Here is a summary of key IRS and tax news for September 20-24, 2021.
September 20 - This IRS tax tip listed highlights from National Small Business Week 2021.
September 20 - Internal Revenue Bulletin: 2021-38 highlighted
Notice 2021-52 - 2021-2022 Special Per Diem Rates
Rev. Proc. 2021-37 Procedures for Opinion Letters on Section 403(b) Plans
Rev. Proc. 2021-38 Changes Interim Amendment Deadline for Pre-approved Plans
Rev. Proc. 2021-39 Extends Telephonic Hearings for Tax-Exempt Qualified Private Activity Bonds
Rev. Proc. 2021-40 IRS Won't Give Letter Rulings On Some Self-Dealing Requests
September 20 - Dept. of Justice News Release - The United States filed a complaint in U.S. District Court to bar Beaumont, Texas tax preparer Michelle Denise Johnston from owning or operating a tax return preparation business and preparing federal tax returns for allegedly charging unauthorized “fees,” including fabricated or improperly inflated claims on returns.
September 21 - IRS Employee Plans News highlighted Retroactively Adopted Plans that Filed a Form 5558 Extension, and Form 2848 for Form 5330 - Return of Excise Taxes Related to Employee Benefit Plans.
September 21 - Notice 2021-54 updated weighted average interest rates, yield curves, and segment rates.
September 21, 2021 - Dept. of Justice News Release - Florida tax preparers Alexis and Thony Guillaume pled guilty to conspiracy to defraud the United States by fraudulently claiming $2.8 million in refunds. They face a maximum of five years in prison for conspiracy and three years for filing false returns at their November 30 sentencing.
September 22 - Relief for Victims of California wildfires was extended to include Tehama and Trinity counties, and relief for New Jersey victims of Hurricane Ida was extended to Warren county.
September 22 - A news release announced that the IRS awarded contracts to three new private collection agencies to collect overdue tax debts effective September 23.
September 22 - The IRS introduced a new webpage that provides information for large refunds subject to further review by the Joint Committee on Taxation in this news release.
September 22: Final regulation TD 9954: Treatment of Distributions of Property From a Corporation to a Shareholder was published in the Federal Register updating regulations under section 301 to reflect statutory changes made by the Technical and Miscellaneous Revenue Act of 1988, which changes provide that the amount of a distribution of property made by a corporation to its shareholder is the fair market value of the distributed property affecting shareholders that receive a distribution of property from a corporation, effective September 22, 2021. Federal Register Vol. 86, No. 181
September 23 - Dept. of Justice News Release - Maryland tax preparers Lenore Worthy and Veronica Fortune were sentenced to prison for conspiring to defraud the United States and preparing false tax returns. Worthy was sentenced to six months in prison, three years of supervised release and ordered to pay $189,748 in restitution to the United States, and Fortune was sentenced to 12 months and one day in prison, three years of supervised release and ordered to pay $86,590 in restitution.
September 23 - A QuickAlert announced that Affordable Care Act (ACA) Information Returns (AIR) Production and ACA Assurance Testing System (AATS) WSDL Packages for Filing Season 2022/Tax Year 2021 are Available.
September 24 - The IRS issued a Statement on Advance Child Tax Credit Payments when they resolved the technical issue that had caused some recipients to not receive their September payment.
September 24 - An IRS video tip was published on Recruiting Volunteers to Prepare Taxes in Communities Across America through the VITA and TCE programs.
September 24 - Farmers and ranchers forced to sell livestock due to drought were given additional time to replace it and defer tax on gains from sales in this news release and Notice 2021-55 listing applicable regions in 36 states and one territory.
September 24 - Employee Plans News highlights video series; webinars; and articles in English/Spanish
September 24 - IRS Tax Stats Dispatch announced that Mid-July Filing Season Statistics for Individuals, Tax Year 2020 was available.
September 24 - The IRS added 5 additional New York counties, Dutchess, Orange, Putnam, Rockland, and Ulster, to New York victims of Hurricane Ida on their Tax Relief in Disaster Situations web page.
September 24: Final regulation TD 9956: Guidance on the Treatment of Qualified Improvement Property Under Sections 250(b) and 951A(d) and Guidance Related to the Foreign Tax Credit was published in the Federal Register addressing the calculation of qualified business asset investment for qualified improvement property under the alternative depreciation system and final regulations with transition rules relating to the impact on loss accounts of net operating loss (NOL) carrybacks allowed by the Coronavirus Aid, Relief, and Economic Security Act affecting United States shareholders of controlled foreign corporations, domestic corporations eligible for the section 250 deduction, and taxpayers that claim credits or deductions for foreign income taxes effective September 24, 2021. Federal Register Vol. 86, No. 183
September 24 - the IRS published its weekly written determinations.