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January 11, 2021

IRS issues guidance on mandatory 60-day postponement of certain tax-related deadlines due to federally declared disaster

The IRS has issued proposed regulations (REG-115057-20) under IRC Section 7508A on Treasury's authority to postpone certain deadlines due to federally declared disasters. In addition, the new rules would amend the regulations under IRC Section 165 to clarify the definition of a federally declared disaster. A Tax Alert on the regulations is forthcoming.