INCOME TAX

REV. PROC. 2020-51, page 1599. This revenue procedure provides a safe harbor for taxpayers in one of two situations to allow them to deduct certain expenses on their 2020 or later year return.

REV. RUL. 2020-26, page 1550. Federal rates; adjusted federal rates; adjusted federal longterm rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for December 2020.

REV. RUL. 2020-27, page 1552. This revenue ruling holds that a taxpayer cannot claim deductions for certain payments on its 2020 return when the taxpayer received Paycheck Protection Program (PPP) loan proceeds and has requested PPP loan forgiveness, but has not received notice from the lender whether the PPP loan has been forgiven at the end of 2020.