This procedure provides specifications for the private printing of red-ink substitutes for the 2020 revisions of certain information returns. This procedure will be reproduced as the next revision of Publication 1179. Rev. Proc. 2019-24 is superseded.

Notice 2020-48 provides expanded disaster relief, in the form of postponing until October 31, 2020, certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the second quarter of 2020.

This notice provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans and IRAs due to the amendment of § 401(a)(9) of the Internal Revenue Code by section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. In particular, this notice provides rollover relief (including an extension of the 60-day rollover period to August 31, 2020) with respect to waived RMDs and certain related payments, permits certain repayments to inherited IRAs, as described in § 402(c)(11), and sets out Q&A’s to answer anticipated questions regarding the waiver of 2020 RMDs. The Appendix to this notice provides a sample amendment that plans may adopt to provide recipients of distributions that would otherwise be RMDs a choice whether to receive the waived RMDs and certain related payments.

This notice clarifies the requirements that apply to a mid-year amendment to a safe harbor § 401(k) or § 401(m) plan that reduces only contributions made on behalf of highly compensated employees. This notice also provides temporary relief in connection with the ongoing Coronavirus Disease 2019 (COVID-19) pandemic from certain requirements that would otherwise apply to a mid-year amendment to a safe harbor § 401(k) or § 401(m) plan adopted between March 13, 2020, and August 31, 2020, that reduces or suspends safe harbor contributions.

Section 199A provides that, for taxable years beginning after December 31, 2017 and before January 1, 2026, taxpayers other than C corporations may deduct 20 percent of the qualified business income from the taxpayer’s qualified trades or businesses, which can be operated through a partnership, S corporation, trust, estate, or sole proprietorship. The deduction is subject to multiple limitations and special rules apply to specified agricultural or horticultural cooperatives. These final regulations provided additional guidance on the treatment of previously suspended losses included in qualified business income and on the determination of the section 199A deduction for taxpayers that hold interests in regulated investment companies, split-interest trusts, and charitable remainder trusts.

26 CFR 1.199A-3; 26 CFR 1.199A-6