Offered below is our summary of major Internal Profits Support (IRS) guidance and suitable tax issues for the 7 days of July 26, 2021 – July 30, 2021.
July 26, 2021: The IRS issued Detect 2021-46 as a complement to See 2021-31 issued in Might, supplying additional guidance on the short-term quality aid for Consolidated Omnibus Funds Reconciliation Act (COBRA) wellbeing insurance policy rewards and the linked COBRA quality assistance credit—enacted by the American Rescue Plan Act of 2021 (ARPA).
July 27, 2021: The IRS issued a information launch urging tax gurus to elevate recognition among purchasers about the availability of Identification Protection PINs, a tax return security aspect developed to defend from tax-related id theft.
July 28, 2021: The IRS issued a news release announcing the imminent issuance of a different spherical of tax refunds to these who paid taxes on unemployment payment in 2020, pursuant to the retroactive exclusion of such payment from 2020 taxable money less than ARPA. The refunds will be issued to approximately 1.5 million taxpayers, averaging additional than $1,600.
July 29, 2021: The IRS issued a information release announcing an update to previously-introduced FAQs regarding paid unwell and relatives depart tax credits under ARPA.
July 30, 2021: The IRS issued Discover 2021-45, providing a listing of counties and parishes that constitute as capable disaster zones for applications of deciding lower-money housing tax credits underneath area 42 of the Code, as expanded by the Taxpayer Certainty and Catastrophe Tax Aid Act of 2020.
July 30, 2021: The IRS issued Detect 2021-48, offering steerage on alterations designed underneath ARPA to the funding principles for one-employer described gain pension strategies.
July 30, 2021: The IRS issued Announcement 2021-12, revealing modern disciplinary sanctions imposed on selected tax practitioners pursuant to the Round 230 regulations for observe in advance of the IRS.
July 30, 2021: The IRS issued a news release announcing the awarding of a $100,000 Small Profits Taxpayer Clinic grant to West Virginia University Higher education of Law to support the college in furnishing tax controversy litigation expert services to small-cash flow and English as a second language (ESL) taxpayers.
July 30, 2021: The IRS issued a news release reminding taxpayers who maintain Employer Identification Figures (EINs) of their responsibility to file Form 8822-B, updating their information with the IRS upon a adjust of responsible celebration or speak to information and facts.
July 30, 2021: The IRS released its weekly checklist of created determinations (e.g., Personal Letter Rulings, Technological Assistance Memorandums and Chief Counsel Advice).
