July 1, 2021: An IRS news release covered the final part of the 2021 “Dirty Dozen” tax scams list including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements.
July 1, 2021: Revenue Ruling 2021-13 - Section 45Q. — Credit for Carbon Oxide Sequestration was issued, clarifying that only one taxpayer gets the credit; one person is not required to own every component of carbon capture equipment to get it; and the relevant placed-in-service date for section 45Q purposes is the placed-in-service date of the single process train of carbon capture equipment, regardless if assets within that single process train have a different placed-in-service date for depreciation purposes.
July 1, 2021: "A Closer Look" column was published and discusses how Redesigned collection notices empower taxpayers and increase payment compliance.
July 6, 2021: Internal Revenue Bulletin 2021-27 was published, highlighting:
Rev. Rul. 2021-12 Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property (from June)
Notice 2021-39 Transition Period Penalty Relief for New Schedules K-2 and K-3 for Forms (from June)
Rev. Proc. 2021-28 Real property trade or business, 30-year recovery under alternative depreciation system (from June)
Rev. Proc. 2021-29 Process for partnerships applying for 30-year alternative depreciation recovery period for residential rental property (from June)
July 6, 2021: The IRS issued FAQs about COVID-related grants provided to transportation companies under the Coronavirus Economic Relief for Transportation Services (CERTS) Act.
July 7, 2021: The IRS issued a news release announcing special weekend events in 12 cities on July 9-10, 2021 to help people who don’t normally file taxes register for the monthly Advance Child Tax Credit and Economic Impact payments.
July 7, 2021: "A Closer Look" Column was published discussing Providing Quality Service in Challenging Times.
July 8, 2021: Statistics of Income Data Releases now available on the SOI's Tax Stats Web page were announced in the IRS Tax Stats Dispatch: Tables for the Tax Year 2018 Foreign-Controlled Domestic Corporation study, 2018 Corporation Income Tax Returns Line Item Estimates (Publication 2018), 2018 Corporation Income Tax Returns Complete Report (Publication 16) , Tabulations presenting data through early June 2021 detailing how many people in each State received the third round of Economic Impact Payments, and Three new extracts of tax-exempt organization financial data for Calendar Year 2020.
July 9, 2021: The IRS issued Notice 2021-38: Issues Relating to Special Financial Assistance from the Pension Benefit Guaranty Corporation to Certain Multiemployer Defined Benefit Pension Plans providing guidance for multiemployer qualified retirement plans that receive special financial assistance under the American Rescue Plan Act from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.
July 9, 2021: A news release announced that July 13, 2021 was the last day for tax professionals to register to for the 2021 IRS Virtual Nationwide Tax Forum and have access to all 30 webinars.
July 9, 2021: The weekly list of written determinations was posted.
July 12, 2021: The IRS issued Fact Sheet FS-2021-10 with information about the monthly payments of the Child Tax Credit.
July 12, 2021: Internal Revenue Bulletin 2021-28 was published, highlighting:
Notice 2021-40 Extension of Temporary Relief from the Physical Presence Requirement (from June)
July 13, 2021: The IRS issued a news release announcing another round of refunds to 4 million taxpayers who overpaid their taxes on unemployment compensation received last year because of the retroactive unemployment compensation exclusion under the American Rescue Plan Act of 2021.
July 13, 2021: The IRS, the Department of Labor and the Department of Health and Human Services released temporary regulations T.D. 9951 (interim final rules). The IRS separately released proposed regulations REG-107706-21 with respect to a subset of the temporary regulations, containing the same text. They were published in the Internal Revenue Bulletin 2021-30 on 7/26/2021.
T.D. 9951 and REG-107706-21 - Requirements Related to Surprise Billing, provide initial guidance regarding implementation of the protections against balance billing provided under the No Surprises Act. They protect consumers from surprise medical bills for emergency services, air ambulance services furnished by nonparticipating providers, and non-emergency services furnished by nonparticipating providers at participating facilities in certain circumstances.
July 14, 2021: The IRS issued a news release announcing the start of the Security Summit's annual summer campaign to raise awareness about identity theft and data security within the tax community.
July 15, 2021: The IRS issued Revenue Ruling 2021-14, providing various prescribed interest rates for federal income tax purposes for August 2021 and will be in IRB: 2021-31, August 2, 2021. This revenue ruling provides various prescribed rates for federal income tax purposes 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.
July 15, 2021: Notice 2021-44 Yield Curves and Segment Rates was announced and will be in IRB: 2021-31, August 2, 2021 providing the monthly update to certain interest rates used for pension plan funding and distribution purposes. This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2021, the 24-month average segment rates applicable for July 2021, and the 30-year Treasury rates.
July 15, 2021: The IRS issued a news release announcing the monthly Advance Child Tax Credit payments had begun, with the first batch worth $15 billion reaching 35 million families.
July 16, 2021: "A Closer Look" column was published discussing Accelerating Digital Communications to Solve Pandemic Challenges and Improve the Taxpayer Experience.
July 16, 2021: Revenue Procedure 2021-30 Employee Plans Correction Methods was announced and will be in IRB: 2021-31, August 2, 2021. This revenue procedure adds two new benefit overpayment correction methods that encourage employers to avoid seeking recoupment of benefit overpayments made to participants and beneficiaries, either by not requiring correction if the plan satisfies a specified funding level, or by limiting the amount to be recouped under certain circumstances. In addition, the revenue procedure eliminates the VCP anonymous submission procedure and adds an anonymous, no-fee, VCP pre-submission conference procedure. The revenue procedure also expands correction by plan amendment under SCP, extends the end of the SCP correction period for significant failures by one year, and extends the sunset of the safe harbor correction method for certain missed elective deferrals by three years.
July 16, 2021: The weekly list of written determinations was posted.
July 19, 2021: Internal Revenue Bulletin 2021-29 was published, highlighting:
Rev. Proc. 2021-24: Individuals required to make returns of income (from May)
Notice 2021-41: Beginning of Construction for Sections 45 and 48; Extension of Continuity Safe Harbor to Address Delays Related to COVID-19 and Clarification of the Continuity Requirement (from June)
Notice 2021-42: Treatment of Amounts Paid to Section 170(c) Organizations under Employer Leave-based Donation Programs to Aid Victims of the COVID-19 Pandemic (from June)
July 19, 2021: A news release announced the launch of the new Tax Pro Account, that enables tax professionals and taxpayers to initiate and execute a Power of Attorney or Tax Information Authorization online, giving taxpayers digital control over who can represent them, a groundbreaking step in the agency’s expansion of electronic options.
July 20, 2021: The Security Summit issued a news release urged the use of multi-factor authentication to protect against data theft.
July 21, 2021: The IRS proposed regulations REG-102951-16 - Electronic-Filing Requirements for Specified Returns and Other Documents expanding electronic filing requirements with respect to various business tax returns and statements, reflecting changes made by the Taxpayer First Act of 2019 (TFA) and are consistent with the its emphasis on increasing electronic filing.
July 21, 2021: The IRS announced that victims of severe storms, flooding, and tornadoes in certain Michigan counties that began June 25, 2021 now have until Nov. 1, 2021, to file various individual and business tax returns and make tax payments because of the recent FEMA disaster declaration.
July 21, 2021: The IRS issued a news release announcing special events in cities on July 23-24, 2021 to help people who don’t normally file taxes register for the monthly Advance Child Tax Credit and Economic Impact payments.
July 21, 2021: The IRS issued a news release announcing the disbursement of 2.2 million additional Economic Impact Payments worth $4 billion, bringing the total amount to 171 million payments worth $400 billion.
July 22, 2021: "A Closer Look" column was published, discussing Enhancing Systems and Processes to Better Serve Taxpayers.
July 23, 2021: The weekly list of written determinations was posted.
July 26, 2021: Internal Revenue Bulletin 2021-30 was published, highlighting:
Notice 2021-38 Issues Relating to Special Financial Assistance from the Pension Benefit
Guaranty Corporation to Certain Multiemployer Defined Benefit Pension Plans
REG-107706-21 (a notice of proposed rulemaking) Requirements Related to Surprise Billing: Part I
T.D. 9951 (interim final rules) Requirements Related to Surprise Billing: Part I
Rev. Proc. 2021-14 Special elections for taxpayers with Farming Loss NOLs
Rev. Rul. 2021-13 Section 45Q.—Credit for Carbon Oxide Sequestration
July 26, 2021: The IRS issued Notice 2021-46 as a supplement to Notice 2021-31 issued in May, providing additional guidance on the temporary premium assistance for Consolidated Omnibus Budget Reconciliation Act (COBRA) health insurance benefits and the associated COBRA premium assistance credit enacted by the American Rescue Plan Act of 2021 (ARPA).
July 27, 2021: The Security Summit urged tax professionals in a news release to raise awareness with their clients about the Identity Protection PIN Opt-In Program, a security feature to protect against identity theft.
July 27, 2021: Statistics of Income Data were released: Tax on Base Erosion Payments (BEAT), Tax Year 2018; Global Intangible Low-Tax Income (GILTI) Statistics, Tax Year 2018; Section 250 Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI), Tax Year 2018; Heavy Highway Vehicle Use Tax Return, Calendar Year 2021; Transactions of Foreign-Owned Corporations, Tax Year 2018; Fiscal Year Return Projections for the United States: 2021–2028, Publication 6292 (Spring 2021); Withholding on Foreign Recipients of U.S. Income, Tax Year 2018; Form W-2 Tabulations, Tax Year 2018
July 28, 2021: The IRS issued a news release announcing another round of refunds averaging $1,600 to 1.5 million taxpayers who overpaid their taxes on unemployment compensation received last year because of the retroactive unemployment exclusion under the American Rescue Plan, as they continue to adjust unemployment compensation from previously filed income tax returns.
July 29, 2021: The IRS updated frequently asked questions about the paid sick and family leave tax credits available to employers under the American Rescue Plan to include providing leave to employees caring for individuals obtaining or recovering from a COVID-19 immunization.
July 30, 2021: The IRS issued Notice 2021-45: State Populations Residing in a Qualified Disaster Zone, providing a list of counties and parishes that constitute as qualified disaster zones for purposes of determining low-income housing tax credits under section 42 of the Code, as expanded by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
July 30, 2021: Notice 2021-48: Guidance on Single-Employer Defined Benefit Pension Plan Funding Changes under the American Rescue Plan Act of 2021 was published and will be in IRB: 2021-33, on August 16, 2021. The notice provides guidance regarding the changes to the funding rules for single-employer defined benefit pension plans that were made by of the American Rescue Plan Act of 2021.
July 30, 2021: The IRS issued Announcement 2021-12, revealing recent disciplinary sanctions imposed on tax practitioners pursuant to the Circular 230 rules for practicing before the IRS.
July 30, 2021: The IRS issued a news release announcing the awarding of a $100,000 Low Income Taxpayer Clinic grant to West Virginia University College of Law.
July 30, 2021: The IRS issued a news release reminding entities with Employer Identification Numbers (EINs) of their responsibility to update changes of responsible party or contact information within 60 days by filing Form 8822-B, Change of Address or Responsible Party - Business.
July 30, 2021: The weekly list of written determinations was posted.
July 2021: Criminal Investigation Press Releases for July 2021
July 2021: Congressional Update: News for members of Congress and their staffs - July 2021 was published.