The bulletin, dated April 12, included a report detailing an increase in completed advance pricing agreements between the IRS and multinational companies. There was a 6% rise from 2019 to 2020 in the number of agreements executed, according to the report.
The bulletin also included an announcement from the IRS pushing back the tax return filing and payment deadlines for individuals to May 17 from April 15. The extension, which doesn't apply to estimated tax payments, came after the agency's commissioner faced pressure from legislators and accountant groups to extend the deadline in light of the coronavirus pandemic and changes made to tax law by the American Rescue Plan Act .
The IRS also included in the bulletin an announcement indicating that personal protective equipment expenses are tax deductible. Items such as masks and hand sanitizer can be deducted as medical expenses under Internal Revenue Code Section 213(d) once those expenses exceed 7.5% of adjusted gross income, according to the agency.
An automatic extension for empowerment zone designations, residence purchase price data for the bond interest exclusion and pension plan segment rates for March were also included in the bulletin. Additionally, the IRS in the publication highlighted an action on decision indicating that it won't follow the holding in a U.S. 2014 decision involving an interest defined benefit pension plan.
--Additional reporting by Joe Boris and Amy Lee Rosen. Editing by Neil Cohen.
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