October 26, 2021
Here is a a summary of tax and IRS news and events from October 11 to October 15, 2021.
October 12: The U.S. Department of Justice issued the press release Detroit Tax Preparer Indicted for Preparing False Tax Returns. A federal grand jury in Detroit charged Daneilla Allen with 15 counts of aiding and assisting in the preparation of false tax returns. Allen allegedly prepared 2015, 2016, 2019 and 2020 tax returns that falsely claimed deductions, business losses and tax credits to obtain refunds for clients greater than those to which the clients were entitled. If convicted, he faces a maximum penalty of three years in prison for each false return count.
October 12: Internal Revenue Bulletin 2021-41 was published, highlighting
T.D. 9957 - User Fee for Estate Tax Closing Letter
Notice 2021-54 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Notice 2021-55 - Extension of Replacement Period for Livestock Sold on Account of Drought
October 12: Notice 2021-54 published in IRB: 2021-41 updates the corporate bond weighted average interest rate for plan years beginning September 2021; the 24-month average segment rates; the funding transitional segment rates applicable for September 2021 and the minimum present value transitional rates for August 2021.
October 12: An IRS news release announced the 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants
October 12: The IRS urged grandparents, foster parents or people caring for siblings or other relatives to check their eligibility for advance child tax credit payments in a tax tip.
October 12: An IRS QuickAlert announced that new Modernized e-File (MeF) Business Returns Schema and Business Rules and new Form 1040 Series Business Rules and Schemas are available.
October 12: An advance of Notice 2021-57 provides guidance to multiemployer defined benefit pension plans.
October 12: An advance of Notice 2021-59 announces that the Department of the Treasury and the Internal Revenue Service intend to amend the regulations under section 987.
October 12: The IRS issued the Criminal Investigation press release Rhode Island man who sought $4.7 million in COVID relief loans sentenced for defrauding CARES act paycheck protection program.
October 13: Social Security announced a 5.9 percent benefit increase for 2022 in a press release.
October 13: The IRS issued the Criminal Investigation press release Duluth souvenir and t-shirt store owner pleads guilty to tax evasion.
October 13: The IRS issued the Criminal Investigation press release Two individuals sentenced for COVID-19 relief fraud.
October 13: The IRS issued the Criminal Investigation press release New York and Florida resident admits to $6.8 million paycheck protection program fraud scheme.
October 13: The IRS announced that eighteen new seminars from the 2021 IRS Nationwide Tax Forum are available on the IRS Nationwide Tax Forums Online.
October 14: The U.S. Department of Justice issued the press release Florida Man Pleads Guilty to Federal Charges for Fraudulently Obtaining and Laundering More than $4 Million in Paycheck Protection Program Loans.
October 14: The U.S. Department of Justice issued the press release Former Owner of Florida Produce Business Sentenced to Prison for Tax Evasion.
October 14: The IRS reminds taxpayers who requested an extension to file their 2020 tax return that October 15 is the filing deadline for most.
October 14: The IRS announced Zoom events Filing and Tax Requirements When Accepting Sports Wagers and Navigating the BSA E-Filing System for Casinos in an Indian Tribal Governments e-News bulletin.
October 14: The U.S. Tax Court published a press release about Tax Court Disciplinary Matters.
October 15: The IRS sets forth required information for a valid research credit claim for refund in this news release.
October 15: This news release announces how the IRS updates the process for frequently asked questions on new tax legislation and addresses reliance concerns.
October 15: The IRS Fact Sheet General Overview of Taxpayer Reliance on Guidance Published in the Internal Revenue Bulletin and FAQs confirms/explains that FAQs generally cannot be relied upon, and describes authority that can be relied upon.
October 15: Fulton, Huntingdon, Luzerne and Schuylkill counties were added to tax relief for Pennsylvania victims of Hurricane Ida.
October 15: The IRS list of Weekly Written Determinations is published.