General Rules and Specifications for Substitute Forms and Schedules

This procedure provides guidelines and general requirements for the development, printing, and approval of the 2020 substitute tax forms. This procedure will be reproduced as the next revision of Publication 1167. Rev. Proc. 2019-35 is superseded.

NOTE. This revenue procedure will be reproduced as the next revision of IRS Publication 1167, General Rules and Specifications for Substitute Forms and Schedules.

Round 3 of Section 48A Phase III Program under the Qualifying Advanced Coal Project Program. This notice updates and amplifies the procedures for the allocation of credits under the qualifying advanced coal project program of § 48A of the Internal Revenue Code by announcing the immediate beginning of the 2020-2021 reallocation round (“Round 3”) of the § 48A Phase III program.

This revenue procedure will update Rev. Proc. 2019-42, 2019-49 I.R.B. 1298, and identifies circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or position is adequate for the purpose of reducing the understatement of income tax under section 6662(d) of the Internal Revenue Code (relating to the substantial understatement aspect of the accuracy-related penalty), and for the purpose of avoiding the tax return preparer penalty under section 6694(a) (relating to understatements due to unreasonable positions) with respect to income tax returns.

This revenue procedure will apply to any income tax return filed on 2020 tax forms for a taxable year beginning in 2020, and to any income tax return filed in 2021 on 2020 tax forms for short taxable years beginning in 2021.

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability.

(Also: Part 1, §§ 6662, 6694, 1.6662-4, 1.6694-2)

This notice provides guidance with respect to sections 102 and 103 of the Setting Every Community Up for Retirement Enhancement Act of 2019.

This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for December 2020 used under § 417(e)(3)(D), the 24-month average segment rates applicable for December 2020, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

The notice provides transition relief related to the work opportunity credit by giving employers additional time to submit a certification request to a Designated Local Agency for the targeted groups described in section 51(d)(5) and (7) of the Internal Revenue Code.

These final regulations provide guidance on the sourcing of income from certain sales of personal property, including inventory, under section 863 of the Internal Revenue Code (“Code”), which was amended by the Tax Cuts and Jobs Act, Pub. L. No. 155-97 (2017) and also under section 865 of the Code. The final regulations also modify certain rules for determining whether foreign source income is effectively connected with the conduct of a trade or business within the United States under section 864 of the Code. The final regulations replace previously issued proposed regulations and provide guidance on determining the source of income from sales of inventory produced within the United States and sold without the United States or vice versa and new rules for determining the source of income from sales of personal property by nonresidents that are attributable to an office or other fixed place of business that the nonresident maintains in the United States. Finally, the final regulations provide rules, pursuant to section 1502 of the Code, for the determination of source of income from sales of personal property in a consolidated group.

26 CFR 1.863-0, 1.863-0A, 1.863-1, 1.863-2, 1.863-3, 1.863-8, 1.864-5, 1.864-6, 1.865-3, 1.937-2, 1.937-3, 1.1502-13