This article has been saved to your Favorites!

Weekly Internal Revenue Bulletin

By Theresa Schliep · February 19, 2021, 1:10 PM EST

The Internal Revenue Service released its weekly Internal Revenue Bulletin on Friday, highlighting guidance permitting educators to claim deductions for personal protective equipment expenses and requiring some lenders to refile tax returns to exclude coronavirus relief loans from gross income.

The bulletin, dated Feb. 22, includes guidance that allows educators to claim deductions for personal protective equipment such as face masks, hand sanitizer and physical barriers. The COVID-related Tax Relief Act of 2020, which passed along with the Consolidated Appropriations Act , required the IRS to issue guidance clarifying that such equipment is eligible for the educator deduction under Internal Revenue Code Section 62(a)

The bulletin also highlighted an announcement from the agency saying that Forms 1099-MISC that reported U.S. Small Businesses Administration loans related to novel coronavirus pandemic relief must be refiled with the agency to exclude those amounts from gross income. The Tax Relief Act retroactively excluded the SBA loans from gross income, according to the agency.

The bulletin also highlighted a list of accountants and attorneys who have been sanctioned by the agency.

--Editing by Vincent Sherry.

For a reprint of this article, please contact