on marginal properties for 2021, reference price for 2020

May 6 - IRS updates FAQs on relief for retirement plans, IRAs (COVID-19)

May 4 - Kansas: Legislature overrides veto of bill decoupling from TCJA provisions and adopting marketplace facilitator provisions

May 3 - USTR hearings this week, investigations of digital services taxes

May 3 - U.S. Tax Court: Valuation of performer’s image and likeness, music publishing trust and catalog

May 3 - KPMG report: Accounting for income taxes considerations of adopting ASU 2020-06

May 3 - KPMG report: Outlook for what’s ahead for energy tax incentives (updated)

May 3 - KPMG reports: Arkansas (sales tax exemption); Arkansas (NOL add-back); Florida (federal tax conformity); New York City (sale of partnership interest); Washington State (excise tax, capital gain)

April 2021

Apr 30 - Schedules K-2 and K-3 for 2021; intended for enhanced reporting of international tax matters by pass-through entities

Apr 30 - IRS Chief Counsel memo: Treatment of expenses related to aircraft owned and used by sole proprietor

Apr 30 - IRS automatically extends QI / WP / WT certification and waiver application due dates

Apr 29 - IRS provides tax relief for taxpayers affected by March 2021 storms in Alabama

Apr 29 - IRS provides tax relief for taxpayers affected by February 2021 storms in Kentucky

Apr 28 - Treasury proposals for tax administration reforms

Apr 27 - U.S. Tax Court: Legal expenses for FDA approvals capitalized, but those for defending patent infringement suits are deductible

Apr 26 - Renewable electricity, refined coal production inflation factors, reference prices for 2021

Apr 26 - Section 45K: Nonconventional source production credit, reference price for 2020

Apr 26 - KPMG reports: Arizona (federal tax conformity); Illinois (unitary group); Texas (R&D tax credit); Vermont (federal tax conformity)

Apr 26 - Rev. Proc. 2021-23: Modified inflation adjustments, certain tax credits available for individual taxpayers

Apr 23 - Rev. Proc. 2021-21: List of countries eligible for section 911(d)(1) waiver for 2020

Apr 22 - Rev. Proc. 2021-20: Safe harbor, expense deductions for taxpayers that received first-round PPP loans

Apr 22 - Ninth Circuit: Marijuana dispensary’s claimed expenses properly denied

Apr 21 - Tax credits for certain employers providing paid leave to employees receiving COVID-19 vaccines

Apr 21 - Florida: Sales tax economic nexus, marketplace provider laws enacted

Apr 20 - New York State: Tax provisions in enacted budget bills

Apr 20 - KPMG report: State and local tax, technology-related guidance (table, first quarter 2021)

Apr 19 - IRS allows temporary relief from handwritten signature requirement for more tax forms (COVID-19)

Apr 19 - KPMG report: Extended due date for corporate income tax returns (Arizona, Arkansas)

Apr 19 - KPMG reports: Florida (tobacco tax); Maryland (reseller basis for refund); Virginia (reporting unitary combined income)

Apr 15 - Maryland: Taxation of digital advertising services; sales and use tax on digital products and services

Apr 14 - Notice 2021-28: Recommendations for IRS 2021-2022 Priority Guidance Plan

Apr 13 - Notice 2021-24: Penalty relief, reduced federal employment tax deposits in anticipation of tax credits (COVID-19)

Apr 12 - Proposed regulations: Requirements under section 1400Z-2 for foreign persons, partnerships investing in qualified opportunity funds (text of regulations)

Apr 12 - U.S. Tax Court: Split-dollar arrangement distributions; benefits under compensatory arrangement taxable as ordinary income

Apr 12 - KPMG report: Accounting for income taxes considerations of newly expanded section 162(m) excess compensation limitation

Apr 12 - KPMG reports: Maryland (digital advertising, digital products); New York City (services sourcing); Ohio (IP sourcing); West Virginia (apportionment)

Apr 9 - AOD 2021-1: IRS nonacquiescence, defined benefit pension plan not an asset for insolvency exclusion under section 108

Apr 9 - IRS reminder: FBAR filing deadline remains April 15

Apr 9 - IRS suspends requirement to repay excess advance payments of 2020 premium tax credit

Apr 8 - Notice 2021-25: Temporary 100% deduction for certain business meal expenses

Apr 7 - New York State: Tax measures in 2021 budget agreement

Apr 7 - Updated FAQs about PPP loans

Apr 7 - U.S. Treasury removes UAE from list of countries cooperating with international boycott

Apr 7 - OECD: Report on status of international tax agenda, developments

Apr 7 - U.S. Treasury releases report “Made in America Tax Plan”

Apr 6 - KPMG report: Notice 2021-23 and employee retention credit for first two calendar quarters of 2021

Apr 6 - IRS practice unit: Foreign tax credit carryback and carryover

Apr 5 - Puerto Rico: Extended due dates for income tax returns, payments (COVID-19)

Apr 2 - Notice 2021-23: Employee retention credit, for first two quarters of 2021

Apr 2 - IRS practice units: Liquidating distributions of partner’s interest; reasonable cause and good faith

Apr 1 - Advance notice of proposed rulemaking: Beneficial ownership information reporting requirements

Apr 1 - Massachusetts: Reasonable cause, penalty for failure to remit sufficient advance sales tax payment

March 2021

Mar 31 - President Biden announces plans with major business tax proposals

Mar 31 - IRS to recalculate taxes on 2020 unemployment benefits, and automatically to issue refunds

Mar 30 - President Biden signs legislation extending PPP (COVID-19)

Mar 30 - Announcement 2021-6: APMA program, APA statistics for 2020

Mar 30 - IRS guidance for students, higher education institutions on reporting emergency financial aid (COVID-19)

Mar 30 - USTR announces hearings, requests comments about investigations of digital services taxes (Austria, India, Italy, Spain, UK, Turkey)

Mar 29 - Notice 2021-21: Additional tax deadlines extended to May 17

Mar 29 - IRS practice unit: Receipt of dividends or interest from a related CFC

Mar 29 - U.S. Tax Court: Clothing designs and patterns not eligible research expenses

Mar 29 - KPMG report: State, local tax changes (first quarter 2021, table format)

Mar 29 - KPMG reports: Maine (federal tax conformity); New Mexico (disposal services); Wyoming (sales tax, car services); Multiple states (COVID relief funds)

Mar 26 - U.S. next steps in digital services tax investigations

Mar 26 - Announcement 2021-7: Personal protective equipment deductible as medical care expense (COVID-19)

Mar 26 - Rev. Proc. 2021-18: Empowerment zone designation extension procedures

Mar 26 - Massachusetts: Advance payments required for sales and use tax, room occupancy tax, and certain other taxes in April 2021

Mar 25 - Rev. Proc. 2021-17 and Rev. Proc. 2021-19: Guidance under section 143 for issuers of qualified mortgage bonds

Mar 25 - SBA notice for applications, “Shuttered Venue Operators Grant” awards for 2021

Mar 24 - Ninth Circuit: One penalty (not multiple) applies for untimely filing of FBAR reporting multiple bank accounts

Mar 23 - IRS practice unit: Overview of section 965 “transition tax”

Mar 23 - Advance notice of proposed rulemaking pending OIRA review: Beneficial ownership reporting requirements

Mar 22 - SBA to accept “Shuttered Venue Operators Grant” applications beginning April 8, 2021

Mar 22 - KPMG report: Implications of “Little Sandy” opinion on research credit claims

Mar 22 - KPMG report: Update on digital advertising tax (Maryland, Texas, West Virginia)

Mar 22 - KPMG reports: Arkansas (rental excise tax); New York (budget proposals); Oregon (nexus and telecommuting workers); Virginia (federal tax conformity)

Mar 18 - SBA interim final rule concerning PPP loans, reflecting Rescue Act measures

Mar 18 - Updated FAQs about “Shuttered Venue Operators Grant” program

Mar 17 - IRS to extend tax filing deadline to May 17

Mar 17 - Updated FAQs on PPP loans

Mar 16 - IRS practice unit: Sale of a partnership interest

Mar 16 - Updated FAQs under FATCA regime; penalty relief for withholding agents

Mar 15 - Legislative changes to “Shuttered Venue Operators Grant” program and PPP eligibility requirements

Mar 15 - KPMG report: Employer’s role in Rescue Act COBRA subsidies and tax credits

Mar 15 - KPMG report: Tax Court holds microcaptive insurance company arrangement fails; accuracy-related penalties warranted

Mar 15 - KPMG reports: Alabama (composite returns); Massachusetts (pandemic telecommuting); Virginia (combined reporting); Mississippi, Oklahoma, West Virginia (tax reform)

Mar 11 - President Biden signs COVID relief legislation

Mar 11 - President Biden selects nominee for Assistant Secretary, Tax Policy

Mar 11 - IRS provides tax relief for taxpayers affected by winter storms in Louisiana

Mar 10 - Maryland: Guidance on digital products and streaming tax; SaaS determined to be taxable

Mar 10 - Updated information on “Shuttered Venue Operators Grant” program

Mar 8 - KPMG report: States proposing new taxes on financial transactions, wealth and investment income

Mar 8 - KPMG reports: Alabama (city use tax); Connecticut (taxation of remote work); Multistate (federal tax conformity)

Mar 5 - KPMG report: Notice 2021-20 provides much anticipated guidance regarding the employee retention credit for 2020

Mar 3 - Updated FAQs on PPP loans; guidance on second draw PPP loans

Mar 2 - Rev. Rul. 2021-6: Interest rates, tax underpayments and overpayments (second quarter 2021)

Mar 2 - Updated FAQs for QI / WP / WT

Mar 1 - Notice 2021-20: FAQs on employee retention credit, and Paycheck Protection Program loans (COVID-19)

Mar 1 - U.S. Tax Court: First formal communication of “initial determination” asserting civil fraud penalty lacked prior supervisory approval

Mar 1 - KPMG reports: Maine (sales tax, cell phones); Massachusetts (digital advertising): New York State (resale, sales tax); Tennessee (sales tax, professional dues); Wisconsin (dividends-received deduction)

February 2021

Feb 26 - KPMG report: Outlook for what’s ahead for energy tax incentives

Feb 26 - Notice 2021-18: Housing expense limit adjustments, foreign locations for 2021

Feb 25 - IRS focus on improper refund claims relating to domestic production activities deduction

Feb 25 - IRS practice unit: Section 263A computation for producers

Feb 25 - IRS provides tax relief for taxpayers affected by winter storms in Oklahoma

Feb 24 - U.S. Tax Court: Credit card “reward dollars” held taxable income

Feb 22 - IRS provides relief for taxpayers affected by winter storms in Texas

Feb 22 - KPMG reports: Illinois (proposed corporate tax measures); New York State (sales tax, assets acquired under purchase agreement); Pennsylvania (retailer voluntary compliance); Utah (GILTI and FDII)

Feb 19 - IRS announces waiver of dyed fuel penalty in Texas

Feb 19 - Grants for “Shuttered Venue Operators” not available if venue operators filed PPP applications

Feb 18 - IRS allows fax transmission of Form 8023 for section 338 elections by corporations making qualified stock purchases (COVID-19)

Feb 18 - Notice 2021-15: Relief for health FSAs and dependent care assistance programs under “cafeteria plans” (COVID-19)

Feb 18 - Delaware: Unclaimed property, voluntary disclosure program schedule for 2021

Feb 15 - Maryland: Tax on digital advertising services is enacted

Feb 15 - KPMG reports: Alabama (corporate tax); Louisiana (franchise tax); Maryland (taxation of digital products); New York (rental equipment, sales tax)

Feb 15 - IRS practice unit: Interest capitalization for self-constructed assets

Feb 11 - U.S. Tax Court: Research tax credit disallowed

Feb 9 - IRS practice unit: Last in-first out (LIFO) records

Feb 8 - New IRS form for self-employed individuals to claim sick and family leave tax credits (COVID-19)

Feb 8 - KPMG reports: California (medical ultrasound services); Illinois (marketplace facilitators); Oregon (Portland “homeless” tax); Multistate (CEO compensation, excise tax proposals)

Feb 4 - Rev. Proc. 2021-15: Safe harbor, educators deducting out-of-pocket expenses for protective items (COVID-19)

Feb 1 - Announcement 2021-2: Lenders to correct Forms 1099-MISC if previously reported loan payments as income

Feb 1 - Updated FAQs on PPP loans; guidance about “second draw” PPP loans

Feb 1- IRS adds two compliance campaigns (LB&I division)

Feb 1 - KPMG report: Employer-provided student loan repayments, tax-free benefits

Feb 1 - KPMG reports: Like-kind exchange regulations reflect requested changes, retain incidental property rule

Feb 1 - KPMG report: States proposing taxation of online ads, personal data, social media companies (CT, IN, NY, OR, WA)

Feb 1 - KPMG reports: California (tax referendums); Chicago (amusement and lease taxes); New Jersey (combined group); New York State (digital advertising)

January 2021

Jan 29 - IRS provides recordkeeping relief; increased deduction limits for corporate cash contributions for disaster relief

Jan 29 - TTB reminder, federal excise tax return filing dates for 2021

Jan 28 - IRS guidance (updated FAQs), tax credits for small and midsize employers providing paid leave (COVID-19)

Jan 25 - IRS establishes contact-free signature options for power of attorney, authorization forms

Jan 25 - U.S. Tax Court: Early distribution 10% extraction is a tax, not a penalty requiring written supervisory approval

Jan 25 - KPMG report: Review of compensation and benefits-related tax provisions in Consolidated Appropriations Act, 2021

Jan 25 - KPMG reports: Colorado (decoupling measure); Idaho (nonbusiness income); Louisiana (sales tax exemption); New York (online services)

Jan 21 - U.S. Tax Court: Deductions and credits disallowed, foreign corporation did not file tax returns until after notice of deficiency

Jan 21 - Biden Administration imposes temporary freeze on regulations

Jan 20 - KPMG report: COVID relief extended for qualified opportunity funds and investors

Jan 20 - Notice 2021-10: Additional relief for qualified opportunity zones and investors (COVID-19)

Jan 20 - Notice 2021-13: Penalty relief for partnerships, information reporting of partners’ beginning capital account balances for 2020

Jan 19 - KPMG report: Full deduction for business meals provided by a restaurant

Jan 19 - Notice 2021-6: Information returns and payee statements waived regarding PPP, other relief programs (COVID-19)

Jan 19 - Notice 2021-8: Relief from addition to tax, underpayment of individuals’ estimated income tax (COVID-19)

Jan 19 - Notice 2021-11: Employee payroll tax deferral, further postponed (COVID-19)

Jan 19 - PLR: REIT’s distributive share of management fee income disregarded under gross income tests

Jan 19 - Texas: Revised rule for sourcing receipts, revised apportionment regulation

Jan 19 - KPMG reports: Alaska (refund claim); Minnesota (audit notice delivery); New Jersey (combined group); Tennessee (marketplace facilitator)

Jan 19 - KPMG report: Final regulations under section 163(j), limitation on deductions for certain business interest expenses

Jan 15 - KPMG report: Year-in-review list of U.S. federal tax developments for 2020 (as reported in TaxNewsFlash)

Jan 15 - KPMG report: Final and proposed regulations, passive foreign investment company (PFIC) rules

Jan 15 - KPMG report: Final regulations on carbon oxide sequestration credit

Jan 15 - KPMG report: Final regulations on “carried interest” under section 1061

Jan 15 - Rev. Rul. 2021-3: Covered compensation tables for 2021 plan year

Jan 15 - Notice 2021-12: Extended temporary relief, low-income housing credit under section 42 (COVID-19)

Jan 15 - Final regulations released to Federal Register: Excise tax for excess remuneration and excess parachute payment

Jan 14 - President-elect Biden announces “American Rescue Plan”—includes tax components

Jan 14 - U.S. findings from investigations of digital services taxes in Austria, Spain, United Kingdom

Jan 14 - Final regulations released to Federal Register: Air transportation excise taxes

Jan 14 - Final regulations released to Federal Register: Denial of deductions for fines, penalties

Jan 14 - Rev. Proc. 2021-12: Extension of safe harbors; loan forbearance, mortgage loans, lease arrangements of certain trusts (COVID-19)

Jan 14 - Final and proposed regulations: Passive foreign investment company (PFIC) rules (text of regulations)

Jan 14 - Final regulations: Domestic production activities deduction for agricultural, horticultural cooperatives (text of regulations)

Jan 14 - Rev. Proc. 2021-11: Methods for calculating W-2 wages for section 199A(g) by agricultural and horticultural cooperatives

Jan 13 - Final regulations released to Federal Register: Limiting business interest expense deductions under section 163(j)

Jan 13 - Final regulations released to Federal Register: “Carried interest” provision under section 1061

Jan 13 - Final regulations released to Federal Register: Credit for carbon oxide sequestration under section 45Q

Jan 13 - Final regulations: Employer shared-responsibility provisions, health reimbursement arrangements (text of regulations)

Jan 13 - KPMG report: Final section 4960 regulations on excise tax for excess remuneration and excess parachute payment for applicable tax-exempt organizations

Jan 12 - Final regulations: Denial of deductions for fines, penalties (text of regulations)

Jan 11 - Final regulations: Air transportation excise taxes (text of regulations)

Jan 11 - Final regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations (text of regulations)

Jan 11 - Final regulations on denial of deductions for fines, penalties; OIRA review completed

Jan 11 - Proposed regulations: Mandatory 60-day postponement of tax deadlines, federally declared disasters

Jan 11 - Delaware: NOL limitation violates state’s Uniformity Clause; possible refund opportunities

Jan 11 - KPMG reports: Louisiana (apportionment); Maryland (extended deadlines); Missouri (sales tax on rentals); Nevada (tax amnesty); Oregon (sales factor)

Jan 8 - Section 4611(b) excise tax on domestic crude oil exports violates Export Clause (federal district court)

Jan 8 - TTB release: Craft beverage measures effective January 2021

Jan 7 - Final regulations on “carried interest” provision under section 1061 (text of regulations)

Jan 7 - Additional customs duties on imports from France suspended, digital services tax investigation

Jan 7 - U.S. findings from investigations of digital services taxes in India, Italy, Turkey

Jan 6 - Final regulations: Credit for carbon oxide sequestration under section 45Q (text of regulations)

Jan 6 - Rev. Rul. 2021-2: Deduction of eligible expenses allowable, PPP loan forgiveness

Jan 6 - KPMG report: Final regulations on changes to income recognition rules; initial impressions

Jan 6 - Final regulations on “carried interest” provision under section 1061; OIRA review completed

Jan 5 - Final regulations on limiting business interest expense deductions under section 163(j) (text of regulations)

Jan 5 - Final regulations released to Federal Register: Rollover rules for qualified plan loan offset amounts

Jan 5 - Final regulations pending OIRA review: Excise tax on tax-exempt organization compensation

Jan 5 - IRS practice unit: Qualified dividends and capital gains rate differential adjustments

Jan 5 - IRS releases annual revenue procedures for 2021

Jan 5 - Rev. Proc. 2021-10: Process for appealing adverse bond determinations, arbitrage rebate claim denials

Jan 5 - Additional U.S. customs duties effective January 6, 2021; response to French digital services tax

Jan 4 - Notice 2021-7: Temporary relief to value personal use of employer-provided automobile (COVID-19)

Jan 1 - Notice 2021-5: Extended continuity safe harbor, renewable energy projects offshore or on federal land

Jan 1 - Credit for carbon oxide sequestration (section 45Q), OIRA review completed

2020 Articles

December 2020

Dec 31 - Final regulations on limiting business interest expense deductions under section 163(j), OIRA review completed

Dec 31 - Final regulations released to Federal Register: Simplified accounting for small businesses, long-term contracts

Dec 30 - KPMG report: Favorable tax provisions for renewable energy industry enacted

Dec 30 - Final regulations released to Federal Register: Revenue recognition and timing of income inclusion under section 451

Dec 29 - Proposed regulations: Process, user fee for estate tax closing letter

Dec 29 - Rev. Proc. 2021-9: Residential living facility safe harbor election under section 163(j)

Dec 29 - TTB announcement: Permanent reduction of excise tax rates for beer and spirits, tax credits for wine

Dec 29 - KPMG report: Accounting and reporting implications of the CARES Act (updated for December 2020 legislation)

Dec 28 - Final regulations released to Federal Register: Section 162(m) deduction limitation on executive compensation

Dec 28 - Final regulations pending OIRA review: “Carried interest” provision under section 1061 

Dec 28 - Final regulations pending OIRA review: Credit for carbon oxide sequestration (section 45Q)

Dec 28 - KPMG report: President signs year-end funding, COVID-19 relief legislation; tax provisions are enacted

Dec 23 - Final regulations: Simplified accounting for small businesses, long-term contracts (text of regulations)

Dec 23 - KPMG report: State, local tax changes (year-end checklist and fourth quarter 2020)

Dec 22 - Notice 2021-2: Standard mileage rates for 2021

Dec 22 - Notice 2021-3: Extension of relief allowing retirement plan elections, spousal consents to be signed remotely (COVID-19)

Dec 22 - Notice 2021-4: Extension of temporary dyed fuel tax relief, Wisconsin terminals

Dec 22 - KPMG report: Compensation and benefit-related tax provisions in year-end funding and COVID relief legislation

Dec 22 - KPMG report: Year-end funding and COVID relief legislation; charitable giving provisions extended, expanded

Dec 21 - Final regulations: Revenue recognition and timing of income inclusion under section 451 (text of regulations)

Dec 21 - KPMG report: Final regulations, section 162(m) deduction limitation on executive compensation

Dec 21 - Final regulations pending OIRA review: Domestic production activities deduction for agricultural, horticultural cooperatives

Dec 21 - PLR: REIT preferential dividends

Dec 21 - IRS practice units: Determining liability allocations; recourse vs. nonrecourse liabilities

Dec 21 - KPMG reports: Louisiana (inventory tax credit); Massachusetts (accelerated sales tax payment dates); New Jersey (corporation business tax); South Carolina (sales tax, final purchasers)

Dec 18 - Final regulations: Deduction for employee remuneration in excess of $1 million (text of regulations)

Dec 18 - Final regulations: Misdirected direct-deposit refunds

Dec 18 - TTB guidance, extended tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19)

Dec 17 - Final regulations pending OIRA review: Business interest expense deduction limitation under section 163(j)

Dec 16 - KPMG report: SEC comments on accounting for income taxes

Dec 15 - Final regulations released to Federal Register: Parking deduction limitations under section 274

Dec 15 - Final regulations pending OIRA review: Denial of deduction for fines, penalties

Dec 14 - Notice 2020-88: Reallocations of section 48A credits under qualifying advanced coal project program

Dec 14 - Final regulations under section 451(b), OIRA review completed

Dec 14 - IRS provides tax relief for taxpayers affected by Hurricane Zeta (Alabama, Louisiana, Mississippi)

Dec 14 - KPMG reports: Arizona (transaction privilege tax, license renewals); California (property tax, transfers between legal entities); Indiana (software, sales tax); New York (taxable storage services)

Dec 11 - Final regulations: Grandfathered group health plans, health insurance coverage

Dec 11 - FBAR filings: Deadline extended, again, for individuals with signature authority

Dec 11 - Notice 2020-78: Work opportunity tax credit (WOTC) transition relief

Dec 11 - TTB reminder: Due date for tax returns, payments for alcohol industry annual filers

Dec 10 - KPMG report: Final regulations addressing parking deduction limitations under section 274

Dec 10 - Final regulations released to Federal Register: Source of income for certain sales of personal property, inventory

Dec 10 - Updated FAQs on PPP loans; questionnaires to verify loan eligibility and forgiveness

Dec 9 - Final regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

Dec 9 - IRS contacts taxpayers about qualified opportunity fund requirements

Dec 9 - Notice 2020-86: Q&A guidance on safe harbor retirement plans

Dec 9 - Relief for taxpayers affected by September 2020 storm and flooding (Puerto Rico)

Dec 7 - Final regulations: Rollover rules for qualified plan loan offset amounts (text of regulations)

Dec 7 - KPMG report: Accounting for income taxes, considerations of attribute reduction on emergence from bankruptcy

Dec 7 - KPMG reports: Arizona (individual income surtax); Chicago (cloud services and computer software); West Virginia (sales tax exemption, equipment); Multistate (internet sales)

Dec 4 - Final and proposed passive foreign investment company (PFIC) regulations (text of regulations)

Dec 4 - IRS practice units: Modified simplified production method; costs for UNICAP purposes

Dec 3 - IRS reminder: Employers must file Forms W-2, other wage statements and provide Forms 1099-NEC by February 1, 2021

Dec 3 - Rev. Rul. 2020-28: Interest rates, tax overpayments and underpayments (first quarter 2021)

Dec 2 - KPMG report: Final regulations under section 1031, like-kind exchanges

Dec 2 - IRS to conceal sensitive taxpayer data on business tax transcripts

Dec 1 - Tier 2 tax rates for railroads, no changes for 2021

November 2020

Nov 30 - Final regulations released to Federal Register: Like-kind exchanges

Nov 30 - KPMG report: IRS partnership enforcement ramps up

Nov 27 - Final regulations: Personal exemption at zero, implications for health plan premium tax credit

Nov 27 - Final regulations released to Federal Register: Withholding obligations incident to transfers of interests by foreign partners 

Nov 27 - Final regulations released to Federal Register: Coordinating section 245A and section 951A

Nov 24 - Notice 2020-84: Self-insured health insurance annual fee

Nov 24 - KPMG report: Analysis of final and proposed foreign tax credit regulations

Nov 24 - KPMG report: Final regulations under sections 245A and 954(c)(6) and correcting amendments

Nov 23 - Janet Yellen to be U.S. Treasury Secretary

Nov 23 - Final regulations: Like-kind exchanges (text of regulations)

Nov 23 - Regulations on exception from passive income for foreign insurance companies; OIRA review completed

Nov 23 - KPMG report: Personal tax planning guide for 2021

Nov 23 - KPMG reports: California (wireless service); Massachusetts (sales tax remittances); Massachusetts (non-resident S corporation); Nebraska (GILTI and FDII)

Nov 20 - Final regulations: Coordinating section 245A “extraordinary disposition rule” with section 951A “disqualified basis rule” (text of regulations)

Nov 20 - Proposed regulations: Special enforcement matters, centralized partnership audit regime

Nov 20 - Notice 2020-83: Required amendments list (2020) for qualified retirement plans and 403(b) plans

Nov 20 - PLR: Income received by REIT from leasing of advertising signs affixed to buildings

Nov 19 - Final regulations on like-kind exchanges, OIRA review completed

Nov 19 - IRS Priority Guidance Plan for 2020-2021

Nov 19 - IRS offers clarifications in FAQs addressing interaction of ERC and PPP loans in acquisitions

Nov 19 - Rev. Proc. 2020-51: Safe harbor for claiming deductions by taxpayers that received PPP loans

Nov 19 - Rev. Rul. 2020-27: No deduction of eligible expenses for 2020 if reasonable expectation of PPP loan forgiveness

Nov 18 - U.S. Tax Court: Transfer pricing adjustments, deficiencies upheld

Nov 18 - KPMG report: HMRC proposals may solve many U.K. and U.S. hybridity problems

Nov 18 - Final regulations: ABLE accounts under section 529A

Nov 18 - Regulations pending OIRA review: Final regulations under section 451(b)

Nov 16 - IRS updates FAQs on employee retention credit, interaction with PPP relief (COVID-19)

Nov 16 - Notice 2020-82: Contributions to defined benefit plans, extended due date (COVID-19)

Nov 16 - KPMG report: IRS to respect deduction for elective passthrough entity taxes of various states

Nov 16 - KPMG reports: New York State (digital advertising receipts); Texas (apportionment); Virginia (industrial manufacturing exemption)

Nov 13 - IRS request for comments, Regulations that can be rescinded, modified or waived to assist taxpayers with economic recovery (COVID-19)

Nov 12 - California: San Francisco business tax overhaul measure (and others) approved by voters

Nov 12 - KPMG report: Year-end tariff mitigation and customs valuation compliance strategies

Nov 11 - KPMG report: Election results; preliminary observations regarding effect on future tax agenda

Nov 10 - IRS reminder: QI / WP / WT application deadline, November 24, 2020

Nov 9 - Notice 2020-75: Future regulations, deductibility of payments by partnerships and S corporations for state and local income taxes

Nov 9 - KPMG report: Election results, state and local tax measures

Nov 9 - KPMG report: Modifications to LIBOR-related contracts

Nov 9 - KPMG report: New proposed regulations on average income test

Nov 9 - KPMG reports: Louisiana (sales tax holiday); Tennessee (franchise tax); Washington State (B&O tax nexus)

Nov 6 - Rev. Proc. 2020-50: Additional first year depreciation deduction; late elections allowed, or elections may be revoked

Nov 5 - Final regulations released to Federal Register: Additional first year depreciation deduction under section 168(k)

Nov 5 - Final regulations: Updated life expectancy, distribution period tables for retirement plans (text of regulations)

Nov 5 - Regulations released to Federal Register: Section 864(c)(8) treatment, sale of U.S. trade or business partnership interests on look-through basis

Nov 5 - Rev. Rul. 2020-23, Notice 2020-80: Distributions from terminating section 403(b) plans

Nov 5 - New Jersey: Combined group dividend exclusion, the “fix” is released

Nov 5 IRS updates FAQs for QI / WP / WT

Nov 4 - KPMG report: Year-end deadline to remove mandatory section 162(m) delay provisions in deferred compensation arrangements

Nov 4 - Rev. Proc. 2020-48: Insurance companies, unpaid loss discount factors for 2020 accident year

Nov 4 - Rev. Proc. 2020-49: Extended relief regarding tax-exempt bonds (COVID-19)

Nov 3 - Final rule on public disclosure of health plan and health insurance coverage information

Nov 2 - Final and proposed regulations released to Federal Register: Foreign tax credit (text of regulations)

Nov 2 - KPMG report: Correcting amendments to final regulations, FDII and GILTI (updated November 2, 2020)

Nov 2 - Interim final rule: Accessibility to COVID-19 vaccine for individuals in the United States

Nov 2 - KPMG report: Special considerations for late year like-kind exchanges

Nov 2 - KPMG reports: California (property tax); Indiana (throw-back rule); New Mexico (refund claims); South Carolina (investment tax credit)

October 2020

Oct 30 - KPMG report: Correcting amendments to final regulations, FDII and GILTI

Oct 29 - Proposed regulations: Low-income housing credit, average income test

Oct 29 - Final regulations pending OIRA review: Like-kind exchanges

Oct 26 - Rev. Proc. 2020-45: Inflation adjustments for 2021, individual taxpayers

Oct 26 - Notice 2020-79: Pension plans, cost-of-living adjustments for 2021

Oct 26 - KPMG reports: Louisiana (nexus); New Jersey (corporation business tax)

Oct 26 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated October 26)

Oct 23 - District of Columbia: Legislation delaying combined reporting deduction, eliminating UBT liquidation exception

Oct 23 - Final regulations released to Federal Register: Consolidated NOLs

Oct 22 - KPMG report: Tax proposals (FAQs) of Biden and Trump campaigns

Oct 22 - IRS releases draft version of Form 1065 instructions, partner tax basis capital reporting

Oct 22 - KPMG report: Comments regarding Rev. Proc. 94-69 and disclosure of change in tax position by large corporate taxpayers after exam is opened

Oct 22 - IRS provides temporary procedures allowing fax of material advisor disclosure statement (COVID-19)

Oct 22 - Regulations pending OIRA review: Exception from passive income for foreign insurance companies

Oct 21 - KPMG report: Final regulations on consolidated NOLs, inclusive of insurance company regulations

Oct 20 - Announcement 2020-40: Termination of United States-Hong Kong shipping agreement; effective January 1, 2021

Oct 19 - FBAR filing extensions clarified; FBAR for 2019 deemed timely if filed by October 31, 2020

Oct 19 - Final regulations released to Federal Register: Eligible terminated S corporations

Oct 19 - IRS field advice memo: Transfer of intangible assets by partners to partnerships intended to shift pre-contribution gain to foreign partners

Oct 19 - Rev. Proc. 2020-46: Waiver of 60-day rollover requirement for retirement plans, IRAs; updated conditions

Oct 19 - Rev. Rul. 2020-24: Withholding and reporting requirements; payments from qualified plans to state’s unclaimed property funds

Oct 19 - Tax relief for taxpayers in California affected by wildfires

Oct 19 - Tax relief for taxpayers in Louisiana affected by Hurricane Delta

Oct 19 - Update on France’s digital services tax; collection expected in December 2020

Oct 19 - KPMG report: IRS compliance campaign spotlights deduction of success-based fees

Oct 19 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated October 19)

Oct 19 - KPMG reports: Los Angeles (tax amnesty); Tennessee (financial institution exception); Vermont (sale of FCC licenses)

Oct 16 - Final regulations released to Federal Register: Deductions allowed estates, non-grantor trusts

Oct 16 - Rev. Proc. 2020-43: Maximum amount allowed to be newly made available for “excepted benefit” HRAs for 2021

Oct 15 - KPMG report: Initial impressions of final regulations, withholding and reporting obligations on dispositions of certain partnership interests

Oct 13 - Final regulations: Consolidated NOLs (text of regulations released by IRS)

Oct 12 - KPMG report: Summary and initial analysis of Pillar One Blueprint

Oct 12 - KPMG report: Summary and initial analysis of Pillar Two Blueprint

Oct 12 - KPMG report: Treasury responds to insurance comments in proposed and final regulations on foreign tax credit

Oct 12 - KPMG reports: Arizona (sourcing rules); Massachusetts (corporate excise tax); New York City (lease termination fee); Vermont (marketplace facilitators)

Oct 12 - Final regulations on consolidated NOLs, OIRA review completed

Oct 12 - Rev. Proc. 2020-44: Interim guidance, transition from LIBOR and IBOR to alternative reference rates

Oct 9 - Final regulations released to Federal Register: Computing and reporting life insurance reserves

Oct 9 - Final regulations: “Qualifying relative” and personal exemption amount clarified

Oct 9 - IRS Chief Counsel memo: Fraud penalty in TEFRA syndicated conservation easement cases 

Oct 9 - LB&I Focus Guide for FY 2021

Oct 9 - TTB reminder: Alcohol industry, third quarter excise tax returns due October 14

Oct 9 - U.S. Treasury, quarterly list of countries cooperating with international boycott (possible future change)

Oct 8 - Final regulations released to Federal Register: BEAT provisions under section 59A

Oct 8 - FAQs to allow fax submission of paper copy of Form 8886 (reportable transaction disclosures)

Oct 8 - Updated FAQs on PPP loans; extension of deferral period (COVID-19)

Oct 8 - KPMG report: State and local tax, technology-related guidance (table, third quarter 2020)

Oct 7 - Final regulations: Withholding obligations incident to transfers of interests by foreign partners (text of regulations)

Oct 6 - FBAR filing deadline; relief for persons affected by recent natural disasters

Oct 6 - KPMG report: IRS expanded enforcement focus on abusive micro-captive insurance companies

Oct 6 - New IRS compliance campaign on nonresident alien rental income from U.S. property (LB&I division)

Oct 5 - KPMG report: Initial impressions of final and proposed foreign tax credit regulations

Oct 5 - KPMG report: Final regulations on source of income for certain sales of personal property, including inventory

Oct 5 - KPMG report: Practical guide to tax credit ordering and usage rules

Oct 5 - KPMG reports: California (market-based sourcing rules); Hawaii (economic nexus); New Jersey (tax rate increases); South Carolina (business license taxes)

Oct 5 - Tax relief for taxpayers in Florida affected by Hurricane Sally

Oct 5 - Final regulations released to Federal Register: Federal income tax withholding from employees’ wages 

Oct 2 - Notice 2020-76: Relief for health coverage information reporting (now due March 2, 2021)

Oct 2 - Final regulations released to Federal Register: Deductibility of meal and entertainment expenses

Oct 2 - KPMG report: Final regulations on deductibility of meal and entertainment expenses (initial impressions)

Oct 2 - Rev. Rul. 2020-21: Fringe benefit aircraft valuations, second half 2020

Oct 1 - Final regulations: Guidance concerning ABLE accounts (text of final regulations)

Oct 1 - Final regulations: Federal income tax withholding from employees’ wages

Oct 1 - Notice 2020-70: Electronic filing of Form 1040-NR allowed in certain instances

Oct 1 - IRS expands enforcement focus on abusive micro-captive insurance schemes

Oct 1 - IRS practice unit, cost-sharing arrangements with stock-based compensation

Oct 1 - Ohio: State’s Supreme Court holds for taxpayer in CAT sourcing dispute

September 2020

Sep 30 - Final regulations: Deductibility of meal and entertainment expenses (text of regulations)

Sep 29 - Final and proposed regulations: Foreign tax credit (text of regulations)

Sep 29 - Final regulations: Source of income for certain sales of personal property, inventory (text of regulations)

Sep 29 - New IRS compliance campaign on consolidated NOL carryovers (LB&I division)

Sep 28 - Final regulations: Income tax withholding, periodic retirement and annuity payments

Sep 28 - KPMG report: Trump campaign’s tax proposals (FAQs)

Sep 28 - KPMG report: Accounting for income taxes considerations of final regulations

Sep 28 - KPMG report: State, local tax changes (third quarter 2020, table format)

Sep 28 - KPMG reports: Arkansas (online travel company); Colorado (software services); Colorado (combined group); District of Columbia (tech companies)

Sep 24 - Tax relief for taxpayers in Alabama affected by Hurricane Sally

Sep 23 - Final regulations pending OIRA review: Consolidated NOLs

Sep 22 - Announcement 2020-12: No information reporting by lenders, PPP loans forgiven under CARES Act (COVID-19)

Sep 22 - KPMG report: Initial impressions of final and proposed regulations, relief concerning repeal of section 958(b)(4)

Sep 22 - Final and proposed regulations on foreign tax credit; OIRA review completed

Sep 22 - Notice 2020-74: More time for drought-affected farmers, ranchers to replace livestock

Sep 22 - Treasury announces New Markets Tax Credit (NMTC) allocations for 2020, increased to $5 billion

Sep 22 - IRS updated FAQs for QIs / WPs / WTs

Sep 21 - Final and temporary regulations: Section 864(c)(8) and tax treatment on sale of U.S. trade or business partnership interests on a look-through basis

Sep 21 - Final and proposed regulations: Relief provided concerning repeal of section 958(b)(4) (text of regulations)

Sep 21 - Final regulations: Additional first year depreciation deduction under section 168(k) (text of regulations)

Sep 21 - Final regulations: Deductions allowed estates, non-grantor trusts

Sep 21 - KPMG report: Remote seller, marketplace facilitator update (Colorado, Illinois, Mississippi, Tennessee)

Sep 21 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated September 21)

Sep 21 - KPMG reports: Oregon (motor vehicle use tax); Pennsylvania (corporate economic nexus)

Sep 18 - KPMG report: Biden’s tax proposals (FAQs, updated September 18)

Sep 18 - IRS provides FAQs on “Bridge phase” under Compliance Assurance Process (CAP)

Sep 18 - IRS practice unit: Overall foreign and domestic losses

Sep 17 - Notice 2020-73: Deferred applicability dates for foreign currency guidance under section 987 (income, currency gain or loss of “qualified business unit”)

Sep 17 - Final regulations on additional first-year depreciation under section 168(k), OIRA review completed

Sep 17 - IRS adds four compliance campaigns (LB&I division)

Sep 17 - Tax relief for taxpayers affected by Oregon wildfires

Sep 16 - IRS release on expedited request for letter rulings (COVID-19)

Sep 16 - LB&I directive allows examiners to accept R&D expenses as reported on taxpayer financial statements

Sep 16 - Final regulations: Rehabilitation credit and rules coordinating with other credits, released to Federal Register

Sep 16 - Treasury’s CDFI Fund to consider NMTC requests for reporting extensions (COVID-19)

Sep 15 - Final regulations: Eligible terminated S corporations

Sep 15 - Final regulations: Rehabilitation credit and rules coordinating with other credits (text of regulations)

Sep 15 - IRS practice unit: Overview of dollar value LIFO

Sep 15 - KPMG report: Final regulations on computing and reporting life insurance reserves (initial impressions)

Sep 14 - KPMG report: Biden’s tax proposals (FAQs, updated September 14)

Sep 14 - KPMG report: New safe harbor in proposed like-kind exchange regulations

Sep 14 - KPMG report: Proposed regulations define “real property” for like-kind exchanges

Sep 14 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated September 14)

Sep 14 - KPMG reports: California (large taxpayer reporting); District of Columbia (sales tax); New Jersey (nexus, foreign corporate limited partner)

Sep 14 - TTB reminder: Extra semi-monthly excise tax periods, five due dates in September 2020 (COVID-19)

Sep 11 - Notice 2020-71: Per diem rates, substantiation of employee lodging, meals, incidentals (2020-2021)

Sep 11 - Tax relief for Puerto Rico taxpayers affected by Tropical Storm Isaias

Sep 10 - Announcement 2020-17: Postponed deadline for reporting, paying excise taxes on minimum required contributions

Sep 10 - IRS expands list of forms and returns available for digital signature (COVID-19)

Sep 10 - IRS practice unit: Foreign-earned income exclusion, audit techniques

Sep 9 - Final regulations, Rev. Rul. 2020-19: Computing and reporting life insurance reserves for insurance companies (text of guidance)

Sep 9 - Notice 2020-66: Medicaid coverage of COVID-19 testing and diagnostic services

Sep 9 - U.S. Tax Court: Timely e-filed return triggers limitations period, even when initially rejected by IRS

Sep 8 - Notice 2020-68: Retirement plan Q&As

Sep 8 - Rev. Proc. 2020-40: Extension of plan amendment deadlines, pre-approved plans

Sep 8 - Rev. Proc. 2020-41: Foreign insurance companies; effectively connected net investment income (2019)

Sep 8 - Regulations on business interest expense deduction limitations under section 163(j); effective date and reliance clarifications and changes

Sep 3 - Business interest expense deduction limitations under section 163(j), regulations released to Federal Register

Sep 3 - KPMG report: Highlights of final BEAT regulations under section 59A

Sep 3 - Final regulations: Nuclear power plant decommissioning

Sep 3 - Rev. Rul. 2020-18: Interest rates, tax overpayments and underpayments (fourth quarter 2020)

Sep 3 - KPMG report: Regulations under sections 245A, 951A, 954 (GILTI); treatment of dividends from foreign corporations

Sep 3 - Regulations pending OIRA review: Section 168(k) final regulations on additional first-year depreciation

Sep 1 - Final regulations: BEAT provisions under section 59A (text of regulations)

Sep 1 - Notice 2020-69: Future regulations to apply sections 951 and 951A to certain S corporations with accumulated earnings and profits

Sep 1 - Regulations pending OIRA review: Foreign tax credit

Sep 1 - Eleventh Circuit: Settlement proceeds not return of capital, but taxable income

Sep 1 - IRS launches BBA centralized partnership audit regime webpage

Sep 1 - KPMG report: Telemedicine and tax (COVID-19)

August 2020

Aug 31 - U.S. Tax Court: IRS supervisory approval for penalty assessment

Aug 31 - IRS provides tax relief to taxpayers affected by Hurricane Laura

Aug 31 - KPMG reports: Cincinnati (consolidated returns); District of Columbia (opportunity zones); North Carolina (inter-company pricing initiative)

Aug 31 - KPMG report: Initial analysis of Notice 2020-65, guidance on employee payroll tax deferral

Aug 28 - Notice 2020-65: Implementing executive action, employment tax deferral (COVID-19)

Aug 28 - IRS temporarily allows digital signing of certain forms and returns, including Form 1120 series, e-file authorizations, Form 8832 check-the-box elections

Aug 28 - PLR: Payments under wireless service agreements constitute rents from real property for REIT

Aug 27 - IRS opens application period for 2021 Compliance Assurance Process (CAP) program

Aug 27 - IRS practice unit: Foreign-earned income for purposes of section 911

Aug 26 - U.S. Tax Court: Pre-TCJA section 199 deduction claimed for processed seismic data

Aug 26 - Senate Finance Committee report on syndicated conservation-easement transactions

Aug 25 - IRS provides tax relief for taxpayers affected by California wildfires, Iowa derecho

Aug 24 - KPMG report: Biden’s tax proposals (updated FAQs)

Aug 24 - Final regulations: “BEAT” provisions under section 59A, OIRA review completed

Aug 24 - IRS interim guidance on designation of cases for litigation

Aug 24 - IRS reminder, required minimum distribution rollovers, repayments due by August 31 (COVID-19)

Aug 24 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated August 24)

Aug 24 - KPMG reports: Arizona (ballot initiative, tax surcharge); Nebraska (sales tax, cellular equipment); Tennessee (interest expense carryforwards)

Aug 21 - Regulations under sections 245A, 951A, 954; treatment of dividends from foreign corporations (text of regulations)

Aug 21 - Announcement 2020-13: Competent authority arrangement implementing arbitration process, United States-Switzerland tax treaty

Aug 21 - IRS statement on failure-to-deposit penalties, employers claiming new tax credits (COVID-19)

Aug 21 - Notice 2020-63: New IRS address for vehicle section 30B certifications, reporting

Aug 20 - United States-Hong Kong International Shipping Agreement suspended or terminated

Aug 19 - IRS practice units: LIFO pooling requirements; distributions not from accumulated earnings and profits

Aug 17 - IRS makes electronic filing available for Form 1040-X

Aug 17 - Proposed regulations: Rollover rules for qualified plan loan offset amounts

Aug 17 - IRS reminder, last round of ITINs expiring in 2020; renewal encouraged to prevent refund delays

Aug 17 - KPMG report: Proposed regulations on qualified parking deductions

Aug 17 - KPMG reports: Georgia (sales tax refund, computers); Minnesota (sale of subsidiary); Missouri (sales tax, amusement); North Carolina (bankruptcy)

Aug 14 - Rev. Proc. 2020-39: Normalization rules for public utilities, 2017 tax law changes (TCJA)

Aug 14 - IRS practice unit: Section 986(c) gain or loss, pre-2017 tax law (TCJA)

Aug 13 - KPMG report: Analysis of final and proposed regulations, high-tax exception under GILTI and subpart F

Aug 13 - IRS reminder of heavy highway use tax deadline, August 31

Aug 13 - Notice 2020-60: Community newspaper pension plans, alternative minimum funding standards

Aug 12 - IRS adds new FAQ on like-kind exchanges and deadlines (COVID-19)

Aug 12 - KPMG report: Proposed regulations on carried interest, initial analysis

Aug 12 - FAQs on PPP loans; payments of fees and health benefits (COVID-19)

Aug 12 - Announcement 2020-14: Increased user fees for employee plan rulings and determinations

Aug 12 - Second Circuit: Income from gravel mined on Indian tribal land, taxable

Aug 10 - KPMG report: Initial impressions about presidential memorandum on deferring payroll tax obligations (COVID-19)

Aug 10 - KPMG report: Deposits of federal employment taxes for equity-related transactions

Aug 10 - KPMG report: IRS addresses settlement period for stock options

Aug 10 - KPMG report: Taxation of advance sales of future mineral production

Aug 10 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19) (updated August 10)

Aug 10 - KPMG reports: Arizona (airport trip fees); Maryland (premium-receipts tax); New Jersey (cash grant incentives)

Aug 8 - Executive memorandum: Deferral of collection of payroll taxes (COVID-19)

Aug 8 - Regulations under section 954, coordinating rules under sections 245A and 951A; OIRA review completed

Aug 7 - Final regulations: Payments made to charities in return for consideration (text of regulations)

Aug 7 - Notice 2020-55: Postponed deadline, federal excise tax for sports fishing, archery equipment (COVID-19)

Aug 6 - Proposed regulations on “carried interest” (section 1061) released to Federal Register

Aug 6 - Notice 2020-61: Special rules for single-employer defined benefit pension plans (COVID-19)

Aug 6 - Notice 2020-62: Safe harbor explanations about eligible rollover distributions (COVID-19)

Aug 6 - California: Property tax increase pending in November ballot initiative

Aug 5 - KPMG reports: Initial analysis of regulations, guidance under section 163(j) (printable version)

Aug 5 - KPMG report: Tax and trade considerations for U.S. inbound investment

Aug 5 - Final regulations pending OIRA review: “BEAT” provisions under section 59A

Aug 4 - FAQs address PPP loan forgiveness issues (COVID-19)

Aug 4 - KPMG report: Biden’s tax proposals (FAQs)

Aug 4 - KPMG report: Tax issues that banks are facing due to COVID-19

Aug 4 - KPMG reports: Initial analysis of regulations, guidance under section 163(j)

Aug 3 - Status of OIRA review of regulations under 2017 tax law

Aug 3 - IRS issues FAQs on leave-sharing plans (COVID-19)

Aug 3 - IRS updated FAQs on retirement plan distribution rules, partial terminations (COVID-19)

Aug 3 - KPMG reports: Iowa (GILTI); North Carolina (transfer pricing); Pennsylvania (income producing activity test)

July 2020

Jul 31 - Final regulations: Rule for swaps with significant nonperiodic payments

Jul 31 - TTB resources: Distilled spirits plant, resources for determining excise tax owed

Jul 31 - IRS updates FAQs on deferral of employment tax deposits, payments (COVID-19)

Jul 31 - Proposed regulations under section 1061, “carried interest” rules (text of regulations)

Jul 31 - KPMG report: Analysis of final FDII regulations

Jul 30 - IRS concept unit on accuracy-related penalties, tax professionals urge caution

Jul 30 - Proposed regulations: Simplified accounting for small businesses, long-term contracts (text of regulations)

Jul 30 - Notice 2020-58: Rehabilitation credit under section 47, deadline relief (COVID-19)

Jul 29 - Proposed regulations: Excise taxes on air transportation of persons or property; aircraft management services exemption

Jul 29 - IRS’s temporary procedure for filing Form 3115, accounting method changes (COVID-19)

Jul 29 - IRS practice units: Receipts from related CFC; accuracy-related penalties

Jul 28 - Regulations, IRS guidance: Business interest expense deduction limitations under section 163(j) (text of regulations and guidance)

Jul 27 - Regulations: Refundable employment tax credits; assessment for erroneous refundable credits (COVID-19)

Jul 27 - KPMG reports: Nevada (tax amnesty); Washington State (B&O tax, loans)

Jul 27 - IRS offers tax relief for Michigan storm and Utah earthquake victims

Jul 24 - Regulations: Rules for refundable employment tax credits (COVID-19)

Jul 22 - Senate Finance Committee leaders' statement on UK’s digital services tax

Jul 22 - Delaware: Court holds enforcement of unclaimed property subpoena would constitute abuse

Jul 21 - KPMG report: Initial impressions about final and proposed regulations, high-tax exception under GILTI and subpart F

Jul 20 - Regulations: GILTI and subpart F high-tax exception (text of final and proposed regulations)

Jul 20 - Proposed regulations on “carried interest” rules under section 1061; OIRA review completed

Jul 20 - PLR: Taxable REIT subsidiary found not operating a disqualifying healthcare facility

Jul 20 - IRS practice unit: Foreign tax credit limitation and computation

Jul 20 - KPMG reports: D.C. (advertising, sales tax); Georgia (electricity); Ohio (electronic information services); Oregon (electricity); South Carolina (electricity)

Jul 17 - Regulations pending OIRA review: Section 954, and coordinating rules under sections 245A and 951A

Jul 17 - U.S. Treasury, quarterly list of countries cooperating with international boycott (no changes)

Jul 16 - U.S. Treasury awards $3.548 billion in New Markets Tax Credit (NMTC) allocations

Jul 15 - IRS closures of several P.O. Box addresses for business tax payments including employment tax payments

Jul 15 - IRS notification regarding delay in processing advance payment of employer credits

Jul 14 - Proposed changes to Form 1065 for partnerships with international tax items

Jul 14 - Regulations on limiting business interest expense deductions under section 163(j); OIRA review completed

Jul 14 - IRS LB&I division releases practice units for IRS examiners

Jul 14 - U.S. investigation of French digital services tax; additional 25% customs duties suspended until January 2021

Jul 13 - KPMG report: Remote seller, marketplace facilitator update (Mississippi, North Carolina, Rhode Island, Tennessee)

Jul 13 - KPMG reports: California (market-based sourcing); Illinois (sales tax); San Francisco (transfer tax); San Francisco (payroll tax); Seattle (payroll tax)

Jul 10 - KPMG report: Initial impressions of final regulations related to deduction for FDII and GILTI under section 250

Jul 10 - KPMG report: IRS reaffirms property owned by tax equity partnership is not public utility property (PLR)

Jul 10 - Proposed regulations: Grandfathered group health plans, group health insurance coverage

Jul 9 - Final regulations: Deduction under section 250, FDII and GILTI (text of regulations)

Jul 9 - Notice 2020-54: Reporting qualified sick leave, qualified family leave wages (COVID-19)

Jul 8 - OIRA review completed: Regulations on high-taxed GILTI exclusion, subpart F income

Jul 8 - Ninth Circuit: Oregon’s taxation of railroad intangible property held discriminatory

Jul 8 - Rev. Proc. 2020-37: Automobile depreciation deduction limits for 2020

Jul 7 - IRS memorandum for TE/GE employees, modified examination timelines (COVID-19)

Jul 7 - KPMG report: Insurance-related measures in consolidated NOL regulations

Jul 6 - States enacting federal tax conformity measures, new fiscal year starting July 1

Jul 6 - FAQs on coronavirus relief fund payments to states, local governments (COVID-19)

Jul 6 - IRS provides FAQs on treatment of certain payments to health care providers (COVID-19)

Jul 6 - IRS adds section 965 compliance campaign under TCJA (LB&I division)

Jul 6 - IRS practice unit: Reasonable cause and good faith

Jul 2 - Regulations: Consolidated net operating losses (text of regulations)

Jul 2 - Federal Circuit: Jurisdiction for tax overpayment interest claims

Jul 2 - LB&I memo on activities postponed, continued and resuming (COVID-19)

Jul 1 - Proposed regulations: Low-income housing credit compliance-monitoring duties under section 42

Jul 1 - Notice 2020-53: Temporary relief, low-income housing credit under section 42 (COVID-19)

June 2020

Jun 29 - FAQs on PPP loans, maturity of loans (COVID-19)

Jun 29 - New FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Jun 29 - National Taxpayer Advocate report to Congress identifying taxpayer challenges (COVID-19)

Jun 29 - Notice 2020-52: Mid-year amendment to safe harbor section 401(k) plan (COVID-19)

Jun 26 - IRS updated FAQs on deferral of employment tax deposits, payments (COVID-19)

Jun 26 - Delaware: More time allowed for unclaimed property voluntary disclosure (COVID-19)

Jun 26 - KPMG report: State, local tax changes (second quarter 2020, table format)

Jun 25 - IRS offers settlement for docketed Tax Court cases involving conservation easement transactions

Jun 24 - Final regulations: Qualified business income under section 199A; REIT income received by RICs; previously suspended losses; trusts and estates

Jun 24 - TTB release: Extension of relief from notice requirement for destruction of beer (COVID-19)

Jun 24 - U.S. Treasury relief, reduced assessments from banks paid to Comptroller of Currency (COVID-19)

Jun 23 - IRS updated FAQs on employee retention credit (COVID-19)

Jun 23 - KPMG report: Proposed regulations and guidance on qualified transportation fringe benefits

Jun 23 - Notice 2020-48: Postponed deadline, federal excise tax for sports fishing, archery equipment (COVID-19)

Jun 23 - Notice 2020-51: Waiver of 2020 required minimum distributions, retirement plans (COVID-19)

Jun 23 - Tax relief for taxpayers affected by April storms in Mississippi, South Carolina, Tennessee

Jun 22 - U.S. Supreme Court denies certiorari, appeal from Ninth Circuit upholding cost-sharing regulations as valid

Jun 22 - Remote sellers and marketplace facilitators update (Colorado, Louisiana, Mississippi) 

Jun 22 - KPMG report: Tax relief, updated state and local tax guidance (COVID-19)

Jun 22 - KPMG reports: Alabama (payroll factor); Arkansas (marketplace facilitator); California (partnership penalty relief)

Jun 22 - KPMG report: Qualified opportunity zone rules, as of June 2020

Jun 19 - Treasury Secretary seeks “pause” in OECD Pillar 1 discussions of digital economy

Jun 19 - Proposed regulations: Qualified transportation and commuting expenses under section 274 (text of regulations)

Jun 19 - Proposed regulations, consolidated NOLs: OIRA review completed

Jun 19 - Notice 2020-50: Retirement plan distributions and loans, CARES Act relief (COVID-19)

Jun 19 - Tobacco industry’s special occupation tax due July 1

Jun 18 - KPMG report: Proposed regulations on carbon oxide sequestration credit, clarification provided

Jun 18 - Ninth Circuit: Mailbox rule not applicable for then-ineligible private delivery service

Jun 18 - OECD: Statement about ongoing negotiations, taxation of digital economy

Jun 17 - United States reportedly withdrawing from talks with EU on digital services tax

Jun 17 - Regulations pending OIRA review: GILTI, high-taxed subpart F income, foreign corporations’ E&P

Jun 17 - PPP loan-forgiveness application forms (COVID-19)

Jun 17 - IRS Services and Enforcement employees continue to accept, transmit documents by email (COVID-19)

Jun 17 - Tax impacts for infrastructure (COVID-19)

Jun 16 - Puerto Rico: Additional economic relief, tax measures (COVID-19)

Jun 16 - Regulations pending OIRA review: Limitation of business interest expense deduction under section 163(j)

Jun 16 - California: Tax increases expected for taxpayers; NOLs suspended and other tax-related measures

Jun 16 - Expanded list of state and local tax relief measures (COVID-19)

Jun 15 - Final regulations under section 250, deduction for FDII and GILTI; OIRA review completed

Jun 15 - Tax relief, updated state and local tax guidance (COVID-19)

Jun 15 - Updated FAQs, relief for nonresidents and foreign business employees affected by travel disruptions (COVID-19)

Jun 15 - KPMG reports: Maine (apportionment); Michigan (interest limitation); Mississippi (single member LLCs); South Carolina (mailbox rule)

Jun 12 - Notice 2020-49: Postponed time-sensitive actions, New Markets Tax Credits (COVID-19)

Jun 12 - PLR: REIT’s gross income includes section 481(a) adjustments from depreciation, amortization changes

Jun 11 - Proposed regulations: Limitations on like-kind exchanges

Jun 11 - Rev. Proc. 2020-16: Empowerment zone designation extension procedures

Jun 11 - Notice 2020-46: Employer leave-based donation programs (COVID-19)

Jun 10 - Notice 2020-47: Recommendations for guidance items for 2020-2021 Priority Guidance Plan

Jun 9 - Proposed regulations pending OIRA review: Consolidated NOLs

Jun 8 - Proposed regulations: “Qualifying relative” and personal exemption amount clarified

Jun 8 - Proposed regulations: Treatment of certain medical care arrangements under section 213

Jun 8 - Notice 2020-44: Self-insured health insurance annual fee

Jun 8 - KPMG report: IRS extends tax credit timelines for renewable energy projects

Jun 8 - KPMG reports: Arkansas (contractor, agent of hospital); Louisiana (remote sales); Missouri (stadium renovation); Tennessee (consolidated excise tax)

Jun 5 - KPMG report: IRS “GLAM” requiring holding-period segmentation when cash or property contributed to corporation without issuance of shares

Jun 5 - President signs legislation providing payroll tax deferral for taxpayers with forgiven PPP loans (COVID-19)

Jun 5 - Notice 2020-43: Comments requested on tax capital reporting by partnerships, and interim methods provided

Jun 5 - Proposed regulations: Excise tax on excess compensation, parachute payments made by tax-exempt organizations

Jun 4 - Notice 2020-39: Relief for qualified opportunity zones and investors (COVID-19)

Jun 4 - Rev. Proc. 2020-34: Relief for mortgage loans, lease arrangements of certain trusts (COVID-19)

Jun 4 - Rev. Rul. 2020-13: Interest rates, tax overpayments and underpayments (third quarter 2020)

Jun 4 - Extension of QI/WP/WT certification due date

Jun 3 - Proposed regulations pending OIRA review: “Carried interest” under section 1061

Jun 3 - Notice 2020-42: Temporary relief allowing retirement plan elections, spousal consents to be signed remotely (COVID-19)

Jun 3 - IRS practice unit: Flow-through entities, effects for individual’s foreign tax credit

Jun 2 - United States launches investigation of digital services taxes

Jun 2 - U.S. Tax Court: Transfers of real estate to liquidating trusts not bona fide dispositions

Jun 1 - Announcement 2020-7: Third six-year cycle pre-approved defined contribution plans

Jun 1 - TTB final regulations: Excise taxes on alcoholic beverages

Jun 1 - KPMG reports: Idaho (sale of LLC); Michigan (sourcing of services); Oregon (Portland “homeless” tax); South Carolina (sales tax on software)

May 2020

May 29 - KPMG report: Initial impressions of Notice 2020-41 and “beginning of construction” under sections 45 and 48 (COVID-19)

May 29 - Rev. Proc. 2020-15: Updated list of countries, deposit interest paid to nonresident aliens

May 29 - Proposed regulations on credit for carbon oxide sequestration (section 45Q) released to Federal Register

May 28 - Proposed regulations: Credit for carbon oxide sequestration under section 45Q

May 28 - Notice 2020-35: Postponed deadlines for employment taxes, employee benefit plans, IRAs, HSAs, MSAs, other time-sensitive actions (COVID-19)

May 28 - OIRA review and expectations for more regulations, under 2017 tax law

May 28 - IRS provides FAQs on treatment of NOL carrybacks and AMT by C corporations (COVID-19)

May 28 - IRS provides FAQs for individuals claiming the “medical condition exception” in 2020 (COVID-19)

May 28 - FAQs on “Main Street Lending Program” (COVID-19)

May 27 - Notice 2020-41: Extension of safe harbor, “beginning of construction” under sections 45 and 48 (COVID-19)

May 27 - Final regulations pending OIRA review: Section 250 deduction for FDII and GILTI

May 27 - IRS practice unit: Taxation of the disposition of U.S. real property interests (USRPI) by foreign persons

May 27 - Updated FAQs on employee retention credit and PPP repayments

May 27 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 27)

May 26 - Proposed regulations: Income tax withholding, periodic retirement and annuity payments

May 26 - Proposed regulations: Personal exemption at zero, implications for health plan premium tax credit

May 26 - Rev. Proc. 2020-33: Income requirements for use by issuers of qualified mortgage bonds, mortgage credit certificates

May 22 - KPMG report: Real estate, documenting changes in intent and dealer property analysis (COVID-19)

May 22 - KPMG report: Tax implications of distressed leases (COVID-19)

May 21 - Federal Circuit: Section 1603 grants for wind energy firms, development fees not established

May 21 - Proposed regulations: Rehabilitation credit and rules coordinating with other credits

May 21 - U.S. Labor Department, ERISA rule allows retirement plan information to be provided electronically

May 21 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 21)

May 20 - Fourth Circuit: Real property tax impermissibly discriminates against railroads (South Carolina)

May 20 - Rev. Proc. 2020-32: HSA inflation-adjusted amounts for 2021

May 19 - Announcement 2020-6: References to NAFTA in U.S. income tax treaties, replaced with USMCA

May 19 - Final regulations: Domestic production activities deduction for agricultural, horticultural cooperatives (pending OIRA review)

May 19 - PLR: REIT’s retirement facilities not health care facilities, TRS can provide residential services 

May 18 - TTB guidance, tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19)

May 18 - IRS fact sheet, tax credits for COVID-19-related paid leave

May 18 - Treasury provides PPP loan forgiveness form, instructions

May 18 - KPMG reports: California (proposed NOL suspension); Mississippi (tax refunds, statute of limitations)

May 15 - IRM update, addressing CARES Act provisions concerning net operating losses and minimum tax credits

May 15 - IRS provides FAQs on aviation excise tax holiday under CARES Act

May 15 - Notice 2020-34: Reference price, natural gas from marginal wells during 2019

May 13 - Final regulations: Funding rule under section 385 (text of regulations)

May 13 - FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification

May 13 - Eleventh Circuit: Conservation easement on golf course eligible for charitable deduction

May 13 - Washington State: Additional B&O tax imposed on financial institutions violates Commerce Clause

May 12 - Notice 2020-29, Notice 2020-33: Expanded relief for health-related cafeteria plans (COVID-19)

May 12 - Proposed regulations: Disallowed deductions and information reporting for fines, penalties

May 12 - Renewable electricity, refined coal production inflation factors, reference prices for 2020

May 12 - U.S. Tax Court: Regulations on charitable donation of conservation easement upheld as valid

May 11 - KPMG report: CARES Act changes to business interest deduction limitations for partnerships (COVID-19)

May 11 - KPMG report: Healthcare REITs and whether to amend taxable REIT subsidiary leases (COVID-19)

May 11 - KPMG report: Use of elective stock dividends by publicly offered REITs (COVID-19)

May 11 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 11)

May 11 - KPMG reports: New York (investment tax credit); Oregon (unitary group); Texas (source of sales); Virginia (internet tax)

May 11 - IRS practice units: Accounting method changes, foreign earned income exclusion, other topics

May 8 - IRS updates FAQs on employee retention credit, treatment of health plan expenses and PPP repayments

May 7 - Proposed regulations: Deductions allowed estates, non-grantor trusts

May 7 - Rev. Proc. 2020-30: Relief from creating foreign branch separate units under the dual consolidated loss rules (COVID-19)

May 7 - IRS releases FAQs on emergency relief grants to students being excluded from income (COVID-19)

May 7 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 7)

May 7 - Tax relief for taxpayers affected by early February 2020 storms in Oregon

May 6 - New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification

May 6 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 6)

May 5 - Employer retention credit can be claimed if Paycheck Protection Program (PPP) loan repaid by May 7 (COVID-19)

May 5 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 5)

May 5 - U.S. Tax Court: U.S. taxpayer realized subpart F income on sales of appliances manufactured in Mexico

May 4 - U.S. Supreme Court grants certiorari in challenge to IRS notice and compliance with Administrative Procedure Act

May 4 - IRS relief regarding tax-exempt bonds (COVID-19)

May 4 - Rev. Proc. 2020-19: Temporary modification to safe harbor for distributions by REITs and RICs (COVID-19)

May 4 - TTB release: FAQs on destruction of beer, recovery of taxes paid (COVID-19)

May 4 - Texas: Subscription revenue sourced to customer location, for franchise tax purposes

May 4 - KPMG reports: Illinois (storage use tax exemption); New York (digital advertising tax); South Carolina (membership fees, sales tax)

May 4 - KPMG report: Property owned by tax equity partnership is not public utility property (PLR)

May 1 - IRS adds new compliance campaign on TCJA (LB&I division)

May 1 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated May 1)

May 1 - New FAQs provided by IRS for QIs / WPs / WTs

April 2020

Apr 30 - Notice 2020-32: Deductibility of expenses when loan is forgiven under Paycheck Protection Program (COVID-19)

Apr 30 - KPMG report: Initial impressions of additional FAQs on the employee retention credit (COVID-19)

Apr 30 - IRS adds new FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Apr 30 - Rev. Proc. 2020-29: IRS temporary procedures for electronic submission of requests for letter rulings, closing agreements, other advice (COVID-19)

Apr 30 - FAQs on “Main Street” lending program (COVID-19)

Apr 30 - KPMG report: Potential COVID-19 impact on health insurance exchange enrollment

Apr 30 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 30)

Apr 29 - IRS updates, expands FAQs on employee retention credit (COVID-19)

Apr 29 - Extension of healthcare, health plan coverage, employee benefit plan timeframes (COVID-19)

Apr 29 - KPMG report: Accounting and financial reporting relating to CARES Act (COVID-19)

Apr 29 - IRS practice units: Installment method, substantiation requirements, and foreign currency translation

Apr 28 - IRS adds to FAQs on postponed tax return filing, paying deadlines

Apr 28 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 28)

Apr 27 - KPMG reports: Arkansas (manufacturing exemption); South Carolina (bank tax); Texas (taxable data processing); Multistate (internet sales)

Apr 24 - KPMG report: Initial impressions of proposed regulations on separately computed UBTI

Apr 24 - KPMG report: IRS FAQs on NOL carrybacks for taxpayers with section 965 inclusions (COVID-19)

Apr 24 - Puerto Rico: Pending legislative proposals, economic and tax relief (COVID-19)

Apr 24 - Treasury issues guidance on Paycheck Protection Program (PPP); Trump signs PPP funding legislation

Apr 23 - KPMG report: JCT description of employee retention credit, payroll deferral provisions in CARES Act

Apr 23 - KPMG report: FAQs for determining U.S. trade or business or permanent establishment (COVID-19)

Apr 23 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 23)

Apr 23 - Federal Circuit: Refunds claims for underpayment interest denied, not timely filed within special six-month period

Apr 23 - IRS expands FAQs on postponed tax return filing, paying deadlines

Apr 23 - IRS provides FAQs on NOL carrybacks for taxpayers with section 965 inclusions

Apr 23 - Treasury releases updated FAQs on Paycheck Protection Program

Apr 22 - KPMG report: Relief for taxpayers to correct, change QIP depreciation methods (Rev. Proc. 2020-25)

Apr 22 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 22)

Apr 22 - FAQs on payroll support for air carriers and contractors (COVID-19)

Apr 21 - KPMG report: COVID-19-related inventory impairments; cash flow opportunity for resellers

Apr 21 - Proposed regulations concerning like-kind exchanges; OIRA review completed

Apr 21 - Revenue procedures, FAQs: Relief for nonresidents remaining in United States (COVID-19)

Apr 21 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 21)

Apr 20 - KPMG report: Initial impressions of Rev. Rul. 2020-8  and 10-year limitations period, foreign tax credit and NOL carrybacks

Apr 20 - KPMG report: Section 1400Z-2 final regulations; observations on correcting amendments (April 2020)

Apr 20 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 20)

Apr 20 - KPMG reports: Arkansas (working remotely); Colorado (sales tax, gift wrapping); Virginia (web-blog)

Apr 20 - Final regulations, section 199A treatment for deductions involving REITs and RICs; OIRA review completed

Apr 20 - Excise tax relief, distilled spirits used to produce hand sanitizers (COVID-19)

Apr 20 - Section 45K: Nonconventional source production credit, reference price for 2019

Apr 17 - Rev. Proc. 2020-25: Depreciation of qualified improvement property

Apr 17 - Rev. Rul. 2020-8: 10-year limitations period, foreign tax credit and NOL carrybacks

Apr 17 - IRS FAQs on tax credits for required paid leave provided employees by SMEs (COVID-19)

Apr 17 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 17)

Apr 17 - IRS expands FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19)

Apr 17 - KPMG report: Relief to make or withdraw a real property trade or business or farming business election and certain other elections related to the CARES Act changes to section 163(j)

Apr 16 - KPMG report: ATNOL carrybacks under the CARES Act

Apr 16 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 16)

Apr 15 - LB&I activities that are temporarily suspended, continued (COVID-19)

Apr 15 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 15)

Apr 14 - KPMG report: Tax considerations of disruptions in healthcare industry in COVID-19 environment

Apr 14 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 14)

Apr 13 - Rev. Proc. 2020-26: Safe harbors, loan forbearance programs under CARES Act (COVID-19)

Apr 13 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 13)

Apr 13 - IRS provides Q&As on “quick refunds” process for NOL carrybacks under CARES Act (COVID-19)

Apr 13 - IRS cautions certain mechanisms for requesting taxpayer records not available (COVID-19)

Apr 13 - IRS issues FAQs on deferral of employment tax deposits and payments (COVID-19)

Apr 13 - IRS practice unit: Statute of limitations on assessment of tax

Apr 13 - KPMG reports: New York (sales tax, electricity); Texas (costs of goods sold); Utah (restaurant platforms)

Apr 10 - Notice 2020-23: IRS announces extensions for section 1031 “like-kind exchange” deadlines (COVID-19)

Apr 10 - Rev. Proc. 2020-22: Section 163(j) interest expense deduction limitations, elections for real property trade, farming businesses (COVID-19)

Apr 10 - Rev. Proc. 2020-14: List of countries eligible for section 911(d)(1) waiver for 2019

Apr 10 - IRS updates FAQs on postponed tax return filing, paying deadlines (COVID-19)

Apr 10 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 10) 

Apr 10 - KPMG report: Initial impressions of IRS guidance implementing NOL provisions in CARES Act (COVID-19)

Apr 10 - IRS re-issues Form 941 to address employee retention credit (COVID-19)

Apr 9 - Notice 2020-23: Relief for taxpayers affected by coronavirus pandemic (COVID-19)

Apr 9 - Rev. Proc. 2020-24: Guidance on NOL carryback measures from CARES Act (COVID-19)

Apr 9 - KPMG report: Initial impressions of final regulations implementing “anti-hybrid” provisions (sections 245A(e), 267A, and 1503(d))

Apr 8 - Rev. Proc. 2020-23: Relief for partnerships, allowing amended returns (COVID-19)

Apr 8 - IRS statement on corporate tax refunds (COVID-19)

Apr 8 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated 8 April, evening)

Apr 8 - IRS practice unit: Adjustment for overwithholding on Form 1042

Apr 8 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 8)

Apr 8 - KPMG report: Debt restructuring, considerations for private equity (COVID-19)

Apr 8 - U.S. Treasury quarterly list, countries cooperating with international boycott (no changes)

Apr 7 - Regulations: Hybrid arrangements (text of final and proposed regulations)

Apr 7 - Treasury guidance, Q&As on loan program for air carriers, eligible businesses (COVID-19)

Apr 6 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 6)

Apr 6 - IRS Appeals to temporarily accept, transmit documents by email (COVID-19)

Apr 6 - KPMG report: Accounting and reporting impacts of CARES Act (COVID-19)

Apr 6 - KPMG reports: New York (broker-dealers); South Carolina (car sharing); Tennessee (marketplace facilitator); Washington (online loans)

Apr 3 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 3)

Apr 3 - KPMG report: Employer-related liquidity–tax credits, deferrals, and efficiencies (COVID-19)

Apr 3 - KPMG report: CARES Act, considerations for private equity funds with corporate portfolio companies (COVID-19)

Apr 2 - Treasury “fact sheet” on lending programs under CARES Act

Apr 2 - KPMG report: Proposed regulations on computing and reporting life insurance reserves for insurance companies

Apr 2 - KPMG report: Lending programs under CARES Act, including interactions with tax provisions (COVID-19)

Apr 2 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated April 2)

Apr 1 - Proposed regulations: Computing and reporting reserves, life insurance companies

Apr 1 - Postponed payment, reporting date for TTB excise taxes (COVID-19)

Apr 1 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated 1 April)

March 2020

Mar 31 - KPMG report: State and local tax guidance, tax relief (COVID-19) (updated March 31)

Mar 31 - IRS provides Q&As on employee retention credit (COVID-19)

Mar 31 - Notice 2020-22: Penalty relief, reduced federal employment tax deposits in anticipation of tax credits (COVID-19)

Mar 31 - Draft IRS form, instructions for claiming advance payment of employer credits (COVID-19)

Mar 31 - FAQs on employee retention credit in CARES Act (COVID-19)

Mar 31 - IRS Services and Enforcement employees to accept, transmit documents by email (COVID-19)

Mar 31 - KPMG report: Income tax accounting (COVID-19)

Mar 30 - PLRs: Parking revenue qualifies as rents from real property for REITs

Mar 30 - KPMG reports: Florida (online platforms); Missouri (taxable rentals); Missouri (resale exemption)

Mar 30 - KPMG report: Cash-flow planning, leveraging tax accounting methods and credits (COVID-19)

Mar 30 - KPMG report: Compensation and benefits considerations (COVID-19)

Mar 30 - KPMG report: REIT considerations (COVID-19)

Mar 30 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 30)

Mar 27 - KPMG report: State, local tax changes (first quarter 2020, table format)

Mar 27 - IRS suspends certain administrative procedures (COVID-19)

Mar 27 - Notice 2020-21: Employment tax credits for certain paid leave (COVID-19)

Mar 27 - Notice 2020-20: Extension of time to file returns, make payments of federal gift and generation-skipping transfer taxes (COVID-19)

Mar 27 - State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 27)

Mar 26 - Puerto Rico: Additional extension of deadlines, tax relief relating to coronavirus (COVID-19)

Mar 26 - Puerto Rico: Extended tax return filing, tax payment dates (table format) (COVID-19)

Mar 26 - Regulations pending OIRA review: Excise tax on tax-exempt organization compensation

Mar 26 - U.S. Labor Department, additional guidance on paid sick leave, expanded FMLA (COVID-19)

Mar 26  - State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 26)

Mar 25 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 25)

Mar 25 - New FAQs from IRS concerning QI / WP / WT

Mar 25 - IRS extends time for certain financial institutions to file Form 8966, “FATCA Report” (COVID-19)

Mar 25 - IRS suspends key compliance programs, responding to coronavirus (COVID-19)

Mar 24 - U.S. Labor Department: Guidance about paid sick leave, expanded FMLA (COVID-19)

Mar 24 - IRS provides FAQs on postponed tax return filing, paying deadlines (COVID-19)

Mar 24 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 24, evening) 

Mar 24 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 24)

Mar 24 - KPMG report: Timing considerations for QOF and QOF investors in light of COVID-19

Mar 23 - KPMG report: REITs and cash conservation in response to coronavirus (COVID-19)

Mar 23 - Final regulations: Foreign tax credit, and section 901(m) “covered asset acquisitions”

Mar 23 - KPMG report: 2020 FBAR update; revisit the rules while relief is available

Mar 23 - KPMG report: Hotel REITs and taxable REIT subsidiaries; lease amendments in response to coronavirus (COVID-19)

Mar 23 - KPMG reports: Georgia (personal property tax); Maryland (digital taxation); Michigan (apportionment)

Mar 23 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 22)

Mar 21 - Notice 2020-18: Extension of time to file returns, make payments of federal income tax, response to coronavirus

Mar 21 - Proposed regulations, limitation of business interest expense deduction under section 163(j); OIRA review completed

Mar 21 - KPMG report: Income tax accounting, possible effects from coronavirus (COVID-19)

Mar 21 - KPMG report: New law (H.R. 6201) provides paid FMLA and sick leave (COVID-19)

Mar 20 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (updated March 20)

Mar 20 - Treasury expected to announce tax return filing extension (COVID-19)

Mar 20 - Final regulations: Foreign tax credit, section 901(m) and “covered asset acquisitions” (text of regulations)

Mar 20 - Reminder of opportunity; payroll offsets using R&D tax credits (COVID-19)

Mar 20 - Proposed regulations, denial of deduction for fines, penalties; OIRA review completed

Mar 20 - PLR: Lease rights constitute real property for REIT purposes

Mar 19 - LB&I directive: Centralized risking of cases with research issues

Mar 19 - PLR: REIT’s operation of cold storage warehouses, treatment of amounts received for providing space and freezing

Mar 19 - KPMG report: State and local tax guidance, tax relief in response to coronavirus (COVID-19) (table format)

Mar 19 - TTB guidance: Excise tax relief, distilled spirits used to produce hand sanitizers (responding to COVID-19)

Mar 18 - Notice 2020-17: Extension of time to make payments of federal income tax, response to coronavirus (COVID-19)

Mar 17 - Puerto Rico: Tax deadline extensions, response to coronavirus (COVID-19)

Mar 17 - KPMG report: Employers providing employee hardship assistance related to coronavirus (COVID-19)

Mar 16 - KPMG report: Compensation and benefits concerns in uncertain times—telecommuting and other items (COVID-19 considerations)

Mar 16 - KPMG reports: Maryland (corporate tax proposals); New York (digital taxation); New York (intercompany title transfers); Wisconsin (foreign partnership distributions)

Mar 14 - Regulations pending OIRA review: Credit for carbon oxide sequestration, section 45Q

Mar 13 - OIRA update: Expectations for issuance of regulations, under 2017 tax law (TCJA)

Mar 13 - AOD 2020-1: IRS nonacquiescence in payroll tax refund, professional employment organizations

Mar 12 - Proposed regulations, net operating loss (NOL) deduction; OIRA review completed

Mar 11 - Notice 2020-15: High-deductible health plans, expenses related to coronavirus (COVID-19)

Mar 11 - IRS practice unit: Computing alternative minimum tax, foreign tax credit (individual taxpayers)

Mar 9 - KPMG reports: California (business tax credit); Indiana (sales tax nexus); North Carolina (non-taxable dividends); Texas (resale exemption, gym equipment); Utah (ticket sales)

Mar 6 - Final regulations pending OIRA review: Section 199A treatment for deductions involving REITs and RICs

Mar 6 - IRS offers tax relief, taxpayers affected by tornadoes in Tennessee

Mar 6 - IRS update to 2019-2020 priority guidance plan (second quarter)

Mar 6 - Notice 2020-14: Defined benefit plans, 2020 cumulative list for plan qualification requirements

Mar 5 - SEC regulatory relief for companies affected by coronavirus

Mar 2 - Rev. Proc. 2020-17: U.S. reporting relief concerning certain tax-favored foreign trusts

Mar 2 - KPMG reports: Florida (online platform); Louisiana (property tax exemptions); New Jersey (combined reporting); Washington State (sales tax)

February 2020

Feb 28 - Regulations implementing “carried interest” measures; OIRA review completed

Feb 28 - Rev. Rul. 2020-7: No change to interest rates on tax underpayments, overpayments (second quarter 2020)

Feb 27 - Regulations concerning hybrid dividends and payments; OIRA review completed

Feb 27 - Federal district court: No alternative tax credit under section 6426 for butane

Feb 27 - Former KPMG tax professional named National Taxpayer Advocate

Feb 27 - IRS adds new compliance campaigns on fuel credit, research issues (LB&I division)

Feb 25 - U.S. Supreme Court: Tax refund dispute when no tax allocation agreement of corporate members

Feb 24 - Proposed regulations: Deductibility of meal and entertainment expenses

Feb 24 - KPMG report: Claiming retroactively reinstated renewable fuel incentives

Feb 24 - KPMG report: Extended income recognition deferral for “specified goods”

Feb 24 - KPMG reports: Colorado (multiple audits); Florida (video streaming); New Jersey (combined group NOLs); Ohio (commercial activity tax)

Feb 21 - Proposed regulations: Deductibility of business meal expenses (text of regulations)

Feb 21 - IRS releases updated instructions for Form 1065 (2019)

Feb 21 - Notice 2020-13: Housing expense limit adjustments, foreign locations for 2020

Feb 21 - Rev. Proc. 2020-13: Guidance for farmers on uniform capitalization rules

Feb 20 - Proposed regulations pending OIRA review: Like-kind exchanges

Feb 20 - Proposed regulations pending OIRA review: Net operating loss (NOL) deduction

Feb 19 - IRS reminder: Revised Form W-4, new filing addresses for Form 941

Feb 19 - Notice 2020-12 and Rev. Proc. 2020-12: Carbon oxide sequestration credit under section 45Q

Feb 18 - KPMG report: Contractor’s “substantial rights” for research tax credit (U.S. Tax Court)

Feb 17 - KPMG reports: Michigan (bank’s claim for sales tax refunds); Ohio (public utility excise tax) Washington State (B&O tax, state school)

Feb 14 - Corrections to final regulations, transfers to partnerships with related foreign partners

Feb 13 - KPMG report: Insights on OECD’s revised “Unified Approach” to tax challenges of digitalisation

Feb 13 - KPMG report: OECD transfer pricing (final) guidance on financial transactions: Initial impressions

Feb 13 - IRS updates and corrects FAQs for QI / WP / WT

Feb 12 - Washington State: Legislation revises B&O tax surcharge

Feb 11 - Proposed regulations: Federal income tax withholding from employee wages

Feb 11 - IRS updates FAQs for QI / WP / WT

Feb 10 - Proposed regulations pending OIRA review: Business interest deduction limitation

Feb 10 - Rev. Rul. 2020-5: Adjustments to basis for life insurance contracts

Feb 10 - IRS practice unit: Interest capitalization for self-constructed assets

Feb 10 - Trump Administration budget proposals for FY 2021

Feb 10 - KPMG report: Nexus, taxation of remote sales, marketplace facilitators (GA, NE, NC, WV)

Feb 10 - KPMG reports: Arizona (mining); Colorado (vehicle-sharing service); Louisiana (passthrough entities); Massachusetts (software)

Feb 7 - PLR: Reimbursement payments, qualifying income for REIT’s 95% income test only

Feb 7 - Puerto Rico: Transition to “SURI” (Internal Revenue Integrated System), updates

Feb 7 - U.S. Treasury quarterly list, countries cooperating with international boycott (no changes)

Feb 5 - Regulations on business interest limitation under section 163(j); OIRA review completed

Feb 4 - Final regulations: Employer-provided vehicles, fleet average and cents-per-mile valuation rules

Feb 4 - Regulations pending OIRA review: Denial of deduction for fines, penalties

Feb 3 - KPMG reports: Kansas (sales tax, telecommunications provider); Utah (tax reform provisions repealed); Washington State (B&O surcharge delayed); multiple states (compact to limit incentives)

January 2020

Jan 31 - IRS update on “micro-captive insurance transactions”

Jan 31 - Louisiana: Online marketplace not a “dealer” required to collect parish sales taxes

Jan 29 - Final regulations: Return due dates, extended due date amendments

Jan 29 - Puerto Rico: Deductible expenses, alternative basic or alternative minimum tax for 2019

Jan 29 - Rev. Rul. 2020-4: Low-income housing credit

Jan 28 - IRS practice unit: Overview of the enhanced oil recovery tax credit

Jan 28 - KPMG report: Highlights of recent tax law changes for the healthcare industry

Jan 27 - IRS reminder: First oil spill liability tax due by January 29, 2020

Jan 27 - U.S. trade court: “Substitution drawbacks” of wine companies

Jan 27 - KPMG report: Expanded scope of $1 million section 162(m) deduction limitation on certain executive compensation, proposed regulations

Jan 27 - KPMG report: Remote sellers and marketplace facilitators update (AR, GA, LA, NC)

Jan 27 - KPMG reports: Arkansas (use tax, trailers); Massachusetts (sales tax remittances); New York (tax on data-related income)

Jan 24 - Notice 2020-6: Relief for reporting required minimum distributions for IRAs for 2020

Jan 23 - IRS offers tax relief for taxpayers affected by Puerto Rico earthquakes

Jan 23 - KPMG report: Year-in-review list of U.S. federal tax developments for 2019 (as reported in TaxNewsFlash)

Jan 23 KPMG report: Analysis and observations about final regulations and future of opportunity zone investments

Jan 22 - IRS posts “training materials” on the 2017 U.S. tax law

Jan 22 - IRS practice unit: FDAP payments – Statistical sampling and projection procedures 

Jan 22 - KPMG report: Global withholding taxes, income and gains from listed securities (2019)

Jan 21 - IRS guidance on Form 8038-CP for bond issuers requesting tax credit payments

Jan 21 - Update on France’s digital services tax

Jan 21 - U.S. Tax Court: IRS written supervisory approval required, trust fund recovery penalty under section 6672

Jan 21 - Washington State: Home improvement retailer entitled to bad debt deduction (court decision)

Jan 20 - KPMG report: Tax planning guide 2020, for individual taxpayers

Jan 20 - KPMG report: Remote sellers and marketplace facilitators update (D.C., Georgia, Iowa, Kansas, Maryland, Nebraska)

Jan 20 - KPMG reports: California (corporate tax rates); New Jersey (pass-through alternative taxation); Virginia (federal tax conformity); Washington State (online research services)

Jan 17 - IRS to consider relief from double taxation related to section 965 repatriation

Jan 17 - Final regulations: Transfers to partnerships with related foreign partners (text of regulations)

Jan 17 - Inflation adjustment factors, Indian coal production credits for 2018 and 2019

Jan 17 - Notice 2020-4: Extension of temporary dyed fuel tax relief, Wisconsin terminals

Jan 16 - IRS to restore sequestered funds (AMT only) to businesses pursuant to OMB determination

Jan 16 - U.S. Tax Court: Written supervisory approval for penalty required before first formal communication to taxpayer 

Jan 15 - Regulations pending OIRA review: Implementing “carried interest” measures

Jan 15 - Proposed regulations on cloud-computing, digital-content transactions; public hearing scheduled

Jan 15 - Notice 2020-8: Biodiesel, renewable fuel credits for 2018-2019

Jan 15 - Alabama and Ohio: Financial institutions-related tax changes effective 2020

Jan 14 - Regulations concerning nuclear decommissioning costs; OIRA review completed

Jan 14 - Tenth Circuit: No redemption rights following sales to enforce federal tax liens

Jan 13 - KPMG report: SEC comments on accounting for income taxes

Jan 13 - KPMG report: Remote sellers and marketplace facilitators update (Alaska, Illinois)

Jan 13 - KPMG reports: Colorado (use tax, licensing agreements); Michigan (holding company); Missouri (telecommunication, license tax)

Jan 10 - Proposed regulations: Revised applicability date for regulations under section 382(h) related to built-in gain, loss

Jan 9 - Puerto Rico: Tax relief for taxpayers affected by January 2020 earthquakes

Jan 8 - U.S. Tax Court: UK entity’s income from work on U.S. outer continental shelf held taxable

Jan 8 - Utah: Corporate tax rate reduction, sales tax changes

Jan 8 - Reminder of energy-related excise tax extenders enacted in late 2019

Jan 8 - IRS National Taxpayer Advocate report for 2019

Jan 6 - U.S. public hearing concerning France’s digital services tax

Jan 6 - U.S. Tax Court: Requirement for IRS supervisory approval before penalty assessments

Jan 6 - TTB reminder, federal excise tax return filing dates for 2020

Jan 6 - KPMG report: Sales tax obligations of marketplace facilitators (Michigan, Missouri, Florida)

Jan 6 - KPMG reports: California (goodwill); Louisiana (sales tax, online sales)

Jan 3 - Oregon: Corporate activity tax, effective January 1, 2020

Jan 3 - Rev. Rul. 2020-2: Covered compensation tables for 2020 plan year

Jan 2 - IRS releases annual revenue procedures for 2020

Jan 2 - KPMG report: State and local tax, technology-related guidance (table, fourth quarter 2019)

2019 Articles

December 2019

Dec 31 - Final regulations for opportunity zones are released to Federal Register

Dec 31 - Notice 2020-5: Standard mileage rates for 2020

Dec 30 - KPMG report: Final regulations on withholding and reporting income to foreign persons (initial impressions)

Dec 30 - Craft beverage excise tax provisions extended through 2020; wine credit transfers

Dec 27 - Changes proposed in 2019 draft instructions for Form 1065 and Schedule K-1

Dec 27 - Final regulations under FATCA; taxpayer burden reduction

Dec 23 - Proposed regulations: Source of income for certain sales of personal property, inventory (text of regulations)

Dec 21 - KPMG report: Tax provisions enacted in December 2019 appropriations legislation

Dec 20 - KPMG report: Initial impressions of final regulations for opportunity zones

Dec 20 - FBAR filings: Deadline again extended for individuals with signature authority

Dec 20 - New Jersey: REITs, RICs, and investment companies excluded from unitary combined group for 2019 and beyond

Dec 20 - Texas: Franchise tax, economic nexus rule is finalized

Dec 20 - KPMG report: Analysis of final and proposed foreign tax credit regulations

Dec 19 - Final regulations: Opportunity zones (text of regulations and FAQs)

Dec 19 - Final regulations: Defining predecessor, successor and limiting recognition of gain under section 355(e) (initial impressions)

Dec 19 - KPMG report: Simplifications to accounting for income taxes

Dec 19 - Proposed regulations: Misdirected direct-deposit refunds

Dec 18 - Regulations pending OIRA review: Business interest limitation under section 163(j)

Dec 18 - KPMG report: State, local tax changes; yearly summary for 2019 (table format)

Dec 18 - Notice 2020-3: Default rate of withholding, periodic payments including retirement and annuity distributions

Dec 17 - KPMG report: Proposed regulations under section 162(m) to address tax law changes (initial impressions)

Dec 17 - Regulations pending OIRA review: Hybrid dividends and payments

Dec 16 - Final regulations: Defining predecessor, successor and limiting recognition of gain under section 355(e) (text of regulations)

Dec 16 - Proposed regulations: Deduction for employee remuneration in excess of $1 million (text of regulations)

Dec 16 - Notice 2020-2: Extended phase-in provisions under section 871(m) regulations

Dec 16 - Rev. Proc. 2020-10: Third six-year remedial amendment cycle, pre-approved defined benefit plans

Dec 16 - KPMG report: Section 409A and equity compensation

Dec 16 - KPMG report: Year-in-review (2019), qualified plan guidance

Dec 16 - KPMG reports: Nebraska (GILTI, FDII); Pennsylvania (sales tax); Texas (gaming machines); Washington State (wooden pallets)

Dec 16 - Regulations relating to foreign tax credit released to Federal Register

Dec 16 - Final regulations: Dividend equivalents from sources within the United States (text of regulations)

Dec 13 - Proposed regulations: Payments made to charities in return for consideration

Dec 12 - Rev. Proc. 2020-9: Extended deadline, plan amendments and hardship distributions

Dec 12 - KPMG report: Analysis of final regulations and additional proposed regulations under section 59A (“BEAT”)

Dec 11 - IRS and TTB agree to whistleblower process regarding federal excise taxes

Dec 10 - Notice 2019-67: Mortality rates, tables for defined benefit pension plans (2021)

Dec 9 - Notice 2019-66: Relief from broad partner tax basis capital account reporting for 2019

Dec 9 - KPMG report: “BEAT” final regulations, provisions applicable to insurance companies

Dec 9 - KPMG reports: California (franchise tax returns); Chicago (tax rate increases); Iowa (federal tax conformity); South Carolina (taxable delivery charges); Washington State (computing activities)

Dec 9 - Final regulations on opportunity zones, pending OIRA review

Dec 6 - Notice 2019-65: Regulations under section 987, additional deferral of effective date

Dec 6 - Rev. Rul. 2019-28: No change to interest rates on tax underpayments, overpayments

Dec 5 - Proposed regulations, payments made to charitable entities; OIRA review completed

Dec 5 - Regulations pending OIRA review: Special rules for nuclear decommissioning costs under section 468A

Dec 4 - OECD responds to U.S. Treasury’s letter on digital services tax

Dec 4 - Treasury opposition to digital services tax initiatives, support for Pillar One

Dec 4 - California: Disregarded limited partnerships no longer subject to filing requirement or annual tax (possible refund opportunities)

Dec 4 - Notice 2019-64: Required amendments list (2019) for qualified retirement plans

Dec 3 - KPMG report: Initial impressions about final and proposed foreign tax credit regulations

Dec 2 - KPMG report: Initial impressions, final regulations and additional proposed regulations under section 59A (“BEAT”)

Dec 2 - U.S. conclusions, trade-related investigation of France’s digital services tax 

Dec 2 - Regulations: Foreign tax credit (text of regulations)

Dec 2 - Regulations implementing BEAT rules (text of regulations)

Dec 2 - Notice 2019-63: Health coverage information-reporting deadline extension

November 2019

Nov 27 - IRS guidance on BBA field exam procedures, partnership returns

Nov 27 - U.S. trade-related report on France’s digital services tax expected next week

Nov 26 - Rev. Proc. 2019-48: Rules for using per diem rates to substantiate expenses incurred away from home

Nov 25 - KPMG reports: California (sales factor); Illinois (sales factor); Massachusetts (tax incentives); Ohio (responsible person)

Nov 22 - Final regulations: Basic exclusion amount, estate and gift taxes (text of regulations)

Nov 22 - Fifth Circuit: No bad debt deduction for payment made to address subsidiary’s undercapitalization

Nov 22 - IRS offers tax relief for taxpayers affected by South Dakota storms

Nov 22 - Tier 2 tax rates for railroads, no changes for 2020

Nov 21 - Ninth Circuit’s decision upholding section 482 stock-based compensation regulations is final

Nov 18 - Final regulations: Ownership-attribution rules for persons related to CFC; rents derived in active conduct of trade or business

Nov 18 - KPMG reports: Arkansas (digital downloads); California (nonresidents); Indiana (software); Tennessee (car subscription service)

Nov 15 - Proposed regulations: Transparency in health plans, insurance coverage

Nov 15 - TTB voluntary disclosure program for unreported changes in control or proprietorship

Nov 15 - KPMG report: 2019-2020 priority guidance plan and REITs

Nov 15 - KPMG report: Private letter rulings concerning REITs in 2019

Nov 14 - Rev. Proc. 2019-46: Business standard mileage rate rules reflecting 2017 tax law changes

Nov 13 - KPMG report: OECD proposal under Pillar Two; addressing tax challenges of digitalisation of the economy

Nov 13 - North Carolina: Market-based sourcing and marketplace-facilitator legislation enacted

Nov 13 - Notice 2019-60: Additional temporary nondiscrimination relief through 2020, closed defined benefit plans

Nov 12 - KPMG report: Comments on “Pillar One” approach to address digital economy tax issues

Nov 12 - Ninth Circuit denies en banc rehearing, section 482 stock-based compensation case

Nov 12 - IRS focus on “syndicated conservation easement” transactions

Nov 12 - IRS releases draft instructions for BBA partnership forms

Nov 11 - BEAT proposed and final regulations; OIRA review completed

Nov 11 - KPMG report: Rules for defined compensation arrangements under section 409A

Nov 11 - KPMG report: Sale of partnership interests resulting in ordinary income

Nov 11 - KPMG reports: Indiana (sales tax, medical records); Nebraska (remote sellers); New Mexico (apportionment, trucking companies); Virginia (interest limitation); Wisconsin (sales tax, CLE seminars)

Nov 8 - Final regulations: Health insurance providers fee, electronic filing requirements

Nov 8 - Rev. Proc. 2019-43: List of automatic changes, accounting methods

Nov 7 - Proposed regulations: Updated life expectancy, distribution period tables for retirement plans

Nov 7 - Second Circuit: Untaxed cigarettes manufactured by and sold on Indian reservation

Nov 6 - Notice 2019-59: Pension plans, cost-of-living adjustments for 2020

Nov 6 - Rev. Proc. 2019-44: Inflation adjustments for 2020, individual taxpayers

Nov 6 - IRS practice unit: Examining taxpayers electing partial disposition of building

Nov 6 - Proposed regulations: Eligible terminated S corporations (initial impressions)

Nov 6 - IRS adds new compliance campaign on cross-border activities (LB&I division)

Nov 4 - Proposed regulations: Eligible terminated S corporations (text of regulations)

Nov 4 - TTB excise tax penalty relief for industry affected by California wildfires

Nov 4 - KPMG reports: Florida (rental real estate); Illinois (advisory services); Maryland (transfer taxes); Massachusetts (patent infringement); Wisconsin (software)

Nov 1 - PLR: Amounts REIT receives from tenants for boat slips, marina storage

Nov 1 - KPMG report: Removal of documentation rules under section 385; future proposed regulations may eliminate per se funding rule

October 2019

Oct 31 - “Documentation regulations” under section 385 are removed; new regulations to be proposed

Oct 31 - Draft of revised Form 8996 for reporting opportunity zone fund data

Oct 31 - Foreign tax credit regulations; OIRA review completed

Oct 30 - Regulations pending OIRA review: Payments to charitable entities in return for consideration

Oct 29 - Final regulations: Information reporting of reportable sales of life insurance contracts, of death benefit payments; initial impressions

Oct 28 - U.S. Tax Court: APAs cancelled; no transfer pricing adjustments and taxpayer not liable for 40% penalty

Oct 28 - U.S. Tax Court: Charitable donation denied, conservation easement not “protected in perpetuity”

Oct 28 - U.S. Tax Court: Notice of deficiency held invalid when two separate, but related, corporations identified

Oct 28 - KPMG report: Guidance on nexus, taxation of remote sales by U.S. states (Arizona, Hawaii, Louisiana, Michigan, North Carolina, South Carolina)

Oct 28 - KPMG reports: Massachusetts (corporate excise tax); Ohio (municipal tax); Wyoming (asset purchase, sales tax)

Oct 25 - Final regulations: Information reporting under section 6050Y; reportable sales of life insurance contracts and death benefit payments

Oct 24 - KPMG report: Proposed regulations address TCJA gross income acceleration requirement

Oct 23 - IRS practice unit: Evaluation of withholding agent’s electronic books and records, reliability of Forms W-8 

Oct 22 - Regulations on interest in corporations as stock or indebtedness (OIRA review completed)

Oct 22 - Regulations to update tables for required minimum distribution rules, section 401(a)(9) (OIRA review completed)

Oct 21 - KPMG reports: Colorado (Boulder’s marketplace guidance); New Jersey (unitary business); Ohio (CAT election); Texas (franchise tax nexus)

KPMG reports on U.S. responses to COVID-19

KPMG’s reports including analysis and observations on responses to the coronavirus (COVID-19) pandemic in the United States 

Read KPMG's reports on U.S. responses to COVID-19

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