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January 14, 2021

IRS extends to September 30 availability of safe harbors for REMICs and investment trusts providing mortgages modified in light of COVID-19

The IRS has extended (Revenue Procedure 2021-12) to September 30, 2021, the expiration dates for applying the safe harbors in Revenue Procedure 2020-26 (see Tax Alert 2020-1007), which protect the federal income tax status of real estate mortgage investment conduits (REMICs) and investment trusts that provide certain forbearances of mortgage loans or acquire mortgages that have received certain forbearances.