November 10, 2021
Candace J. Dixon
News Releases & Tax Tips:
November 1, 2021: The IRS announced in a news release that it issued another 430,000 refunds for adjustments related to unemployment compensation.
November 3, 2021: The IRS published a Year-end giving reminder: that a special tax deduction helps most people give up to $600 to charity even if they don’t itemize.
November 3, 2021: The IRS released reporting guidance for partnership interests held in connection with the performance of services in a news release and Section 1061 Reporting Guidance FAQs.
November 3, 2021: The IRS reminded employers that they generally won't jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal retirement age in a tax tip.
November 4, 2021: The IRS announced in a news release that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020, and issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 in Notice 2021-61.
November 4, 2021: The IRS published a tax tip about common tax scams and tips to help taxpayers avoid them.
Coronavirus Tax Relief:
November 3, 2021: The IRS published this Employee Retention Credit - 2020 vs 2021 Comparison Chart.
Disaster Relief:
November 3, 2021: The IRS announced tax relief through January 3, 2022 for victims of Hurricane Ida in certain areas of Connecticut on their Tax Relief in Disaster Situations page and in a news release.
Tax Reform:
November 1, 2021: The IRS published 4 Tax Reform Resource pages on their website:
Other Updates:
November 5, 2021: The IRS updated their list of weekly written determinations.