This Week's Internal Revenue Bulletin

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

Notice 2021-52, page 381. Optional special per diem rates. This notice provides the 2021-2022 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The notice includes (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for the high-low substantiation method. This notice also modifies Notice 2020-71, 2020-40 I.R.B. 786, to correct the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71.

Rev. Proc. 2021-39, page 426. 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 (COVID-19) pandemic, this revenue procedure extends until March 31, 2022, the time period described in section 4.02 of Rev. Proc. 2020-21, 2020-22 I.R.B. 872, as modified by Rev. Proc. 2020-49, 2020-48 I.R.B. 1121, during which certain telephonic hearings are permitted.

EMPLOYEE PLANS

Rev. Proc. 2021-37, page 385. This revenue procedure sets forth the procedures of the IRS for issuing opinion letters regarding the satisfaction in form of § 403(b) preapproved plans with respect to the requirements of § 403(b) of the Internal Revenue Code for the second remedial amendment cycle (Cycle 2). This revenue procedure also sets forth the rules for determining when remedial amendment periods expire for § 403(b) preapproved plans.

Rev. Proc. 2021-38, page 425. This revenue procedure modifies Rev. Proc. 2016-37 to extend the deadline for adopting an interim amendment for a § 401(a) preapproved plan to match the deadline for adopting an interim amendment for a § 403(b) preapproved plan, which is set forth in Rev. Proc. 2021-37.

EXEMPT ORGANIZATIONS

Rev. Proc. 2021-40, page 426. The IRS will not issue letter rulings on whether certain transactions are self-dealing within the meaning of section 4941(d) of the Code. Rev. Proc. 2021-3 is amplified.