Internal Revenue Bulletin 2022-34 (PDF rendition): IRS Notices

Preserve advance releases and the authoritative Internal Revenue Bulletin rendition; directory timestamps are file-publication metadata, not legal effective dates. HTML bulletins begin June 2003; earlier available issues require full PDF parsing. Whole bulletin rendition: numbered items are identified below; other legal material and publisher context remain included. This is not a new standalone advance release.

Bulletin No. 2022–34
August 22, 2022
HIGHLIGHTS
OF THIS ISSUE
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
EMPLOYEE PLANS
Notice 2022-33, page 147.
Notice 2022-33 extends the deadlines for amending a
retirement plan or IRA to reflect the provisions of Divi-
sion O of the Further Consolidated Appropriations Act,
2020, Pub. L. 116-94, 133 Stat. 2534 (2019), known
as the Setting Every Community Up for Retirement
Enhancement Act of 2019 (SECURE Act) and section
104 of Division M of the Further Consolidated Appro-
priations Act, 2020, known as the Bipartisan American
Miners Act of 2019. In addition, this notice extends
the deadline for amending a retirement plan to reflect
the provisions of section 2203 of the Coronavirus Aid,
Relief, and Economic Security Act, Pub. L. 116-136,
134 Stat. 281 (2020). With respect to amendments
made to reflect provisions of the SECURE Act, the notice
also provides relief from the anti-cutback requirements
of section 411(d)(6) of the Code or section 204(g) of
the Employee Retirement Income Security Act of 1974,
Pub. L. 93-406, 88 Stat. 829, as amended.
INCOME TAX
Notice 2022-34, page 150.
This Notice announces that the Department of the Trea-
sury (Treasury Department) and the Internal Revenue
Service (IRS) intend to amend the regulations under
section 987 to defer the applicability date of the
final regulations under section 987, as well as cer-
tain related final regulations, by one additional year.
The applicability date of these regulations has been
deferred under prior notices to taxable years beginning
after December 7, 2022. The Treasury Department and
the IRS intend to amend §§1.861-9T, 1.985-5, 1.987-
11, 1.988-1, 1.988-4, and 1.989(a)-1 of the 2016 final
regulations and §§1.987-2 and 1.987-4 of the 2019
final regulations (the related 2019 final regulations) to
provide that the 2016 final regulations and the related
2019 final regulations apply to taxable years beginning
after December 7, 2023. The Notice also states that
taxpayers may rely on certain related proposed regula-
tions that cross-reference temporary regulations which
have expired.
T.D. 9963, page 145.
Final regulations relating to the requirements for
making a valid election to adjust the basis of partner-
ship property in the case of a distribution of property
by the partnership or a transfer of an interest in the
partnership. The regulations affect partnerships and
their partners by removing a regulatory burden in
making an election to adjust the basis of partnership
property.
Finding Lists begin on page ii.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and
enforce the law with integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing offi-
cial rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all sub-
stantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless other-
wise indicated. Procedures relating solely to matters of inter-
nal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rul-
ings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned
against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbar-
ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
August 22, 2022 Bulletin No. 2022–34

Part I
26 CFR 1.754-1: Time and manner of making
elections to adjust basis of partnership property
T.D. 9963
DEPARTMENT OF THE
TREASURY
Internal Revenue Service
26 CFR Part 1
Streamlining the Section
754 Election Statement
AGENCY: Internal Revenue Service
(IRS), Treasury.
ACTION: Final regulations.
SUMMARY: This document contains
final regulations relating to the require-
ments for making a valid election to
adjust the basis of partnership property in
the case of a distribution of property by
the partnership or a transfer of an inter-
est in the partnership. These regulations
affect partnerships and their partners by
removing a regulatory burden in making
an election to adjust the basis of partner-
ship property.
DATES: Effective date: These regulations
are effective on August 5, 2022.
Applicability date: For dates of applicabil-
ity, see §1.754-1(d).
FOR FURTHER INFORMATION
CONTACT: Charles D. Wien, at (202)
317-5279 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This document contains amendments
to the Income Tax Regulations (26 CFR
part 1) under section 754 of the Internal
Revenue Code (Code). Section 754 pro-
vides that if a partnership files an election
(section 754 election), in accordance with
regulations prescribed by the Secretary of
the Treasury or her delegate (Secretary),
the basis of partnership property shall be
adjusted, in the case of a distribution of
property, in the manner provided in sec-
tion 734 and, in the case of a transfer of
a partnership interest, in the manner pro-
vided in section 743. The section 754
election applies with respect to all distri-
butions of property by the partnership and
to all transfers of interests in the partner-
ship during the taxable year with respect
to which the election was filed and all
subsequent taxable years. The section 754
election may be revoked by the partner-
ship, subject to such limitations as may be
provided by regulations prescribed by the
Secretary.
Section 1.754-1(b) prescribes the
requirements for making the section 754
election. Generally, a partnership makes
the section 754 election in a written state-
ment (section 754 election statement)
filed with the partnership return (whether
filed electronically or on paper) for the
taxable year during which the distribu-
tion or transfer occurs. For the section
754 election to be valid, the return must
be filed not later than the time prescribed
for filing the return for such taxable year,
including extensions. Under §1.754-1(b)
of the existing regulations, one of the part-
ners must sign the section 754 election
statement.
On October 12, 2017, the Department
of the Treasury (Treasury Department)
and the IRS published a notice of proposed
rulemaking (REG-116256-17) in the Fed-
eral Register (82 FR 47408) to remove
the signature requirement from §1.754-
1(b). The IRS did not receive any substan-
tive written public comments in response
to the notice of proposed rulemaking. No
public hearing was requested or held.
Therefore, the proposed regulations are
adopted by this Treasury decision without
change.
Special Analyses
I. Regulatory Planning and Review
These regulations are not subject to
review under section 6(b) of Executive
Order 12866 pursuant to the Memo-
randum of Agreement (April 11, 2018)
between the Treasury Department and the
Office of Management and Budget regard-
ing review of tax regulations.
II. Regulatory Flexibility Act
It is hereby certified that these regula-
tions will not have a significant economic
impact on a substantial number of small
entities under the Regulatory Flexibility
Act (5 U.S.C. chapter 6). This certification
is based on the fact that these regulations
reduce the information currently required
to be collected in making an election to
adjust the basis of partnership property
and thereby will reduce burden on small
entities. Accordingly, a regulatory flexi-
bility analysis is not required. Pursuant to
section 7805(f) of the Code, the notice of
proposed rulemaking preceding these reg-
ulations was submitted to the Chief Coun-
sel for the Office of Advocacy of the Small
Business Administration for comment
on its impact on small business, and no
comments were received from the Chief
Counsel for the Office of Advocacy of the
Small Business Administration.
III. Unfunded Mandates Reform Act
Section 202 of the Unfunded Mandates
Reform Act of 1995 (UMRA) requires
that agencies assess anticipated costs and
benefits and take certain other actions
before issuing a final rule that includes
any Federal mandate that may result in
expenditures in any one year by a state,
local, or tribal government, in the aggre-
gate, or by the private sector, of $100 mil-
lion in 1995 dollars, updated annually for
inflation. This rule does not include any
Federal mandate that may result in expen-
ditures by state, local, or tribal govern-
ments, or by the private sector in excess of
that threshold.
IV. Executive Order 13132 Federalism
Executive Order 13132 (entitled
“Federalism”) prohibits an agency from
publishing any rule that has federalism
implications if the rule either imposes
substantial, direct compliance costs on
state and local governments, and is not
required by statute, or preempts state law,
unless the agency meets the consultation
Bulletin No. 2022–34 145 August 22, 2022

and funding requirements of section
6 of the Executive Order. These pro-
posed regulations do not have federalism
implications and do not impose substan-
tial direct compliance costs on state and
local governments or preempt state law
within the meaning of the Executive
Order.
V. Paperwork Reduction Act
Under the Paperwork Reduction Act
(44 U.S.C. 3501 et seq.), an agency may
not conduct or sponsor and a person is
not required to respond to a collection
of information unless it displays a valid
control number assigned by the Office of
Management and Budget. The information
collection described in this final rule has
been assigned control number 1545-0123.
Drafting Information
The principal author of these reg-
ulations is Charles D. Wien of the
Office of the Associate Chief Counsel
(Passthroughs and Special Industries).
However, other personnel from the Trea-
sury Department and the IRS participated
in their development.
List of Subjects in 26 CFR part 1
Income taxes, Reporting and record-
keeping requirements.
Adoption of Amendments to the
Regulations
Accordingly, 26 CFR part 1 is amended
as follows:
PART 1–INCOME TAXES
Paragraph 1. The authority citation for part
1 is amended by adding an entry for §1.754-1
in numerical order to read as follows:
Authority: 26 U.S.C. 7805 * * *
* * * * *
Section 1.754-1 also issued under 26
U.S.C. 754.
* * * * *
Par. 2. Section 1.754-1 is amended by
revising the fourth sentence of paragraph
(b)(1) and adding paragraph (d) to read as
follows:
§1.754-1 Time and manner of making
election to adjust basis of partnership
property.
* * * * *
(b) * * *
(1) * * * The statement required by this
paragraph (b)(1) must set forth the name
and address of the partnership making the
election and contain a declaration that the
partnership elects under section 754 to
apply the provisions of section 734(b) and
section 743(b). * * *
* * * * *
(d) Applicability date. The fourth sen-
tence of paragraph (b)(1) of this section
applies to taxable years ending on or after
August 5, 2022. Taxpayers may, however,
apply the fourth sentence of paragraph (b)
(1) of this section to taxable years ending
before August 5, 2022.
Approved: June 7, 2022.
Douglas W. O’Donnell,
Deputy Commissioner for Services
and Enforcement.
Lily Batchelder,
Assistant Secretary of the Treasury
(Tax Policy).
(Filed by the Office of the Federal Register on August
8, 2022, 08:45 a.m., and published in the issue of the
Federal Register for August 5, 2022, 87 FR 47931)
August 22, 2022 146 Bulletin No. 2022–34

Bulletin No. 2022–34 147 August 22, 2022
Part III
Notice 2022-33
I. PURPOSE
This notice extends the deadlines for
amending a retirement plan or individual
retirement arrangement (IRA) to reflect
certain provisions of Division O of the
Further Consolidated Appropriations
Act, 2020, Pub. L. 116-94, 133 Stat. 2534
(2019), known as the Setting Every Com-
munity Up for Retirement Enhancement
Act of 2019 (SECURE Act), and section
104 of Division M of the Further Consol-
idated Appropriations Act, 2020, known
as the Bipartisan American Miners Act of
2019 (Miners Act), by modifying Notice
2020-68, 2020-38 IRB 567, and Notice
2020-86, 2020-53 IRB 1786. In addi-
tion, this notice extends the deadline for
amending a retirement plan to reflect the
provisions of section 2203 of the Corona-
virus Aid, Relief, and Economic Security
Act (CARES Act), Pub. L. 116-136, 134
Stat. 281 (2020).
Under this notice, the extended amend-
ment deadline for (1) a qualified retire-
ment plan or section 403(b) plan (includ-
ing an applicable collectively bargained
plan) that is not a governmental plan or
(2) an IRA is December 31, 2025. Later
deadlines apply with respect to govern-
mental retirement plans (including gov-
ernmental plans under section 457(b) of
the Internal Revenue Code (Code)). Pur-
suant to these modifications, with respect
to an amendment made to reflect pro-
visions of the SECURE Act, the period
during which the amendment is eligible, if
applicable, for relief from the anti-cutback
requirements of section 411(d)(6) of the
Code or section 204(g) of the Employee
Retirement Income Security Act of 1974,
Pub. L. 93-406, 88 Stat. 829, as amended
(ERISA), is extended to the applicable
extended plan amendment deadline.
1
II. BACKGROUND
A. In General
1. Section 401(b) of the Code
Section 401(b) of the Code provides
a remedial amendment period during
which a plan may be amended retroac-
tively to comply with the Code’s qualifi-
cation requirements. Section 1.401(b)-1
of the Income Tax Regulations describes
the disqualifying provisions that may be
amended retroactively and the remedial
amendment period during which retro-
active amendments may be adopted. The
regulations also grant the Commissioner
of Internal Revenue (Commissioner) the
discretion to designate certain plan pro-
visions as disqualifying provisions and to
extend the remedial amendment period.
Section 1.401(b)-1 provides that a
plan that fails to satisfy the requirements
of section 401(a) solely as a result of a
disqualifying provision defined under
§ 1.401(b)-1(b) need not be amended to
comply with those requirements until
the last day of the remedial amendment
period with respect to the disqualifying
provision, provided the amendment is
made retroactively effective to the begin-
ning of the remedial amendment period.
Under § 1.401(b)-1(b)(3), a disqualify-
ing provision includes a plan provision
designated, at the Commissioner’s dis-
cretion, as a disqualifying provision that
either (1) results in the failure of the plan
to satisfy the qualification requirements of
the Code by reason of a change in those
requirements or (2) is integral to a quali-
fication requirement of the Code that has
been changed. Section 1.401(b)-1(c)(1)
provides that a disqualifying provision
under § 1.401(b)-1(b)(3) includes a pro-
vision integral to the applicable change
in the qualification requirements of the
Code, if the plan was in effect on the date
the change in those requirements became
effective with respect to the plan.
For a disqualifying provision described
in § 1.401(b)-1(b)(3), § 1.401(b)-1(d)(1)
(iv) and (v) provides that the remedial
amendment period begins on the date
on which the change becomes effective
with respect to the plan or, in the case of
a provision that is integral to a qualifica-
tion requirement that has been changed,
the first day on which the plan is oper-
ated in accordance with the provision as
amended. In the case of a plan maintained
by one employer, § 1.401(b)-1(d)(2)(i)
and (ii) provides that the remedial amend-
ment period for a disqualifying provi-
sion described in § 1.401(b)-1(b)(3) ends
on the later of: (1) the due date (includ-
ing extensions) for filing the income tax
return for the employer’s taxable year that
includes the date on which the remedial
amendment period begins or (2) the last
day of the plan year that includes the date
on which the remedial amendment period
begins. In the case of a plan maintained by
more than one employer, § 1.401(b)-1(d)
(2)(iii) provides that the remedial amend-
ment period ends on the last day of the
tenth month following the last day of the
plan year in which the remedial amend-
ment period begins.
2. Rev. Proc. 2016-37 and Rev. Proc.
2019-39
Rev. Proc. 2016-37, 2016-29 IRB 136,
2

sets forth plan amendment deadlines for
qualified plans that apply except as other-
wise provided by statute or in regulations
or other guidance published in the Inter-
nal Revenue Bulletin. For example, for an
individually designed qualified plan that is
not a governmental plan (within the mean-
ing of section 414(d) of the Code), the
plan amendment deadline for a disqualify-
ing provision with respect to a change in
qualification requirements is the last day
1
With respect to pre-approved plans, the extended plan amendment deadlines apply to both interim and discretionary amendments. It is anticipated that the cumulative list for the fourth
remedial amendment cycle for pre-approved defined contribution plans (pre-approved plans for which the opinion letter application submission window falls between February 1, 2024, and
January 31, 2025) will include provisions of the SECURE Act, Miners Act, and CARES Act. Accordingly, it is anticipated that the pre-approved defined contribution plans submitted for that
cycle will need to include provisions that reflect provisions of the SECURE Act, Miners Act, and CARES Act.
2
For purposes of this notice, references to Rev. Proc. 2016-37 are to Rev. Proc. 2016-37, as modified by Rev. Proc. 2017-41, 2017-29 IRB 92, Rev. Proc. 2019-20, 2019-20 IRB 1182, Rev.
Proc. 2020-40, 2020-38 IRB 575, and Rev. Proc. 2021-38, 2021-38 IRB 425.

August 22, 2022 148 Bulletin No. 2022–34
of the second calendar year that begins
after the issuance of the Required Amend-
ments List (RA List) in which the change
in qualification requirements appears, and
the plan amendment deadline for a discre-
tionary amendment is the end of the plan
year in which the plan amendment is oper-
ationally put into effect. Rev. Proc. 2019-
39, 2019-42 IRB 945,
3
sets forth similar
plan amendment deadlines for section
403(b) plan form defects first occurring
after June 30, 2020, and for discretionary
amendments made to section 403(b) plans
with respect to plan years beginning on or
after January 1, 2020. Although these rev-
enue procedures provide plan amendment
deadlines, they do not provide relief from
the anti-cutback requirements of section
411(d)(6) of the Code or section 204(g)
of ERISA, if applicable, for amendments
adopted by those deadlines.
B. SECURE Act and Miners Act
1. Section 601 of the SECURE Act
Section 601 of the SECURE Act pro-
vides, in general, that a retirement plan or
annuity contract will be treated as being
operated in accordance with the terms
of the plan during the period described
in clause (3) of this section II.B.1 and,
except as provided by the Secretary of the
Treasury (Secretary), or the Secretary’s
delegate, a retirement plan will not fail to
satisfy the anti-cutback requirements of
section 411(d)(6) of the Code or section
204(g) of ERISA,
4
as a result of a plan
amendment made pursuant to a provision
of the SECURE Act or the regulations
thereunder, provided that:
(1) the amendment is adopted no later
than the last day of the first plan year
beginning on or after January 1, 2022, or,
for an applicable collectively bargained
plan (a plan maintained pursuant to one
or more collective bargaining agreements
between employee representatives and
one or more employers ratified before
December 20, 2019) in the case of section
401 of the SECURE Act, or for a section
414(d) governmental plan, the last day of
the first plan year beginning on or after
January 1, 2024, or such later date as the
Secretary may prescribe (the section 601
date);
(2) the amendment applies retroac-
tively to the effective date of the SECURE
Act provision or the regulations thereun-
der (or, in the case of an amendment not
required by a provision of the SECURE
Act or the regulations thereunder, the
effective date specified by the plan); and
(3) the plan or contract is operated as
if the amendment were in effect during
the period beginning on the effective date
of the SECURE Act provision or the reg-
ulations thereunder (or, in the case of an
amendment not required by a provision of
the SECURE Act or the regulations there-
under, the effective date specified by the
plan or contract) and ending on the section
601 date or, if earlier, the date the amend-
ment is adopted.
2. Section 104 of the Miners Act
Section 104(a) of the Miners Act
amends section 401(a)(36) of the Code
to lower the minimum age for allowable
in-service distributions from a qualified
pension plan from age 62 to age 59½.
Section 104(b) of the Miners Act amends
the distribution requirements of section
457(d)(1)(A)(i) of the Code to provide
that, in the case of a governmental plan
under section 457(b) of the Code, amounts
under the plan may be made available to a
participant as early as the calendar year in
which the participant attains age 59½.
3. Notice 2020-68
Q&A G-1 of Notice 2020-68 sets forth
deadlines for adopting retirement plan
amendments relating to certain provisions
of the SECURE Act, the regulations there-
under, and section 104 of the Miners Act.
Q&A G-1(a) of Notice 2020-68 pro-
vides, in part, that, in general, for a qual-
ified plan that is not a governmental plan
within the meaning of section 414(d), or
an applicable collectively bargained plan,
the deadline to amend a plan for provi-
sions of the SECURE Act, the regulations
thereunder, or section 104 of the Miners
Act is the last day of the first plan year
beginning on or after January 1, 2022. The
plan amendment deadline for a govern-
mental plan within the meaning of section
414(d) of the Code, or for an applicable
collectively bargained plan is the last day
of the first plan year beginning on or after
January 1, 2024.
Q&A G-1(b) of Notice 2020-68 pro-
vides, in part, that, in general, the deadline
for a section 403(b) plan that is not main-
tained by a public school, as described in
section 403(b)(1)(A)(ii), to amend a plan
for provisions of the SECURE Act or the
regulations thereunder is the last day of the
first plan year beginning on or after Janu-
ary 1, 2022. The plan amendment dead-
line for a section 403(b) plan that is main-
tained by a public school, as described in
section 403(b)(1)(A)(ii), is the last day of
the first plan year beginning on or after
January 1, 2024.
Q&A G-1(c) of Notice 2020-68 pro-
vides that the deadline to amend a gov-
ernmental plan under section 457(b) for
provisions of the SECURE Act, the reg-
ulations thereunder, or section 104 of the
Miners Act is the later of (i) the last day
of the first plan year beginning on or after
January 1, 2024, or (ii) if applicable, the
first day of the first plan year beginning
more than 180 days after the date of noti-
fication by the Secretary that the plan was
administered in a manner that is incon-
sistent with the requirements of section
457(b) of the Code.
Q&A G-1(d) of Notice 2020-68 pro-
vides, in part, that the deadline to amend
the trust governing an IRA that is an indi-
vidual retirement account or the contract
issued by an insurance company with
respect to an IRA that is an individual
retirement annuity for provisions of the
SECURE Act or the regulations there-
under is December 31, 2022, or such
later date as the Secretary prescribes in
guidance.
3
For purposes of this notice, references to Rev. Proc. 2019-39 are to Rev. Proc. 2019-39, as modified by Notice 2020-35, 2020-25 IRB 948, Rev. Proc. 2020-40, and Rev. Proc. 2021-37,
2021-38 IRB 385.
4
Section 411(d)(6) provides, generally, that a plan will not satisfy section 401(a) if an amendment to the plan decreases a participant’s accrued benefit. For this purpose, a plan amendment
that has the effect of eliminating or reducing an early retirement benefit or a retirement-type subsidy or eliminating an optional form of benefit with respect to benefits attributable to service
before the amendment is treated as reducing accrued benefits. Section 204(g) of ERISA provides parallel rules to the rules of section 411(d)(6) of the Code. The Internal Revenue Service
(IRS) has interpretive authority over section 204(g) of ERISA pursuant to Reorganization Plan No. 4 of 1978, 5 U.S.C. App.

Bulletin No. 2022–34 149 August 22, 2022
4. Notice 2020-86
Notice 2020-86 provides guidance in
the form of questions and answers with
respect to sections 102 and 103 of the
SECURE Act, including guidance relat-
ing to plan amendments. For example,
Q&A-2 of Notice 2020-86 generally pro-
vides that if a plan incorporates by refer-
ence the automatic contribution maximum
qualified percentage of section 401(k)(13)
(C)(iii) of the Code and the plan contin-
ues to apply the maximum qualified per-
centage of 10 percent that applied before
section 401(k)(13)(C)(iii) was amended
by section 102(a) of the SECURE Act,
then the plan would need to be amended
on or before the plan amendment dead-
line determined under section 601(b) of
the SECURE Act, as described in Q&A
G-1 of Notice 2020-68. The amendment
would need to provide explicitly that
the plan’s maximum qualified percent-
age is 10 percent, retroactive to the first
day of the first plan year beginning after
December 31, 2019.
Q&A-3 of Notice 2020-86 provides
that, in general, the plan amendment
timing provisions of section 601 of the
SECURE Act, as described in Q&A G-1
of Notice 2020-68, apply to a plan amend-
ment adopted under section 102 of the
SECURE Act. Q&A-3 of Notice 2020-86
also provides that a plan may be amended
to reflect section 102 of the SECURE Act
after the applicable plan amendment dead-
line under section 601 of the SECURE
Act, in accordance with the general dis-
cretionary amendment deadlines set forth
in Rev. Proc. 2016-37.
Q&A-13 of Notice 2020-86 provides
that, in general, the plan amendment
timing provisions of section 601 of the
SECURE Act, as described in Q&A G-1
of Notice 2020-68, apply to a plan amend-
ment adopted under section 103(b) or (c)
of the SECURE Act (even if the applica-
ble plan amendment deadline under sec-
tion 601 of the SECURE Act is later than
the deadline under section 103(b) or (c)
of the SECURE Act). Q&A-13 of Notice
2020-86 also provides that a plan may be
amended after the applicable plan amend-
ment deadline under section 601 of the
SECURE Act, in accordance with the plan
amendment provisions of section 103(b)
or (c) of the SECURE Act (which provide
an exception to the general discretionary
amendment deadlines set forth in Rev.
Proc. 2016-37).
C. CARES Act
Section 2203(a) of the CARES Act
added section 401(a)(9)(I) to the Code,
which provides for a waiver of required
minimum distributions for defined contri-
bution plans and IRAs for 2020. Section
2203(c) of the CARES Act provides that
a plan or contract may operate in accor-
dance with an expected plan or contract
amendment relating to the changes made
by section 2203, provided the plan or con-
tract amendment is adopted no later than
the last day of the first plan year begin-
ning in 2022 (or, in the case of a govern-
mental plan, 2024). Section 2203(c) of
the CARES Act also provides that a plan
or contract will not fail to satisfy section
411(d)(6) of the Code by reason of such
an amendment, except as provided by the
Secretary.
5
III. EXTENSION OF PLAN
AMENDMENT DEADLINE; ANTI-
CUTBACK RELIEF
6
A. SECURE Act and Miners Act
Pursuant to the authority of the Sec-
retary under section 601 of the SECURE
Act, the deadlines for amending a retire-
ment plan or IRA to reflect the provisions
of the SECURE Act, the regulations
thereunder, or section 104 of the Miners
Act, as set forth in Notice 2020-68 and
Notice 2020-86, are hereby extended as
follows:
(1) The first paragraph under Q&A
G-1(a) of Notice 2020-68 is revised to
read as follows:
“In general, for a qualified plan
(including an applicable collectively
bargained plan) that is not a govern-
mental plan within the meaning of sec-
tion 414(d) of the Code, the deadline
to amend a plan for provisions of the
SECURE Act, the regulations thereun-
der, or section 104 of the Miners Act is
December 31, 2025. The plan amend-
ment deadline for a qualified govern-
mental plan, within the meaning of sec-
tion 414(d), is 90 days after the close
of the third regular legislative session
of the legislative body with the author-
ity to amend the plan that begins after
December 31, 2023.”
(2) The first paragraph under Q&A
G-1(b) of Notice 2020-68 is revised to
read as follows:
“In general, the deadline for a section
403(b) plan (including an applica-
ble collectively bargained plan) that
is not maintained by a public school,
as described in section 403(b)(1)(A)
(ii), to amend a plan for provisions of
the SECURE Act or the regulations
thereunder is December 31, 2025. The
plan amendment deadline for a section
403(b) plan that is maintained by a
public school, as described in section
403(b)(1)(A)(ii), is 90 days after the
close of the third regular legislative
session of the legislative body with the
authority to amend the plan that begins
after December 31, 2023.”
(3) Q&A G-1(c) is revised to read as
follows:
“The deadline to amend a governmen-
tal plan under section 457(b) of the
Code for provisions of the SECURE
Act, the regulations thereunder, or sec-
tion 104 of the Miners Act is the later
of (i) 90 days after the close of the third
regular legislative session of the legis-
lative body with the authority to amend
the plan that begins after December 31,
5
Notice 2020-51, 2020-29 IRB 73, which sets forth guidance relating to a waiver of 2020 required minimum distributions under section 2203 of the CARES Act, provides that an IRA does
not have to be amended to reflect the waiver and provides a sample amendment for defined contribution plans that plan sponsors may adopt to implement section 401(a)(9)(I) of the Code. The
notice provides that, although employers may adopt amendments pursuant to section 2203 of the CARES Act other than those provided in the sample amendment, the Department of the Trea-
sury and the IRS are exercising their authority under section 2203(c) of the CARES Act to deny Code section 411(d)(6) relief for a plan amendment that eliminates an optional form of benefit.
6
It is anticipated that certain guidance issued under the SECURE Act will appear on the 2023 RA List. The extended deadlines set forth in this section III are consistent with the deadlines
that would apply if the general amendment timing principles set forth in Rev. Proc. 2016-37 and Rev. Proc. 2019-39 were applied to that SECURE Act guidance. Accordingly, it is anticipated
that sponsors will be able to adopt all SECURE Act, Miners Act, and CARES Act amendments described in this notice on a single date.

August 22, 2022 150 Bulletin No. 2022–34
2023, or (ii) if applicable, the first day
of the first plan year beginning more
than 180 days after the date of notifica-
tion by the Secretary that the plan was
administered in a manner that is incon-
sistent with the requirements of section
457(b) of the Code.”
(4) The first paragraph under Q&A
G-1(d) of Notice 2020-68 is revised to
read as follows:
“The deadline to amend the trust gov-
erning an IRA that is an individual
retirement account or the contract
issued by an insurance company with
respect to an IRA that is an individual
retirement annuity for provisions of the
SECURE Act or the regulations there-
under is December 31, 2025, or such
later date as the Secretary prescribes in
guidance.”
(5) Q&A-2, Q&A-3, and Q&A-13 of
Notice 2020-86 are modified by replac-
ing all references to “Q&A G-1 of Notice
2020-68” with “Q&A G-1 of Notice 2020-
68, as modified by Notice 2022-33”.
In addition, amendments to a retire-
ment plan to reflect a provision of the
SECURE Act or the regulations thereun-
der that are made on or before the dates as
extended under this section III.A will not
cause the retirement plan to fail to satisfy
the anti-cutback requirements of section
411(d)(6) of the Code or section 204(g) of
ERISA by reason of such amendments.
B. CARES Act
Pursuant to the authority of the Com-
missioner under section 1.401(b)-1(f), the
deadlines for amending a retirement plan
to reflect the provisions of section 2203 of
the CARES Act are hereby extended as
follows:
(1) the deadline for amending a retire-
ment plan that is not a governmental plan
is December 31, 2025; and
(2) the deadline for amending a retire-
ment plan that is a governmental plan is
90 days after the close of the third regu-
lar legislative session of the legislative
body with the authority to amend the plan
that begins after December 31, 2023, or,
if later, with respect to a governmental
plan under section 457(b) of the Code, the
first day of the first plan year beginning
more than 180 days after the date of noti-
fication by the Secretary that the plan was
administered in a manner that is incon-
sistent with the requirements of section
457(b).
IV. EFFECT ON OTHER
DOCUMENTS
Part G of Notice 2020-68 is modified.
Q&A-2, Q&A-3, and Q&A-13 of
Notice 2020-86 are modified.
V. DRAFTING INFORMATION
The principal author of this notice is
Angelique Carrington of the Office of Asso-
ciate Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes). For further information regard-
ing this notice, contact Ms. Carrington at
(202) 317-4148 (not a toll-free number).
Deferred Applicability
Dates for Foreign Currency
Guidance
Notice 2022-34
SECTION 1. PURPOSE
This Notice announces that the Depart-
ment of the Treasury (“Treasury Depart-
ment”) and the Internal Revenue Service
(“IRS”) intend to amend the regulations
under section 987 to defer the applica-
bility date of the 2016 final regulations
and the related 2019 final regulations (as
defined below) by one additional year.
On December 8, 2016, the Treasury
Department and the IRS published Trea-
sury Decision 9794 (81 Fed. Reg. 88806),
which contained final regulations under
section 987 and amendments to exist-
ing regulations under sections 861, 985,
988, and 989. See §§1.861-9T(g)(2)(ii)
(A)(1) and (g)(2)(vi); 1.985-5; 1.987-0
through 1.987-11; 1.988-0; 1.988-1(a)
(4), (a)(10)(ii), and (i); 1.988-4(b)(2);
and 1.989(a)-1(b)(2)(i), (b)(4), (d)(3), and
(d)(4) (the “2016 final regulations”) for
the rules contained in Treasury Decision
9794. The same day, the Treasury Depart-
ment and the IRS also published Treasury
Decision 9795 (81 Fed. Reg. 88854),
which contained temporary regulations
under sections 987 and 988 (the “tempo-
rary regulations”), and concurrently pub-
lished a notice of proposed rulemaking
by cross-reference to the temporary reg-
ulations (REG-128276-12, 81 Fed. Reg.
88882) (the “proposed regulations”).
On May 13, 2019, the Treasury Depart-
ment and the IRS published Treasury Deci-
sion 9857 (84 Fed. Reg. 20790), which
adopted in final form §§1.987-2T(c)(9),
1.987-4T(c)(2) and (f), and 1.987-12T and
withdrew §1.987-7T. The other temporary
regulations expired on December 6, 2019.
The proposed regulations that were not
finalized in 2019 remain outstanding.
Earlier notices deferred the applica-
bility dates of the 2016 final regulations,
§§1.987-1T (other than §§1.987-1T(g)(2)
(i)(B) and (g)(3)(i)(H)) through 1.987-
4T, 1.987-6T, 1.987-7T, 1.988-1T, and
1.988-2T(i) of the temporary regulations
(the “related temporary regulations”), and
§§1.987-2(c)(9) and 1.987-4(c)(2) and (f)
of the 2019 final regulations (the “related
2019 final regulations”). Most recently, on
October 25, 2021, Notice 2021-59, 2021-
43 I.R.B. 664, announced that future guid-
ance would defer the applicability date of
the 2016 final regulations and the related
2019 final regulations by one additional
year to taxable years beginning after
December 7, 2022. Regulations deferring
these applicability dates have not yet been
issued.
SECTION 2. AMENDED
APPLICABILITY DATE
The Treasury Department and the IRS
intend to amend the applicability dates in
§§1.861-9T, 1.985-5, 1.987-11, 1.988-1,
1.988-4, and 1.989(a)-1 of the 2016 final
regulations and §§1.987-2 and 1.987-4
of the related 2019 final regulations to
provide that the 2016 final regulations
and the related 2019 final regulations
apply to taxable years beginning after
December 7, 2023 (the “amended appli-
cability date”). See §§1.861-9T(g)(2)(vi);
1.985-5(g); 1.987-2(e)(2); 1.987-4(h)(2);
1.987-11(a); 1.988-1(i); 1.988-4(b)(2)(ii);
1.989(a)-1(b)(4); 1.989(a)-1(d)(4). Thus,
following the amendments described in
this Notice, the 2016 final regulations and
the related 2019 final regulations would
apply to the taxable year beginning on Jan-
uary 1, 2024, for calendar-year taxpayers.

Bulletin No. 2022–34 151 August 22, 2022
The Treasury Department and the IRS do
not intend to amend the applicability date
of §1.987-12. See §1.987-12(j).
A taxpayer may choose to apply the 2016
final regulations, the related temporary reg-
ulations (until they were revoked on May
13, 2019, or expired on December 6, 2019,
as applicable), and the related 2019 final
regulations (beginning on May 13, 2019)
to taxable years beginning after December
7, 2016, and before the amended applica-
bility date provided the taxpayer consis-
tently applies those regulations to such tax-
able years with respect to all section 987
QBUs directly or indirectly owned by the
taxpayer on the transition date as well as
all section 987 QBUs directly or indirectly
owned on the transition date by members
that file a consolidated return with the tax-
payer or by any controlled foreign corpora-
tion, as defined in section 957, in which a
member owns more than 50 percent of the
voting power or stock value, as determined
under section 958(a) (collectively, “related
parties”). A taxpayer and its related parties
are not, however, required to apply §1.987-
7T of the related temporary regulations
to any part of a taxable year ending on or
after May 13, 2019. For example, a calen-
dar-year taxpayer applying the regulations
in accordance with this paragraph is not
required to apply §1.987-7T to the period
beginning on January 1, 2019 and ending
on May 13, 2019 (when §1.987-7T was
revoked).
The transition date is the first day of
the first taxable year to which §§1.987-1
through 1.987-10 are applicable with
respect to a taxpayer under §1.987-11.
Section 1.987-11(c). Therefore, if a tax-
payer chooses to apply §§1.987-1 through
1.987-10 to a taxable year beginning
before the amended applicability date, the
transition date is the first day of the first
taxable year in which the taxpayer chooses
to apply §§1.987-1 through 1.987-10.
For periods following the expiration of
the temporary regulations, a taxpayer may
rely on §§1.987-1 (other than §§1.987-
1(g)(2)(i)(B) and (g)(3)(i)(H)), 1.987-3,
1.987-6, 1.988-1, and 1.988-2(i) of the
proposed regulations, provided that the
taxpayer and its related parties consis-
tently follow those proposed regulations
in their entirety and apply the 2016 final
regulations and the related 2019 final
regulations for the same taxable year. In
addition, a taxpayer may rely on §§1.987-
1(g)(2)(i)(B) and (g)(3)(i)(H) and 1.987-8
of the proposed regulations, provided
that the taxpayer and its related parties
consistently follow those proposed reg-
ulations in their entirety. A taxpayer may
rely on §1.987-7 or 1.988-2(b)(16) of the
proposed regulations, provided that the
taxpayer and its related parties consis-
tently follow each section of those pro-
posed regulations on which it relies.
SECTION 3. TAXPAYER RELIANCE
Before the regulations under section
987 are amended as described in section 2
of this Notice, taxpayers may rely on the
provisions of this Notice.
SECTION 4. EFFECT ON OTHER
DOCUMENTS
Notice 2021-59, 2021-43 I.R.B. 664;
Notice 2020-73, 2020-41 I.R.B. 886;
Notice 2019-65, 2019-52 I.R.B. 1507;
Notice 2018-57, 2018-26 I.R.B. 774; and
Notice 2017-57, 2017-42 I.R.B. 325 are
modified, and as so modified, are hereby
superseded.
SECTION 5. DRAFTING
INFORMATION
The principal author of this Notice is
Jack Zhou of the Office of Associate Chief
Counsel (International). For further infor-
mation regarding this Notice, contact Jack
Zhou at (202) 317-5467 (not a toll-free
number).

Bulletin No. 2022–34 i August 22, 2022
Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior pub-
lished position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus,
if an earlier ruling held that a principle
applied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is
being made clear because the language
has caused, or may cause, some confu-
sion. It is not used where a position in a
prior ruling is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the
new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the
new ruling does more than restate the sub-
stance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previously
published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rul-
ings in the series.
Suspended is used in rare situations
to show that the previous published rul-
ings will not be applied pending some
future action such as the issuance of new
or amended regulations, the outcome of
cases in litigation, or the outcome of a
Service study.
Abbreviations
The following abbreviations in current
use and formerly used will appear in
material published in the Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.
—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

August 22, 2022 ii Bulletin No. 2022–34
Numerical Finding List
1
Bulletin 2022–34
Announcements:
2022-14, 2022-31 I.R.B. 136
2022-15, 2022-31 I.R.B. 136
2022-16, 2022-33 I.R.B. 144
Notices:
2022-29, 2022-28 I.R.B. 66
2022-30, 2022-28 I.R.B. 70
2022-31, 2022-29 I.R.B. 85
2022-32, 2022-32 I.R.B. 137
2022-33, 2022-34 I.R.B. 147
2022-34, 2022-34 I.R.B. 150
Proposed Regulations:
REG-130975-08, 2022-28 I.R.B. 71
REG 130675-17, 2022-30 I.R.B. 104
Revenue Procedures:
2022-25, 2022-27 I.R.B. 3
2022-28, 2022-27 I.R.B. 65
2022-26, 2022-29 I.R.B. 90
2022-32, 2022-30 I.R.B. 101
2022-30, 2022-31 I.R.B. 112
2022-29, 2022-33 I.R.B. 141
2022-34, 2022-33 I.R.B. 143
Revenue Rulings:
2022-12, 2022-27 I.R.B. 1
2022-13, 2022-30 I.R.B. 99
2022-14, 2022-31 I.R.B. 110
Treasury Decisions:
9963, 2022-34 I.R.B. 145
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin
2021–52, dated December 27, 2021.

Bulletin No. 2022–34 iii August 22, 2022
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2022–34
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2021–27 through 2021–52 is in Internal Revenue Bulletin
2021–52, dated December 27, 2021.

Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300
INTERNAL REVENUE BULLETIN
The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue
Bulletins are available at www.irs.gov/irb/.
We Welcome Comments About the Internal Revenue Bulletin
If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it,
we would be pleased to hear from you. You can email us your suggestions or comments through the IRS Internet Home Page
www.irs.gov) or write to the Internal Revenue Service, Publishing Division, IRB Publishing Program Desk, 1111 Constitution Ave.
NW, IR-6230 Washington, DC 20224.