Candace J. Dixon
Here is a look at some key IRS and tax information, news and tips for December of 2021.
November 29 - December 3, 2021
National Tax Security Awareness Week 2021
The IRS and Security Summit held the 6th Annual National Tax Security Awareness Week to urge increased security measures as fraudsters exploit COVID-19 concerns.
December 6, 2021
The Internal Revenue Service issued guidance for employers regarding the retroactive termination of the Employee Retention Credit in a news release. The Infrastructure Investment and Jobs Act was enacted on November 15, 2021 amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021 unless the employer is a recovery startup business.
Internal Revenue Bulletin: 2021-49 highlighted:
Rev. Rul. 2021-23 December 2021 Federal Rates
Notice 2021-62 November 2021 Interest Rates, Yield Curves, and Segment Rates
Notice 2021-63 Temporary 100-Percent Deduction Applies to Meal Portion of 2021 and 2022 Per Diem Rate or Allowance
Rev. Proc. 2021-48 Paycheck Protection Program - timing of receipt of PPP forgiveness tax-exempt income
Rev. Proc. 2021-49 Paycheck Protection Program - guidance for partnerships and consolidated groups on amounts excluded from gross income and deductions
Rev. Proc. 2021-50 Paycheck Protection Program - allows partnerships to file amended 1065 as alternative to administrative adjustment request
Announcement 2021-15 Deletions From Cumulative List of Organizations, Contributions to Which are Deductible Under Section 170 of the Code
T.D. 9958 Prescription Drug and Health Care Spending - temporary regulations issued jointly with the Department of Health and Human Services, Department of Labor, and Office of Personnel Management
REG-117575-21 Prescription Drug and Health Care Spending - The text of temporary regulations T.D. 9958 serves as the text of these proposed regulations implementing transparency requirements under section 204 of Division BB of Title II of the Consolidated Appropriations Act, 2021
December 7, 2021
The Internal Revenue Service encouraged taxpayers to take actions this month to help file their federal tax returns in 2022, including steps related to Economic Impact Payments and advance Child Tax Credit payments, in the second in a series of reminders. A special page, Steps to Take Now to Get a Jump on Your Taxes, outlines steps to make 2022 filing easier.
The IRS discussed the new identity verification and sign-in process enabling more people to access and use online tools in a tax tip.
December 8, 2021
The Internal Revenue Service reminded retirement plan participants and individual retirement account owners that required minimum distributions must usually be taken by December 31 in a news release.
A news release announced that the Internal Revenue Service is seeking applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
December 9, 2021
A tax tip provided an overview of tax benefits for employers who hire people with disabilities.
The IRS executive column “A Closer Look” discusses how the IRS’s Collection organization has taken actions to help taxpayers since the onset of COVID-19, including policy changes that will continue beyond the pandemic.
December 10, 2021
A News Release for Frequently Asked Questions announced that the Internal Revenue Service updated frequently asked questions about the 2020 Recovery Rebate Credit PDF (FS-2021-17).
Fact Sheet 2021-17 updates the 2020 Recovery Rebate Credit Frequently Asked Questions including edits to all questions.
December 13, 2021
Internal Revenue Bulletin: 2021-50 highlighted:
Rev. Rul. 2021-24 Interest rates: underpayments and overpayments for first quarter 2022
Notice 2021-64 2021 Required Amendments List for Individually Designed Qualified and Section 403(b) Plans
Announcement 2021-16 Announcement of Disciplinary Sanctions From the Office of Professional Responsibility
A news release announced that the Internal Revenue Service joined with leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 federal income tax return.
The IRS executive column “A Closer Look” discusses how The IRS encourages charitable contributions.
December 14, 2021
A news release announced that victims of Kentucky tornadoes have until May 16, 2022 to file various individual and business tax returns and make tax payments.
December 15, 2021
A news release announcing the final advance Child Tax Credit payment for December stated that eligible families who did not receive advance payments could claim the Child Tax Credit on their 2021 federal tax return to receive missed payments and the other half of the credit.
December 16, 2021
A tax tip covered topics including charitable contributions, economic impact payments and advance child tax credit payments to help taxpayers get informed about filing their federal tax returns in 2022.
The IRS announced in a news release that the publicly available data it provides on electronically filed Forms 990 in a machine-readable format will be available only on their Tax Exempt Organization Search page beginning December 31, 2021.
December 17, 2021
The 2022 optional standard mileage rates to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes were issued in a news release.
More counties were added to the December 14 news release about Kentucky tornado victims.
December 20, 2021
Internal Revenue Bulletin: 2021-51 highlighted:
Rev. Rul. 2021-20 Section 42. - Low-Income Housing Credit
Notice 2021-65 Termination of the Employee Retention Credit under Section 3134 of the Code in the Fourth Calendar Quarter of 2021 for Certain Employers
Rev. Proc. 2021-43 Safe harbors for determining whether an exempt facility bond issue issued after December 31, 2020 or an allocation of a housing credit dollar amount made after December 31, 2020 is more than de minimis for purposes of Rev. Rul. 2021-20
Rev. Proc. 2021-52 Adequate Disclosure Revenue Procedure Renewal
Rev. Proc. 2021-53 Temporary guidance for treatment of stock distributions by publicly offered real estate investment trusts and regulated investment companies
Announcement 2021-17 Deletions From Cumulative List of Organizations, Contributions to Which are Deductible Under Section 170 of the Code
Notice of Proposed Rulemaking - REG-109128-21 Information Reporting of Health Insurance Coverage and Other Issues
A news release announced that victims of tornadoes in parts of Illinois and Tennessee have until May 16, 2022 to file various individual and business tax returns and make tax payments
Filing Season Statistics for Week Ending December 3, 2021 were published.
December 21, 2021
A news release announced that the United States and Malta signed a competent authority arrangement (CAA) confirming their understanding of the meaning of pension fund for purposes of the United States–Malta income tax treaty.
The IRS published an advance of Notice 2022-1 Instructions for Lenders and Loan Servicers Regarding Certain Discharged Student Loans.
The IRS published an advance of Notice 2022-4 Sections 4375 & 4376 – Insured and Self-Insured Health Plans.
December 22, 2021
The IRS announced in a news release that Hurricane Ida tax relief was extended to February 15 for part or all of six states.
The IRS announced that Illinois victims of severe storms, straight-line winds, and tornadoes beginning December 10, 2021 have until May 16, 2022 to file various individual and business tax returns and make tax payments on their Tax Relief in Disaster Situations page.
The Internal Revenue Service announced it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of Economic Impact Payments at the end of January and urged people to use them to assist in preparing their 2021 federal tax returns in a news release.
December 23, 2021
The IRS published Coronavirus Tax Relief regarding Early Termination of the Employee Retention Credit including Retaining Employment Tax Deposits in Anticipation of Credits, Shut Down of the Form 7200 Fax Line and other Form 7200 tips
December 27, 2021
The Internal Revenue Service reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022 in a news release.
The IRS announcement about the May 16, 2022 filing date extension for Illinois victims of severe storms, straight-line winds, and tornadoes was updated.
Internal Revenue Bulletin: 2021-52 highlighted:
Notice 2021-66 Superfund; Initial List of Taxable Substances; Registration; Procedural Rules; Request for Comments; Suspension of Notice 89-61
Rev. Proc. 2021-54 Discount factors for 2021 accident year for use by insurance companies
Announcement 2021-18 Revocation of Announcement 2001-33
Announcement 2021-19 U.S. - Malta Competent Authority Arrangement
December 28, 2021
The IRS announced that Arkansas victims of severe storms and tornadoes have until May 16, 2022 to file various individual and business tax returns and make tax payments on their Tax Relief in Disaster Situations page.
The IRS announced that Alabama victims of severe storms and flooding have until February 28, 2022 to file various individual and business tax returns and make tax payments on their Tax Relief in Disaster Situations page.
The IRS published an advance of Rev. Proc. 2022-11 Methodology for calculating qualifying payment amount in 2022.
December 30, 2021
The December 22 news release announcing the extension of Hurricane Ida tax relief was updated.
Read Criminal Investigation Press Releases for December 2021
The IRS list of Weekly Written Determinations.