The Internal Revenue Service released its weekly Internal Revenue Bulletin on Friday, highlighting guidance on the employee retention tax credit and adjustments to housing expense limits for the foreign housing cost tax exclusion.

In the bulletin dated March 15, the IRS included guidance for employers who received Paycheck Protection Program loans and can also receive the 50% employee retention tax credit. While the Coronavirus Aid, Relief, and Economic Security Act made loan recipients ineligible for the tax credit, the Taxpayer Certainty and Disaster Tax Relief Act amended the CARES Act to make PPP loan borrowers eligible. 

The weekly publication also highlighted adjustments to housing expense limits for determining the housing cost tax exclusion available to individuals living and earning income abroad for the 2021 tax year, as well as population figures for the low-income housing credit and other purposes.

--Additional reporting by Amy Lee Rosen. Editing by Vincent Sherry. 

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