Candace J. Dixon
August 30, 2021: An IRS Criminal Investigation press release announced a surge in scams related to Economic Impact Payments.
August 30, 2021: Internal Revenue Bulletin: 2021-35 highlights:
Rev. Rul. 2021-15 Valuation of Certain Farm, Etc., Real Property - This revenue ruling contains a list of the average annual effective interest rates on new loans under the Farm Credit System and a list of the states within each Farm Credit System Bank Territory.
Notice 2021-43 Work Opportunity Tax Credit (WOTC) Transition Relief under Internal Revenue Code ยง 51
Notice 2021-50 Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Rev. Proc. 2021-34 Changes in accounting periods and in methods of accounting,
Rev. Proc. 2021-35 Allows use of safe harbor method of accounting for original issue discount (OID) on a pool of credit card receivables.
Rev. Proc. 2021-36 Indexing adjustment used to calculate premium tax credit and the required contribution percentage for plan years beginning in 2022 to determine eligibility for affordable employer-sponsored minimum essential coverage.
August 30, 2021: A news release announced that September is National Preparedness Month and urged taxpayers to prepare for natural disasters.
August 30, 2021: QuickAlerts - Technical - MeF - New Form 1040 Series Business Rules and Schemas are Available
August 30, 2021: IRS Tax Stats Dispatch Issue Number: 2021-10 announced Statistics of Income Data Releases and Notice of Revised Release Dates
August 31, 2021: The IRS announced in a news release that victims of Hurricane Ida have until January 3, 2022 to file various tax returns and make payments, and published the tax relief and Help for Victims of Hurricane Ida on their website.
August 31, 2021: An advance Revenue Procedure 2021-39 providing temporary guidance regarding the public approval requirement for tax-exempt qualified private activity bonds was released and will be in IRB: 2021-38, dated 9/20/2021.
August 31, 2021: e-News for Payroll Professionals: Issue Number: 2021-08 covered the repayment of deferred payroll taxes; updates to paid sick and family leave tax credits FAQs; the gross receipts safe harbor for employers claiming the Employee Retention Credit; technical guidance for Notice 2021-46 and Notice 2021-49; National Small Business Week 2021 on September 13 -15; and draft forms 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund; 1095-A, Health Insurance Marketplace Statement; and 8922, Third-Party Sick Pay Recap.
September 1, 2021: The IRS is soliciting comments concerning Form 8849, Claim for Refund of Excise Taxes on or before November 1, 2021
The IRS is soliciting comments concerning information collection requirements related to the guidance regarding the qualified severance of a trust for generation-skipping transfer (GST) tax purposes on or before November 1, 2021
September 1, 2021: DOJ Press Release: Former Long Island Construction Business Owner Sentenced to Prison for Employment Tax Fraud A Long Island, New York, construction industry business owner was sentenced to one year and one day in prison, two years of supervised release a $5,000 fine for employment tax fraud. According to court documents and statements, Edward Hansen was assessed $480,000 in penalties for failure to pay employment taxes; closed a business and operated it under a different name in 2011; and did not pay the IRS $950,000 in payroll taxes withheld from employees' wages between January 2012-June 2017.
September 1, 2021: The IRS is currently soliciting comments concerning public approval of tax-exempt private activity bonds on or before November 1, 2021.
September 1, 2021: The IRS published supplementary Employee Plans News: New 2nd Cycle guidance for 403(b) pre-approved plans and interim amendment changes for 401(a) plans, covering Updated IRC 403(b) Pre-Approved Program for Cycle 2 in Revenue Procedure 2021-37 and Changes to Interim Amendments Deadlines for IRC 401(a) Pre-approved Plans in Revenue Procedure 2021-38.
September 1, 2021: The IRS announced that it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway for a number of parishes in the state of Louisiana in a news release.
September 1, 2021: An IRS Fact Sheet provides details on using e-signatures for certain forms.
September 3: 2021: The IRS released a video with tips for safeguarding important documents in preparation of an emergency.
September 3: 2021: e-News for Tax Professionals: Issue Number: 2021-35 covers tax relief for victims of Hurricane Ida and disaster victims in California and Tennessee; dyed diesel fuel penalty relief in Louisiana; September is National Preparedness Month; Tax Court petitioners can contact the IRS about premature assessments and enforcement actions; Webinar: Form 8027 and Large Food and Beverage Establishments on Tuesday, Sept. 14 at 2 p.m.; Technical Guidance on Notice 2021-52 - 2021-2022 Special Per Diem Rates; Revenue Procedure 2021-37 - procedures for issuing opinion letters on 403(b) preapproved plans and Revenue Procedure 2021-38 - extending deadline to adopt an interim amendment for 401(a) preapproved plans to match Revenue Procedure 2021-37 deadline for 403(b) preapproved plans; Revenue Procedure 2021-39 - temporary guidance on public approval requirements for tax-exempt qualified private activity bonds; Revenue Procedure 2021-40 - the IRS will not issue letter rulings on whether certain transactions are self-dealing.
September 3: 2021: The IRS released its weekly list of written determinations.