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Weekly IRS Roundup May 17 – May 21, 2021

by | May 24, 2021 | , ,

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.



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Weekly IRS Roundup March 29 – April 2, 2021

by | Apr 6, 2021 | , ,

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 29, 2021: The IRS issued Notice 2021-21 and an accompanying news release, extending certain individual income tax deadlines to May 17, 2021, including the deadline for making contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) and the deadline for claiming refunds.

March 30, 2021: The IRS issued corrections to final regulations published on January 15, 2021, regarding credits for carbon capture equipment under section 45Q of the Code.

March 30, 2021: The IRS released Announcement 2021-6, providing a report on advance pricing agreements for calendar year 2020 under the Advance Pricing and Mutual Agreement Program.

March 30, 2021: The IRS issued a news release warning students and staff of educational institutions of an IRS-impersonation phishing scam.

March 30, 2021: The IRS issued a news release announcing that it anticipates Economic Impact Payments will begin to be issued to Social Security recipients and other individuals who do not normally file tax returns starting the weekend of April 3.

March 30, 2021: The IRS issued a news release providing answers to frequently asked questions regarding the reporting of pandemic-related emergency financial aid grants by students and higher education institutions.

March 31, 2021: The IRS issued a news release announcing that it will take steps to provide automatic refunds to taxpayers who filed tax returns reporting unemployment compensation prior to changes made by the American Rescue Plan Act of 2021 (ARPA).

April 1, 2021: The IRS issued a news release announcing a third round of Economic Impact Payments consisting of four million payments totaling over $10 billion, bringing the total amount of disbursements under ARPA to more than 130 million payments worth approximately $335 billion.

April 2, 2021: The IRS issued Notice 2021-23 and an accompanying news release, providing guidance on the changes made by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 on the employee retention credit under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

April 2, 2021: The IRS issued a news release soliciting civic-minded volunteers to serve on the Taxpayer Advocacy Panel, a federal advisory committee for identifying taxpayer concerns and making recommendations for improving IRS service and customer satisfaction.

April 2, 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 February 8 – February 12, 2021

by | Feb 17, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 8, 2021 – February 12, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

On February 9, the Internal Revenue Service announced that Nancy Sieger would permanently fill the role of chief information officer. Nancy has served as the acting chief information officer since June 2019.

February 11, 2021: The IRS released Internal Revenue Bulletin 2021-7, dated February 16, 2021, containing the following highlights: TD 9938 (Excise Tax; Exempt Organizations); Notice 2021-10 (Income Tax).

February 12, 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 Samuel DiPietro in our Chicago office for this week’s roundup.



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Weekly IRS Roundup February 1 – February 5, 2021

by | Feb 8, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 1, 2021 – February 5, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

February 4, 2021: The IRS published Rev. Proc. 2021-15 providing a safe harbor for eligible educators to treat unreimbursed expenses paid or incurred after March 12, 2020, for COVID-19 protective items to stop the spread of COVID-19 in the classroom.

February 5, 2021: The IRS announced that Heather C. Maloy would replace Lia Colbert as the director of the Taxpayer First Act Office.

February 5, 2021: The IRS issued a news release reminding taxpayers to avoid “ghost” tax return preparers who refuse to sign tax returns they prepare.

February 5, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

February 6, 2021: The IRS released Internal Revenue Bulletin 2021-6, dated February 8, 2021, containing the following highlights: Notice 2021-6 (Administrative); Notice 2021-11(Administrative; Employment Tax); Notice 2021-12 (Income Tax); Rev. Proc. 2021-11 (Income Tax); Rev. Rul. 2021-4 (Income Tax); TD 9946 (Income Tax); TD 9947 (Income Tax); TD 9948 (Income Tax); Notice 2021-8 (Income Tax; Administrative); Notice 2021-13 (Income Tax; Administrative).

Special thanks to Samuel DiPietro in our Chicago office for this week’s roundup.



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Weekly IRS Roundup January 18 – January 22, 2021

by | Jan 27, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 18, 2021 – January 22, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

On January 20, President Biden’s chief of staff, Ronald Klain, issued a memorandum freezing the publication of rules in the Federal Register pending additional review by presidential designees or appointees. As a result, there may be delays in the official publication of pending IRS actions.

January 19, 2021: The IRS released Notice 21-08 providing a waiver of the addition to tax for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the amendment to section 461(l)(1)(B) contained in the Coronavirus Aid, Relief and Economic Security (CARES) Act.

January 19, 2021: The IRS issued Rev. Rul. 21-04 updating the applicable federal rate and various other prescribed rates for February 2021.

January 19, 2021: The IRS issued Notice 21-09 updating weighted average interest rates, yield curves and segment rates.

January 19, 2021: The IRS released Notice 21-06 waiving the requirement to file information returns or furnish payee statements related to certain COVID-19 relief programs.

January 19, 2021: The IRS posted Notice 21-11 extending relief for employers to withhold and pay certain taxes because of the ongoing COVID-19 pandemic.

January 19, 2021: The IRS posted Notice 21-10 extending and providing additional relief for Qualified Opportunity Funds and their investors because of the ongoing COVID-19 pandemic

January 19, 2021: The IRS announced Notice 21-13 providing relief for partnerships from certain penalties related to the reporting of partners’ beginning capital account balances.

January 22, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 22, 2021: The IRS released Internal Revenue Bulletin 2021-4, dated January 25, 2021, containing the following highlights: Rev. Proc. 2021-8 (Exempt Organizations); TD 9937 (Employee Plans); Rev. Proc. 2021-10 (Income Tax); Rev. Rul. 2021-2 (Income Tax); Ann. 2021-1 (Tax Conventions).

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



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Weekly IRS Roundup January 11 – January 15, 2021

by | Jan 20, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 11, 2021 – January 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

January 11, 2021: The IRS released TD 9948 containing final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air.

January 11, 2021: The IRS released TD 9938 setting forth final regulations related to the excise tax on remuneration in excess of $1 million and any excess parachute payment paid by certain tax-exempt organizations to covered employees.

January 12, 2021: The IRS released TD 9946 containing final regulations related to the deduction and reporting of certain fines, penalties and other amounts.

January 13, 2021: The IRS released TD 9949 providing final regulations concerning the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements and certain other health plans.

January 14, 2021: The IRS released Rev. Proc. 21-11 providing methods for calculating W-2 wages for purposes of the wage limitation for the section 199A(g) deduction.

January 14, 2021: The IRS released Rev. Proc. 21-12 extending, in light of the continuing COVID-19 pandemic, the expiration date relevant to the application of certain safe harbors protecting the tax status of certain real estate mortgage investment conduits (REMICs) and investment trusts.

January 15, 2021: The IRS released Rev. Rul. 21-03 providing tables of covered compensation related to the contribution and benefit bases under the Social Security Act.

January 15, 2021: The IRS released Notice 21-12 providing temporary relief, due to the continuing COVID-19 pandemic, from certain requirements for qualified low-income housing projects and qualified residential rental projects.

January 15, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 15, 2021: The IRS released Internal Revenue Bulletin 2021-3, dated January 19, 2021, containing the following highlights: Notice 2021-7 (Administrative, Employment); TD 9932 (Employee Plans, Income Tax); REG-114615-16 (Excise Tax); Notice 2021-2 (Income Tax); Notice 2021-5 (Income Tax); Rev. Proc. 2021-9 (Income Tax); TD 9939 (Income Tax); TD 9941 (Income Tax); and TD 9942 (Income Tax).

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



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Weekly IRS Roundup October 5 – October 9, 2020

by | Oct 14, 2020 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 5, 2020 – October 9, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

October 7, 2020: The IRS published final regulations related to the withholding tax and information reporting requirements for the sale, exchange or redemption of a partnership interest held by a foreign person.

October 7, 2020: The IRS published a draft of Publication 509 with draft tax calendars for 2021.

October 9, 2020: The IRS published Revenue Ruling 2020-19 related to changes in basis of computing life insurance reserves.

October 9, 2020: The IRS published Revenue Procedure 2020-44 to facilitate a transition from interbank offered rates to alternate reference rates.

October 9, 2020: The IRS released Internal Revenue Bulletin 2020-42, dated October 13, 2020, containing the following highlights: REG-110059-20 (Income Tax); TD 9908 (Income Tax).

October 9, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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



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Weekly IRS Roundup September 7 – September 11, 2020

by | Sep 14, 2020 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 7, 2020 – September 11, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

September 4, 2020: The IRS published Competent Authority Arrangements between the United States and the Republic of Serbia and the United States and the Commonwealth of the Bahamas. Each country previously signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The new arrangements establish procedures for IGA-related automatic exchange obligations and for the exchange of information.

September 9, 2020: The IRS publishing news release reminding self-employed individuals, investors, retirees and others with income not subject to withholding that third-quarter estimated tax payments for 2020 are due September 15.

September 9, 2020: The IRS announced that, as part of a larger effort to reach underserved communities, it is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time.

September 10, 2020: The IRS published a notice and request for comments concerning United States gift (and generation-skipping transfer) tax return (Form 709). Form 709 is used by individuals to report transfers subject to the gift and generation-skipping transfer taxes and to compute these taxes. The IRS uses the information to collect and enforce these taxes, verify that the taxes are properly computed and compute the tax base for the estate tax. Comments are due on or before November 9, 2020.

September 10, 2020: The IRS published a notice and request for comments concerning Form 15254 (Request for Section 754 Revocation) which is a new form for a partnership to submit a revocation request from an election to adjust the basis of partnership property. Comments are due on or before November 9, 2020.

September 10, 2020: The IRS published a practice unit focusing on audit techniques for examiners assigned foreign earned income exclusion cases.

September 10, 2020: The IRS published a news release urging individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14.

September 11, 2020: The IRS released Internal Revenue Bulletin 2020-38, dated September 14, 2020, containing the following highlights: (1) Announcement 2020-15 (Exempt Organizations); (2) Announcement 2020-16 (Exempt Organizations); (3) Notice 2020-65 (Administrative, Employment Tax); (4) Notice 2020-68 (Employee Plans); (5) Revenue Procedure 2020-40 (Employee Plans); and (6) TD 9907 (Income Tax).

September 11, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Robbie Alipour in our Chicago office for this week’s [...]

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IRS Provides Some Relief from Tax Payment (But Not Filing) Deadlines Due to COVID-19

by , and | Mar 19, 2020 | ,

On March 13, 2020, President Trump issued an emergency declaration that directed Secretary Mnuchin to provide appropriate relief from tax payment deadlines to Americans who have been adversely affected by the COVID-19 pandemic. In response to this direction, the IRS issued Notice 2020-17. The Notice declares that all taxpayers have been affected by the emergency and gives all taxpayers an extension of time until July 15, 2020, to make certain income tax payments that would otherwise have been due on April 15, 2020 (however, at this time, tax returns must still be filed by the April 15 deadline absent an extension).

We outline the specifics.

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Weekly IRS Roundup December 3 – 7, 2018

by | Dec 10, 2018 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 3 – 7, 2018:

December 4, 2018: The IRS issued a news release granting taxpayers an extra day, until Thursday, December 6, 2018, to file any return or pay any tax originally due on Wednesday, December 5, 2018, in light of the Executive Order closing all federal agencies on December 5, 2018, as a mark of respect for President George H.W. Bush.

December 4, 2018: The IRS issued Notice 2018-95, providing transition relief from the “once-in-always-in” condition for excluding part-time employees under Treas. Reg. § 1.403(b)-5(b)(4)(iii)(B).

December 6, 2018: The IRS in Revenue Ruling 2018-32 released the interest rates for underpayments and overpayments applicable for the calendar quarter beginning January 1, 2019.

December 7, 2018: The IRS issued Notice 2018-97, providing initial guidance on the application of section 83(i) of the Code, enacted in the Tax Cuts and Jobs Act, which allows qualified employees of privately held corporations to defer paying income tax—for up to five years—on the value of qualified stock options and restricted stock units granted to them by their employers.

December 7, 2018: 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 DC office for this week’s roundup.



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