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American Rescue Plan Act

Weekly IRS Roundup July 5 – July 9, 2021

by McDermott Will & Emery | Jul 12, 2021 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 5, 2021 – July 9, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 6, 2021: The IRS—in conjunction with the US Department of Labor and the US Department of Health and Human Services—released temporary regulations implementing provisions of the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 and designed to protect persons with health insurance from “surprise” medical bills for certain medical services. The IRS separately released proposed regulations with respect to a subset of the temporary regulations, containing the same text.

July 6, 2021: The IRS issued a set of FAQs and an associated news release, answering questions regarding COVID-related grants provided to certain transportation companies under the Coronavirus Economic Relief for Transportation Services (CERTS) Act.

July 7, 2021: The IRS issued a news release reminding taxpayers that, in partnership with local civic organizations, special events will be held in 12 cities on July 9 – 10, 2021, to assist eligible families in registering for advance payments of the Child Tax Credit.

July 9, 2021: The IRS issued Notice 2021-38 and an accompanying news release, providing guidance regarding the requirements (as enacted under section 432(k) of the Code as part of the American Rescue Plan Act of 2021) for certain multiemployer pension plans to obtain special financial assistance under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA), as enacted by the same Act.

July 9, 2021: The IRS issued a news release announcing that July 13, 2021, is the final day to register for the 2021 IRS Nationwide Tax Forum, an annual series of continuing education seminars for tax professionals to be held virtually from July 20, 2021 through August 19, 2021.

July 9, 2021: The IRS issued a news release reminding taxpayers of the resources available on irs.gov to assist with answering tax questions.

July 9, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

Weekly IRS Roundup June 21 – June 25, 2021

by McDermott Will & Emery | Jun 28, 2021 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 21, 2021 – June 25, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 22, 2021: The IRS issued a news release announcing the launch of two online tools regarding the Child Tax Credit, as expanded by the American Rescue Plan Act of 2021: The Child Tax Credit Eligibility Assistant, which assists families in determining whether they are eligible for advance payments of the credit, and the Child Tax Credit Update Portal, which assists families in monitoring their credit payments.

June 23, 2021: The IRS issued a news release announcing the release of the Electronic Tax Administration Advisory Committee’s (ETAAC) annual report to Congress, which focuses on the prevention of identity theft and refund fraud.

June 23, 2021: The IRS issued a news release announcing that, in partnership with local civic organizations, special events will be held in 12 cities in late June and early July to assist eligible families in registering for advance payments of the Child Tax Credit.

June 24, 2021: The IRS issued Notice 2021-40, extending, through June 30, 2022, earlier relief that temporarily removed the requirement that certain elections and consents under pension and employee benefit plans be made in the physical presence of a plan representative or notary public.

June 24, 2021: The IRS issued a news release with more information regarding the Child Tax Credit Eligibility Assistant and urging families to use the tool to determine whether they qualify for advance payments of the Child Tax Credit.

June 24, 2021: The IRS issued a news release announcing the release of the Data Book, which details its activities during Fiscal Year 2020, particularly its activities in response to the COVID-19 pandemic.

June 25, 2021: The IRS issued Revenue Procedure 2021-22, setting forth requirements for 2021 regarding the use of substitutes for official IRS forms with respect to certain employment tax returns and associated schedules.

June 25, 2021: The IRS issued Revenue Procedure 2021-27, setting forth requirements for 2021 regarding the use of substitutes for official IRS forms with respect to certain information returns.

June 25, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

Weekly IRS Roundup June 7 – June 11, 2021

by McDermott Will & Emery | Jun 14, 2021 | Appellate Courts, Court Procedure Matters, IRS Guidance, Tax Reform, Tax Refunds, Trial Courts

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 7, 2021 – June 11, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 7, 2021: The IRS issued a news release announcing it has begun sending letters to inform more than 36 million American families of their potential eligibility to receive monthly Child Tax Credit payments beginning in July, pursuant to the expansion of the Child Tax Credit under the American Rescue Plan Act of 2021 (ARPA).

June 8, 2021: The IRS issued a news release, soliciting applications for 80 vacancies within its Procurement office, including vacancies for contract specialists who assist the IRS in the procurement and administration of third-party contracts.

June 8, 2021: The IRS issued a news release reminding taxpayers who make estimated tax payments that the second installment of estimated taxes for 2021 is due June 15, 2021.

June 9, 2021: The IRS issued a news release announcing the disbursement of more than 2.3 million Economic Impact Payments worth more than $4.2 billion, bringing the total amount of disbursements under ARPA to more than 169 million payments worth approximately $395 billion.

June 10, 2021: The IRS issued Notice 2021-36, announcing that the applicability date for certain regulations under sections 59A and 6038A of the Code, which set forth various reporting requirements with respect to qualified derivative payments (QDPs) for purposes of the base erosion and anti-abuse tax (BEAT), is delayed to the 2023 taxable year.

June 11, 2021: The IRS issued final regulations regarding the new mandatory 60-day postponement of certain tax deadlines due to a federally-declared disaster, enacted as section 7805A(d) of the Code by the Further Consolidated Appropriations Act, 2020.

June 11, 2021: The IRS issued Revenue Ruling 2021-11, providing the semi-annual Standard Industry Fare Level (SIFL) rates and terminal charges used in computing the value of noncommercial flights on employer-provided aircrafts for purposes of the taxation of fringe benefits under section 61 of the Code. The Revenue Ruling provides both unadjusted SIFL rates and SIFL rates adjusted for relief provided to the airline industry by COVID-related legislation.

June 11, 2021: The IRS issued an Action on Decision, announcing it would not acquiesce to TriNet Group, Inc. v. United States, 979 F.3d 1311 (11th Cir. 2020), which held that a professional employer organization (PEO) had “control of the payment of wages” to its clients’ employees and therefore the PEO—not its clients—was the “employer” (under section 3401(d) of the Code) eligible to claim Federal Insurance Contributions Act (FICA) tip tax credits with respect to such wages.

June 11, 2021: The IRS issued a news release and two sets of FAQs, providing assistance to families and small businesses claiming [...]

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Weekly IRS Roundup May 31 – June 4, 2021

by McDermott Will & Emery | Jun 7, 2021 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 31, 2021 – June 4, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 1, 2021: The IRS issued a news release, soliciting applications for the IRS Advisory Council, a forum consisting of representatives of the public to advise the IRS regarding various tax administration issues.

June 2, 2021: The IRS issued a news release, reminding taxpayers living and working abroad of the June 15, 2021, deadline for filing their 2020 US federal income tax returns.

June 4, 2021: The IRS issued Notice 2021-34, providing the applicable reference price and associated credit amount used in determining the marginal well production credit under section 45I of the Code.

June 4, 2021: The IRS issued Announcement 2021-11, announcing that the United States and Switzerland have entered into an arrangement listing the US and Swiss pension and retirement plans, which now include various US and Swiss individual retirement savings plans that may qualify for the exemption from withholding on dividends under the US-Switzerland tax treaty.

June 4, 2021: The IRS issued a news release, announcing the issuance of more than 2.8 million refunds to taxpayers who paid taxes on unemployment compensation in 2020, compensation that was retroactively excluded from 2020 taxable income by the American Rescue Plan Act of 2021.

June 4, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

Weekly IRS Roundup May 24 – May 28, 2021

by McDermott Will & Emery | Jun 1, 2021 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 24, 2021 – May 28, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 24, 2021: The IRS issued a news release, announcing that the 2021 IRS Nationwide Tax Forum—an annual series of continuing education seminars for tax professionals—will be held virtually from July 20, 2021, through August 19, 2021.

May 26, 2021: The IRS issued a news release, announcing the disbursement of more than 1.8 million Economic Impact Payments worth more than $3.5 billion, bringing the total amount of disbursements under the American Rescue Plan Act of 2021 to nearly 167 million payments worth approximately $391 billion.

May 27, 2021: The IRS issued Revenue Ruling 2021-10 and an accompanying news release, setting forth the overpayment and underpayment interest rates under section 6621 of the Code for Q3 of 2021.

May 28, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

Weekly IRS Roundup May 17 – May 21, 2021

by McDermott Will & Emery | May 24, 2021 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing various prescribed interest rates for federal income tax purposes for June 2021.

May 17, 2021: The IRS issued Revenue Procedure 2021-24, providing procedures for individuals who are not required to file federal income tax returns to receive advance Child Tax Credit payments and third-round Economic Impact Payments under the American Rescue Plan Act of 2021 (ARPA), as well as 2020 recovery rebate credits under earlier coronavirus-related legislation.

May 17, 2021: The IRS issued a news release, reminding taxpayers that May 17 is the filing deadline for most individual income tax returns and summarizing various e-filing and extension options.

May 17, 2021: The IRS issued a news release, announcing that the first monthly payments under the Child Tax Credit, as expanded by ARPA, will be made to eligible families on July 15, 2021.

May 18, 2021: The IRS issued Notice 2021-31 and an accompanying news release, providing 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 ARPA.

May 19, 2021: The IRS issued Notice 2021-33, providing the monthly update to certain interest rates used for pension plan funding and distribution purposes.

May 19, 2021: The IRS issued a news release, summarizing various tax benefits available to individuals experiencing homelessness, the rural poor and other underserved groups and urging employers and community groups to spread information about such benefits and assist such individuals in filing 2020 tax returns.

May 20, 2021: The IRS issued a news release, urging taxpayers who missed the recent May 17 tax-filing deadline to file their tax returns as soon as possible to obtain refunds or limit penalties and interest.

May 21, 2021: The IRS issued Notice 2021-32, providing the 2021 inflation adjustment factors and reference prices for the renewable electricity production credit, refined coal production credit and Indian coal production credit under section 45 of the Code.

May 21, 2021: The IRS issued an Action on Decision, announcing that it would not acquiesce to Machacek v. Comm’r, 906 F.3d 429 (6th Cir. 2018), which held that the economic benefits of a compensatory split-dollar life insurance arrangement may be treated as a distribution under section 301 of the Code.

May 21, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

Weekly IRS Roundup May 10 – May 14, 2021

by McDermott Will & Emery | May 18, 2021 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 10, 2021: The IRS issued Revenue Procedure 2021-25, announcing various inflation-adjusted amounts relevant to health savings accounts (HSAs) for calendar year 2022.

May 10, 2021: The IRS issued Notice 2021-26 and an accompanying news release, clarifying that unused amounts from dependent care assistance programs for 2020 that are carried over to 2021 or 2022 (pursuant to coronavirus-related legislation) remain excludible from gross income for those later years.

May 11, 2021: The IRS issued Revenue Procedure 2021-26, providing procedures under section 446(e) of the Code for certain foreign corporations to obtain automatic IRS consent to change to the alternative depreciation system of accounting under section 168(g) of the Code.

May 11, 2021: The IRS issued a news release, providing an overview of certain key tax provisions in the American Rescue Plan Act of 2021 (ARPA), including provisions retroactive to the 2020 taxable year.

May 12, 2021: The IRS issued a news release, announcing a ninth round of Economic Impact Payments consisting of nearly one million payments worth more than $1.8 billion, bringing the total amount of disbursements under ARPA to approximately 165 million payments worth approximately $388 billion.

May 13, 2021: The IRS issued a news release, announcing that, in response to recent disruptions to the fuel supply chain, it is waiving penalties for failure to make semi-monthly deposits of excise tax on the sale of dyed diesel fuel for highway use. The relief is retroactive to May 7, 2021, and is in effect through May 21, 2021, and the IRS stated that it is closely monitoring the situation and will provide additional relief as needed.

May 13, 2021: The IRS issued a news release, extending the deadline to apply for 2022 membership on the Taxpayer Advocacy Panel, a federal advisory committee formed to identify taxpayer concerns and make recommendations for improving IRS service, through June 1, 2021.

May 14, 2021: The IRS issued Announcement 2021-10, clarifying that the boundaries of qualified opportunity zones created under the Tax Cuts and Jobs Act are unaffected by the results of the 2020 decennial census.

May 14, 2021: The IRS issued a news release, announcing that victims of storms and tornadoes that occurred in Tennessee in late March and early April would have until August 2, 2021, to file individual and business tax returns and make tax payments.

May 14, 2021: The IRS issued a news release, announcing that it has commenced issuing refunds to taxpayers who paid taxes on 2020 unemployment compensation, compensation that ARPA later excluded from 2020 taxable income.

May 14, [...]

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Weekly IRS Roundup April 26 – April 30, 2021

by McDermott Will & Emery | May 3, 2021 | IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 26, 2021 – April 30, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

April 26, 2021: The IRS issued Revenue Procedure 2021-23, making superseding changes to earlier Revenue Procedures related to the Child Tax Credit under section 24 of the Code, the Earned Income Credit under section 32 of the Code and the Premium Tax Credit under section 36B of the Code in order to reflect statutory amendments made by the American Rescue Plan Act of 2021 (ARPA).

April 26, 2021: The IRS issued a news release reporting the results of its March 2021 inaugural National Virtual Settlement Month, an IRS-coordinated nationwide initiative to provide pro bono legal advice to pro se US Tax Court litigants.

April 27, 2021: The IRS issued corrections to final regulations published in December 2020 regarding the elimination of the deduction for expenses associated with certain employer-provided transportation and commuting benefits under section 274 of the Code.

April 27, 2021: The IRS issued a news release, describing various electronic services it provides and urging taxpayers and tax professionals to use such services to speed up the processing of tax returns, payments and refunds.

April 28, 2021: The IRS issued a news release announcing a seventh round of Economic Impact Payments consisting of nearly two million payments totaling more than $4.3 billion, bringing the total amount of disbursements under ARPA to approximately 163 million payments worth approximately $384 billion.

April 29, 2021: The IRS issued a news release, providing information and resources to assist with tax compliance by gig economy workers and taxpayers who claimed unemployment compensation in 2020.

April 29, 2021: The IRS issued a news release, reminding taxpayers of the availability of tax-filing extensions upon request and listing certain categories of taxpayers who automatically obtain extensions without request.

April 30, 2021: The IRS issued Announcement 2021-8, listing attorneys, Certified Public Accountants (CPAs) and other practitioners who have received disciplinary sanctions for violating the regulations governing practice before the IRS.

April 30, 2021: The IRS issued a news release announcing the release of updated 2021 versions of Schedules K-2 and K-3 for Forms 1065, 1120-S and 8865. The updated Schedules are intended to provide greater clarity regarding the reporting of certain international tax items with respect to pass-through entities.

April 30, 2021: The IRS issued a news release announcing that it is now accepting grant applications by eligible organizations under the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) programs, which provide tax assistance services to elderly taxpayers and underserved communities, respectively.

April 30, 2021: The IRS released its weekly list of written determinations (e.g., [...]

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Weekly IRS Roundup April 19 – April 23, 2021

by McDermott Will & Emery | Apr 26, 2021 | IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 19, 2021 – April 23, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

April 19, 2021: The IRS issued a news release announcing the establishment of a new office, the IRS Office of Promoter Investigations (OPI), which will address promoters of abusive tax avoidance transactions, such as certain syndicated conservation easements and micro-captive insurance arrangements.

April 20, 2021: The IRS issued a news release reminding taxpayers of common filing errors that could delay the processing of returns and refunds.

April 21, 2021: The IRS issued a fact sheet and an accompanying news release, providing details about small business tax credits available under the American Rescue Plan Act of 2021 (ARPA), including credits for the cost of providing leave for employees who are unable to work because of COVID-19 and credits for the cost of providing leave for employees to receive, or recover from, COVID-19 vaccinations.

April 22, 2021: The IRS issued Revenue Procedure 2021-20 and an accompanying news release, providing a safe harbor for certain businesses that received COVID-related Paycheck Protection Program loans and did not deduct the associated expenses for the 2020 taxable year. In response to recent legislation permitting the deduction of such expenses, the Revenue Procedure provides that such businesses may deduct such expenses for the 2021 taxable year in lieu of filing an amended return for the 2020 taxable year.

April 22, 2021: The IRS issued Revenue Procedure 2021-21, waiving the residence requirements to qualify for benefits under section 911 of the Code for the 2020 taxable year, with respect to certain individual taxpayers who departed from Iraq after March 25, 2020.

April 22, 2021: The IRS issued a news release announcing a sixth round of Economic Impact Payments consisting of nearly two million payments totaling nearly $3.4 billion, bringing the total amount of disbursements under ARPA to approximately 161 million payments worth more than $379 billion.

April 23, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.

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Weekly IRS Roundup April 5 – April 9, 2021

by McDermott Will & Emery | Apr 13, 2021 | IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of April 5, 2021 – April 9, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

April 5, 2021: The IRS issued a news release announcing that it is mailing letters to certain taxpayers who claimed the 2020 Recovery Rebate Credit, explaining why they may be getting a different amount than expected.

April 5, 2021: The IRS issued a news release estimating that more than $1.3 billion of unclaimed income tax refunds are available to the estimated 1.3 million taxpayers who did not file a 2017 Form 1040 and reminding such taxpayers to file their 2017 returns before the May 17, 2021, deadline for claiming refunds.

April 7, 2021: The IRS issued a news release announcing a fourth round of Economic Impact Payments consisting of over 25 million payments totaling over $36 billion, bringing the total amount of disbursements under the American Rescue Plan of 2021 (ARPA) to more than 156 million payments worth approximately $372 billion.

April 8, 2021: The IRS issued Notice 2021-25 and an accompanying news release, providing guidance on the application of section 274(n)(2)(D) of the Code, a provision added by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 which provides for a temporary 100% deduction for food and beverages provided by a restaurant.

April 8, 2021: The IRS issued a news release reminding taxpayers who make estimated tax payments that the due date for the first estimated tax installment remains April 15, 2021.

April 8, 2021: The IRS issued a news release announcing various internal executive changes, including the appointment of Douglas O’Donnell as IRS Deputy Commissioner, Services and Enforcement, and Nikole Flax as Commissioner of the Large Business and International Division.

April 8, 2021: The IRS issued a news release reminding residents of US territories that, pursuant to recent legislation, they may be eligible to exclude up to $10,200 per person of unemployment compensation from gross income for the 2020 taxable year.

April 9, 2021: The IRS issued a news release announcing that, pursuant to ARPA, it was suspending the requirement that taxpayers repay excess advance payments of Premium Tax Credits.

April 9, 2021: The IRS issued a news release urging participants in abusive micro-captive insurance arrangements to exit the arrangements as soon as possible.

April 9, 2021: The IRS issued a news release reminding taxpayers that the deadline for filing the Report of Foreign Bank and Financial Accounts (FBAR) remains April 15, 2021.

April 9, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, [...]

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