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

Rev. Proc. 2021-27, page 1252. This procedure provides specifications for the private printing of red-ink substitutes for the 2021 revisions of certain information returns. This procedure will be reproduced as the next revision of Publication 1179. Revenue Procedure 2020-35 is superseded.

ADMINISTRATIVE; INCOME TAX

T.D. 9950, page 1221. These final regulations amend regulations under sections 165 and 7508A, interpreting new section 7508A(d) relating to mandatory postponements of time to perform time-sensitive tax acts by reason of a federally declared disaster, and clarifying the definition of federally declared disaster under section 165(i)(5). The final regulations clarify that the phrase “in the same manner as a period specified under [section 7508A(a)]” in section 7508A(d)(1) means that the time-sensitive acts postponed for the mandatory 60-day period are those determined by the Secretary under section 7508A(a). The final regulations further provide that the mandatory 60-day period will only apply if the Secretary bases her discretionary determination on a disaster declaration that specifies an incident date. The final regulations also clarify that the mandatory 60-day period cannot exceed the one-year limitation provided under section 7508A(a). Finally, the final regulations clarify that a federally declared disaster includes an event declared either a major disaster under section 401 of the Stafford Act or an emergency under section 501 of the Stafford Act.

EMPLOYEE PLANS

Notice 2021-37, page 1227. This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for June 2021 used under § 417(e)(3)(D), the 24-month average segment rates applicable for June 2021, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

EMPLOYMENT TAX

Rev. Proc. 2021-22, page 1231. General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941), and Form 8974. This procedure provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941; Schedule B (Form 941); Schedule D (Form 941); Schedule R (Form 941); and Form 8974. This procedure supersedes Revenue Procedure 2020-31, 2020-27 I.R.B. 12.

INCOME TAX

Notice 2021-36, page 1227. This Notice announces that the Treasury Department and the IRS intend to amend the regulations under sections 59A and 6038A to defer the applicability date of certain provisions of the regulations relating to the reporting of qualified derivative payments until taxable years beginning on or after January 1, 2023.