This revenue procedure 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 pandemic, this revenue procedure extends until September 30, 2021, the time period described in section 4.02 of Rev. Proc. 2020-21, 2020-22 I.R.B. 872, during which certain telephonic hearings are permitted.

26 CFR 601.601: Rules and Regulations.

(Also: §§ 147, 1.147(f)-1)

The IRS is issuing temporary regulations regarding coverage of preventive health services to implement section 3203 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which shortens the timeframe under which non-grandfathered group health plans and health insurance issuers offering non-grandfathered group or individual health insurance coverage must cover without cost sharing qualifying coronavirus preventive services, including recommended COVID-19 immunizations. The IRS is issuing the temporary regulations at the same time that the Employee Benefits Security Administration of the Department of Labor and the Office of Consumer Information and Insurance Oversight of the Department of Health and Human Services (HHS) are issuing substantially similar interim final rules with request for comments. The text of those temporary regulations also serves as the text of these proposed regulations.

26 CFR Part 54

This revenue procedure modifies the general procedures used by the IRS to implement the Gaming Industry Tip Compliance Agreement (GITCA) program. The GITCA program allows gaming industry employers to enter into voluntary agreements with the IRS to establish minimum tip rates for tipped employees in specified occupational categories. The GITCA program was established by Rev. Proc. 2003-35, and updated by Rev. Proc. 2007-32 with a new model GITCA. This revenue procedure modifies Rev. Proc. 2007-32 by extending the expiration and renewal term of a GITCA from three to five years.

3121(q)

2020 Base Period T-Bill Rate. The “base period T-bill rate” for the period ending September 30, 2020, is published as required by section 995(f) of the Internal Revenue Code.

This revenue procedure provides guidance for taxpayers wishing to apply §§ 1.168(k)-2 and 1.1502-68 of the Income Tax Regulations, or to rely on the proposed regulations under § 168(k) (REG-106808-19) published in 2019 for: (1) certain depreciable property acquired and placed in service by the taxpayer after September 27, 2017; (2) certain plants planted or grafted by the taxpayer, as applicable, after September 27, 2017; and (3) components acquired or self-constructed by the taxpayer after September 27, 2017, of certain larger self-constructed property. If the taxpayer retroactively applies §§ 1.168(k)-2 and 1.1502-68, or relies on the 2019 proposed regulations, this revenue procedure also allows the taxpayer to make a late election under § 168(k)(5), (k)(7), or (k)(10), § 1.168(k)-2(c) of the 2020 final regulations or the 2019 proposed regulations, or § 1.1502-68(c)(4), or to revoke an election under § 168(k)(5), (k)(7), or (k)(10), or § 1.168(k)-2(c) of the 2019 proposed regulations.

26 CFR 1.168(k)-2: Additional first year depreciation deduction for property acquired and placed in service after September 27, 2017.

(Also Part I, §§ 168, 446; 1.446-1, 1.1502-68)

Nonresident aliens and foreign corporations are taxable in the United States on taxable income that is effectively connected with the conduct of a trade or business in the United States. These final regulations provide rules for determining the amount of effectively connected gain or loss recognized by a nonresident alien individual or foreign corporation from the sale or exchange of an interest in a partnership that is engaged in a trade or business within the United States. TD 9919. Published November 6, 2020.

26 CFR 1.864(c)(8)-1 Gain or Loss of Foreign Persons from Sale or Exchange of Certain Partnership Interests

The IRS is issuing temporary regulations regarding coverage of preventive health services to implement section 3203 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which shortens the timeframe under which non-grandfathered group health plans and health insurance issuers offering non-grandfathered group or individual health insurance coverage must cover without cost sharing qualifying coronavirus preventive services, including recommended COVID-19 immunizations. The IRS is issuing the temporary regulations at the same time that the Employee Benefits Security Administration of the Department of Labor and the Office of Consumer Information and Insurance Oversight of the Department of Health and Human Services (HHS) are issuing substantially similar interim final rules with request for comments.

26 CFR § 54.9815-2713