August 9, 2021: Internal Revenue Bulletin: 2021-32 dated August 9 highlighted:
Notice 2021-47 2021 Section 43 Inflation Adjustment announcing the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for tax years beginning in 2021. The credit in 2021 is determined without regard to the phase-out for crude oil price increases.
REG-102951-16 (Notice of Proposed Rulemaking) Electronic-Filing Requirements for Specified Returns and Other Documents The proposed regulations would amend rules for filing certain returns and statements electronically to reflect changes made by the Taxpayer First Act of 2019 and to promote electronic filing. The NPRM also withdraws proposed regulations published in the Federal Register on May 31, 2018, amending the rules for determining whether information returns must be filed electronically.
August 10, 2021: The Security Summit partners news release advised tax professionals to guard against pandemic-related phishing emails in the fourth of a five-part series: "Boost Security Immunity: Fight Against Identity Theft" effort urging tax professionals to strengthen their systems and protect client data during the pandemic and its aftermath.
August 10, 2021: The Dept. of Treasury & the IRS issued a press release announcing Revenue Procedure 2021-33: Safe harbor permitting employers to exclude certain amounts from gross receipts solely for determining eligibility for the ERC providing a safe harbor to exclude certain items from “gross receipts” for purposes of determining eligibility for the employee retention credit, to be published in the IRB on August 23.
August 10, 2021: The IRS issued Notice 2021-43: Work Opportunity Tax Credit (WOTC) Transition Relief under Internal Revenue Code § 51 and a news release providing relief for employers to claim the Work Opportunity Tax Credit for employees who started work after December 31, 2020 in response to the extension of Empowerment Zone designations through December 31, 2025. Notice 2021-43 will appear in IRB 2021-35, Aug. 30, 2021.
August 10-12, 2021: Week four of the virtual 2021 IRS Nationwide Tax Forum kicked off.
August 11, 2021: IRS Tax Stats Dispatch announced that Tax‐Exempt Organization Excise Taxes, Calendar Year 2020, a table presenting 2020 data for charities, private foundations, and split‐interest trusts reporting excise taxes, is available on SOI's Tax Stats Web page.
August 11, 2021: The IRS issued Revenue Procedure 2021-34 Automatic consent to change methods of accounting updating and modifying procedures to obtain automatic consent for certain income tax accounting method changes amended by the Tax Cuts and Jobs Act (TCJA), to be published in Internal Revenue Bulletin 2021-35 on August 30, 2021.
August 11, 2021: The IRS issued Revenue Procedure 2021-35 Automatic consent to change methods of accounting allowing the use of a safe harbor method of accounting for original issue discount on a pool of credit card receivables (the "proportional method"), to be published in Internal Revenue Bulletin 2021-35 on August 30, 2021.
August 13, 2021: The IRS issued a news release announcing the disbursement of the August round of advance Child Tax Credit payments, also alerting that some recipients (< 15%) who received direct deposits in July would receive their August payments by mail due to an issue expected to be resolved by the September payments. This second batch of advance monthly payments, worth $15 billion reached 36 million families.
August 13, 2021: The IRS issued Announcement 2021-13: the United States and United Kingdom entered into an arrangement providing that references to the North American Free Trade Agreement (NAFTA) in the US-UK income tax treaty are to be interpreted as references to the United States-Mexico-Canada Agreement (USMCA) upon the USMCA’s entry..
August 13, 2021: The IRS issued Announcement 2021-14: the United States and United Kingdom entered into an arrangement providing that UK residents continue to be treated as “equivalent beneficiaries” for applying the derivative benefits test to trusts under the Limitation on Benefits provision of the US-UK income tax treaty, notwithstanding their withdrawal from the European Union, .
August 13, 2021: The IRS published the latest “A Closer Look” column discussing the new Tax Pro Account, an application allowing greater online interaction between tax professionals and taxpayers.
August 13, 2021 The IRS released its Written Determinations weekly list.