October 26, 2021
Candace J. Dixon
Here is a summary of key IRS and tax news and developments for September 27, 2021 - October 1, 2021:
October 18, 2021 The IRS joined international organizations for Charity Fraud Awareness Week in a news release.
October 18, 2021 The IRS announced in a news release that the large business division will accept requests to meet with IRS employees using secure videoconferencing beginning October 18.
October 19, 2021 An IRS tax tip discussed Alternative Media Center resources for those with disabilities.
October 20, 2021 An IRS news release reminded employers quarterly payroll tax returns are due November 1, 2021.
October 20, 2021 The IRS encouraged people to become IRS-certified volunteers and help people file tax returns during the upcoming tax season in a tax tip.
October 21, 2022 The IRS reminded tax professionals to renew their PTINs for 2022. All current PTINs expire December 31, 2021.
October 22, 2022 The IRS discussed prioritizing online safety during National Cybersecurity Month in a news release.
October 22, 2022 The IRS reminded employers that because of labor shortages related to COVID-19, they can typically rehire retirees or retain employees after retirement age without jeopardizing the tax status of their pension plans in a news release.
Advance IRS Guidance:
October 18, 2021 Rev. Rul. 2021-21 provides November 2021 rates for federal income tax purposes.
October 18, 2021 Notice 2021-60 provides the corporate bond monthly yield curve and corresponding spot segment rates, 24-month average segment rates, and interest rate on 30-year Treasury securities.
October 21, 2022 Notice 2021-56 - Standards for Section 501(c)(3) Status of Limited Liability Companies sets standards LLCs must meet to get determination letters recognizing them as tax-exempt.
Coronavirus Tax Relief
October 22, 2022 As Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans, the IRS updated its Coronavirus-related relief for retirement plans and IRAs questions and answers.
Disaster Relief Updates:
October 20, 2021 Dauphin County was added to tax relief for Pennsylvania victims of Hurricane Ida.
E-Newsletters:
October 20, 2021 e-News for Charities & Nonprofits covers International Charity Fraud Awareness Week October 18-22; Tax Exempt & Government Entities Fiscal Year 2022 Program Letter; Extended Due Dates for Federal Disaster Areas; IRS Nationwide Tax Forums Online New Seminars; and Charitable Gaming: Understand Your Responsibilities courses/workshops.
Federal Register:
October 19, 2021 A correction to TD 9957 - User Fee for Estate Tax Closing Letter was published.
Latest Internal Revenue Bulletin:
October 18, 2021 Internal Revenue Bulletin: 2021-42 highlighted:
Rev. Proc. 2021-32 - Implementation of Nonresident Alien Deposit Interest Regulation
Rev. Proc. 2021-44 - Amounts of unused housing credit carryovers allocated to qualified states under § 42(h)(3)(D) for 202
Rev. Rul. 2021-19 - Fringe benefits aircraft valuation formul
T.D. 9955 - Requirements Related to Surprise Billing; Part I
REG-100718-21 - User Fees Relating to the Enrolled Agent Special Enrollment Examination and the Enrolled Retirement Plan Agent Special Enrollment Examination
Notable Court Happenings:
October 18, 2021 Administrator sentenced to 46 months in prison and three years’ supervised release for converting $1.5 million from FEMA grant to his own use, filing false tax returns - read the Criminal Investigation Press Release
October 18, 2021 New Jersey man charged with tax evasion and filing false tax returns - read the Criminal Investigation Press Release
October 20, 2021 Former IRS employee charged with tax fraud - read the Criminal Investigation Press Release
October 20, 2021 Owner of construction and building inspection businesses and two employees charged with tax fraud - read the Criminal Investigation Press Release
October 20, 2021 U.S. Attorney announces indictment charging former president and bookkeeper of moving company with multimillion-dollar payroll tax fraud scheme, and related guilty pleas - read the Criminal Investigation Press Release
October 21, 2021 Gansevoort woman sentenced on tax fraud charges - read the Criminal Investigation Press Release
October 21, 2021 South Florida tax preparer sentenced to federal prison term for filing fraudulent tax returns, costing IRS almost $3 million - read the Criminal Investigation Press Release
October 21, 2021 Former CFO of Boston Grand Prix pleads guilty to fraud and tax schemes - read the Criminal Investigation Press Release
October 21, 2021 St. Johnsbury businessman charged with tax evasion and identity theft offenses - read the Criminal Investigation Press Release
October 21, 2021 North Carolina tax preparer sentenced for false returns - read the Criminal Investigation Press Release
October 21, 2021 Honolulu bookkeeper indicted for $1.2 million fraud and money laundering - read the Criminal Investigation Press Release
Other IRS Updates:
October 22, 2022 The IRS updates their weekly list of Written Determinations.