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Weekly IRS Roundup November 15 – November 19, 2021

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

November 15, 2021: The IRS published a news release announcing the launch of a new online tool designed to help US withholding agents comply with their reporting and withholding responsibilities with respect to IRS Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. The tool performs a quality review of data before submitting to the IRS. Use of the tool does not change a withholding agent’s obligations to file Form 1042-S with the IRS and furnish a copy to the payee.

November 15, 2021: The IRS published a news release announcing that victims of wildfires that began July 14, 2021, now have until January 3, 2022, to file various individual and business tax returns and make tax payments.

November 16, 2021: The IRS published a news release announcing that, effective November 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System transcripts per client through the Practitioner Priority Service line. This is an increase from the previous 10 transcripts per client limit.

November 16, 2021: The IRS published a news release regarding Notice 2021-63, which details how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules of Revenue Procedure 2019-48 when using per diem rates.

November 17, 2021: The IRS published a news release announcing that victims of Hurricane Ida throughout Mississippi now have additional time—until January 3, 2022—to file various individual and business tax returns and make tax payments.

November 17, 2021: The Internal Revenue Service Advisory Council (IRSAC) published a news release announcing its annual report for 2021, which includes recommendations to the IRS regarding new and continuing issues in tax administration. The 2021 report includes recommendations on 24 issues, covering a broad range of topics. The IRSAC is a federal advisory committee that provides an organized public forum for the discussion of relevant tax administration issues between IRS officials and representatives of the public. IRSAC members offer constructive observations regarding current or proposed IRS policies, programs and procedures.

November 17, 2021: The IRS published a news release announcing it unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise themselves and to avoid paying excessive fees to companies advertising outlandish claims.

November 17, 2021: The IRS published a news release announcing the launch of an improved identity verification and sign-in process that enables more people to securely access IRS online tools and applications.

November 17, 2021: The IRS’s National Taxpayer Advocate published a blog post indicating that US Congress [...]

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Weekly IRS Roundup June 29 – July 3, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 29, 2020 – July 3, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 29, 2020: The IRS issued a news release announcing that the tax filing and payment deadline of July 15 will not be postponed. However, individual taxpayers may request an automatic extension of time to file until October 15. Individual taxpayers that file Form 1040 series returns must file Form 4868 by July 15 to obtain the automatic extension.

June 29, 2020: The IRS issued corrections to proposed regulations regarding the credit for carbon oxide sequestration under section 45Q. Among other changes, the IRS clarified that the applicable recapture period ends upon five years, and not three years, after the last taxable year in which the taxpayer claimed a tax code section 45Q credit.

June 29, 2020: The IRS published the 2019 IRS Data Book, which summarizes tax filings, revenue collections, taxpayer services, enforcement activities and agency operations. The IRS added new key information to the annual publication and addressed the agency’s response to COVID-19.

June 29, 2020: The IRS added new frequently asked questions regarding filing extension relief for Forms 1139 and 1045. The IRS clarified that Notice 2020-26, which grants a six-month extension to file Forms 1139 and 1045 for certain net operating losses (NOLs), applies to consolidated groups. The IRS also clarified that if Notice 2020-26 extended a taxpayer’s filing date to file Forms 1139 and 1045, and if the extended due date is a date on or after April 1, 2020, and before July 15, 2020, then the taxpayer will also receive relief under Notice 2020-23, which allows taxpayers to file Forms 1139 and 1045 until July 15, 2020.

July 1, 2020: The IRS issued a news release announcing that it added new retail partners that will accept cash payments for federal taxes owed by both individual and business taxpayers.

July 2, 2020: The IRS released proposed regulations and temporary regulations providing guidance regarding NOLs for consolidated groups. The temporary regulations permit consolidated groups that have acquired certain new members to elect to waive all or part of the pre-acquisition portion of certain losses where there is a retroactive statutory extension of the NOL carryback period. Public comments regarding the contemplated rules must be received by August 31, 2020.

July 3, 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 roundup.




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