We are working hard to reduce the backlog of third-party authorizations. However, due to site closures relating to COVID-19 concerns, we currently are exceeding our five-business day target for approval. Our current time frame for authorization approval is approximately 25 business days.
Notice 2020-65 – provides expedited guidance under section 7508A to postpone the time for withholding and paying certain payroll taxes to implement directives from an August 8, 2020 Presidential Memorandum *
To report tax-related illegal activities, refer to our chart explaining the types of activity and the appropriate forms or other methods to use.
(11/6) Revenue Proc 2020-50, provides guidance for taxpayers wishing to apply Section 168(k) to certain depreciable property acquired and placed in service after September 27, 2017, by the taxpayer during its taxable years ending on or after September 28, 2017, and before the taxpayer’s first taxable year that begins on or after January 1, 2021.
(11/5) Revenue Ruling 2020-23, provides guidance on the distribution of an individual custodial account in kind upon termination of a section 403(b) plan. Notice 2020-80 is related to Rev. Rul. 2020-23 and requests comments regarding the protection of annuity and spousal rights under section 205 of ERISA with respect to a terminating § 403(b) plan funded through the use of custodial accounts.
(11/5) Notice 2020-80, requests comments on the application of the annuity and spousal rights provisions of section 205 of the Employee Retirement Income Security Act of 1974, P.L. 93-406, 88 Stat. 829, as amended (ERISA), in connection with a distribution of an individual custodial account (ICA) in kind from a terminating § 403(b) plan.
(11/4) Revenue Proc 2020-49, provides temporary guidance regarding the public approval requirement under § 147(f) of the Internal Revenue Code for tax-exempt qualified private activity bonds. Specifically, in light of the continuing Coronavirus Disease 2019 (COVID-19) pandemic.
(11/4) Revenue Proc 2020-48, prescribes discount factors for the 2020 accident year for insurance companies to compute discounted unpaid losses under § 846 of the Internal Revenue Code and discounted estimated salvage recoverable under § 832.