Here is a summary of some of the key IRS and tax news for September 13-17, 2021.
September 13, 2021 - Tax relief for Hurricane Ida in Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties in Pennsylvania was announced in this news release; the October 15 deadline and other key dates were extended to January 3, 2021.
September 13, 2021 - The IRS issued this news release about their free information and resources available for employers as part of Small Business Week.
September 13, 2021 - Rev. Proc. 2021-34: Changes in accounting periods and in methods of accounting.
September 13, 2021 - the IRS issued advance notice of Rev. Proc. 2021-41, domestic asset/liability percentages and investment yields needed by foreign life and property and liability insurance companies to compute minimum effectively connected net investment income for tax years after Dec. 31, 2019.
September 13, 2021 - Internal Revenue Bulletin: 2021-37 highlights:
Rev. Rul. 2021-17 Determination of Rate of Interest
September 14, 2021 - A new address for mailing Alaska, California, Hawaii, Ohio and Washington federal tax forms 1040 and1040-SR was announced in this news release because of the planned closure of the Fresno, California paper tax return processing center at the end of September. Taxpayers in those states who previously filed their federal tax returns with Fresno should now mail their returns to the Ogden, Utah processing center.
September 14, 2021 - This IRS news release explained how the renewal of the Work Opportunity Tax Credit (WOTC) helps employers hiring long-term unemployment recipients and other groups facing significant barriers to employment, and discussed the certification requirement.
September 14, 2021 - The IRS' Tax Relief in Disaster Situations web page details tax relief for Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties in Pennsylvania due to Hurricane Ida.
September 14, 2021 - The IRS "A Closer Look" column discussed that while the IRS is making progress on key areas slowed by the pandemic, more work remains. IRS Commissioner Chuck Rettig discusses how the IRS had to pause and modify operations during the pandemic and what they are doing to help people catch up.
September 14, 2021 - A Notice and request for comments on the burden related to the Notice 2002-69, interest rates and appropriate foreign loss payment patterns for determining qualified insurance income of certain controlled corporations under section 954(f), was published in the Federal Register.
September 15, 2021 - This news release announced that families are receiving their advance Child Tax Credit (CTC) payment for September in the third batch of payments totaling $15 billion and reaching 35 million families.
September 15, 2021 - The IRS reminded business owners that it is critical to correctly identify their workers as employees or independent contractors in this news release as part of Small Business Week.
September 15, 2021 - The IRS extended dyed diesel fuel penalty relief in Louisiana because of shortages of undyed diesel fuel caused by the hurricanes and issued this news release. The relief is effective August 29, 2021 and remains in effect through September 30, 2021.
September 15, 2021 - This IRS tax tip helps small business owners see if they qualify for the home office deduction that allows certain home expenses to be deducted on their 2021 tax returns.
September 15, 2021 - The IRS published FS-2021-12 providing details on using e-signatures for certain forms.
September 15, 2021 -A Notice of proposed forms revisions to Form 5500 Annual Return/Report was published in the Federal Register.
September 15, 2021 -5 Notices and request for comments were published in the Federal Register for
Foreign Account Tax Compliance Act (FATCA) registration forms
Form 8850 Pre-Screening Notice and Certification Request for the Work Opportunity Credit
Form 56 Notice Concerning Fiduciary Relationship and Form 56-F Notice Concerning Fiduciary Relationship of Financial Institution
September 15, 2021 -2 Notices and requests for comments concerning casualties and thefts Form 4684 and the orphan drug credit Form 8820 were published in the Federal Register.
September 15, 2021 - A Notice of proposed forms revisions to Form 5500 Annual Return/Report was published in the Federal Register.
September 15, 2021 - e-News for Charities & Nonprofits highlights:
Updated Procedures Related to Direct Contact in the Determination Process
Exempt Organizations Technical Guides TG 3-20 - Introduction to Private Foundations and Special Rules under IRC 508 and TG 63 - Disqualified Persons as Defined in IRC 4946
Registration for the Payroll Reconciliation Webinar on October 14
How to Maintain Your Organization’s Tax-Exempt Status - The Maintaining 501(c)(3) Tax-Exempt Status course and The Small to Mid-Size 501(c)(3) Organization Workshop
Revenue Procedure 2021-40 relating to issues on which the Internal Revenue Service will not issue letter rulings or determination letters.
September 16, 2021 - This new release reminded those with extensions to file their 2020 returns that the deadline is October 15. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late.
September 16, 2021 - Rev. Rul. 2021-18 provides rates for federal income tax purposes for October 2021 including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate.
September 16, 2021 - U.S. Department of Justice Press Release: Return Preparer Pleads Guilty to Conspiracy to Defraud the United States. Michlin Delivrance, a Florida return preparer, pleaded guilty in the Southern District of Florida to conspiracy to defraud the United States for conspiring with others at Tax USA, claiming inflated tax refunds for clients from 2015-2019, and faces a maximum penalty of five years in prison at the October 21 sentencing.
September 16, 2021 - U.S. Department of Justice Press Release: Federal Court Permanently Enjoins Tax Return Preparers in Louisiana. A federal court in the U.S. District Court for the Eastern District of Louisiana permanently enjoined two New Orleans tax return preparers, Mario Alexander and Leroi Jackson, from preparing returns and owning or operating tax preparation businesses.
September 16, 2021 - Proposed rules were published in the Federal Register implementing certain provisions of Title I (No Surprises Act) and Title II (Transparency) of Division BB of the Consolidated Appropriations Act, 2021 (CAA); comments must be received by October 18, 2021
September 16, 2021 - The IRS is soliciting comments in the Federal Register concerning Information Referral, form 3949-A is used by certain taxpayer/investors to wishing to report alleged tax violations, on or before November 15, 2021
September 16, 2021 - The IRS is soliciting comments concerning Section 9100 Relief for 338 Elections; Revenue Procedure 2003-33 provides qualifying taxpayers with an extension of time pursuant to § 301.9100-3 of the Procedure and Administration Regulations to file an election described in § 338(a) or § 338(h)(10) of the Internal Revenue Code to treat the purchase of the stock of a corporation as an asset acquisition, on or before November 15, 2021
September 16, 2021 - A Notice and request for comments for Rev. Proc. 99-17, Mark to Market Election for Commodities Dealers and Securities and Commodities Traders, was published in the Federal Register.
September 16, 2021 - A Notice and request for comments for Bad Debt Reserves of Banks, TD 8513 was published in the Federal Register.
September 16, 2021 - The IRS published a notice in the Federal Register soliciting comments concerning Form 8508, Request for Waiver from Filing Information Returns Electronically.
September 16, 2021 - Proposed rules REG-114676-21 - Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement were published in the Federal Register implementing provisions of the No Surprises Act and Title II of Division BB of the Consolidated Appropriations Act, 2021
September 17, 2021 - The IRS issued this statement regarding people who had not received their September Advance Child Tax Credit Payments stating that they were looking into the situation and would share more information as soon as possible.
September 17, 2021 - This news release explained how expanded charity tax benefits, with deductions up to $600 for cash donations by non-itemizers, can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 enacted last December generally extends four temporary tax changes enacted by the CARES Act through the end of 2021 .
September 17, 2021 - The IRS sent a video tip about the Small Business Tax Workshop which covers tax topics for new and established small business owners.
September 17, 2021 - The IRS published a Notice and request for comments in the Federal Register for Form 8881 - Credit for Small Employer Pension Plan Startup Costs, on or before November 16, 2021.
September 17, 2021 - The IRS published a notice in the Federal Register soliciting comments in the Federal Register on forms used by business entity taxpayers: Forms 1065, 1066, 1120, 1120-C, 1120-F, 1120-H, 1120-ND, 1120-S, 1120-SF, 1120-FSC, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, 1120-POL; and related attachments to these forms on or before November 16, 2021.
September 17, 2021 - The IRS published a notice in the Federal Register soliciting comments concerning Branded Prescription Drug Fee on or before November 16, 2021.
September 17, 2021 - The IRS published a notice in the Federal Register soliciting comments concerning Form 1099-G, Certain Government Payments on or before November 16, 2021
September 17, 2021 - The IRS published a notice in the Federal Register soliciting comments concerning TD 8352 (temp & final) Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; TD 8531—Final Regulations Under Section 382. on or before November 16, 2021.
September 17, 2021 - The IRS published a notice in the Federal Register soliciting comments concerning guidance necessary to facilitate business electronic filing under section 1561, business electronic filing and reduction, business election filing, finalization of controlled group qualification rules, and limitations on the importation of net built-in losses, on or before November 16, 2021.