Weekly IRS Roundup November 22 – November 26, 2021

Introduced under is our abstract of serious Inside Income Service (IRS) steering and related tax issues for the week of November 22, 2021 – November 26, 2021. Moreover, for persevering with updates on the tax affect of COVID-19, please go to our useful resource web page here.

November 22, 2021: The IRS released a memorandum regarding a brief deviation from the handwritten signature requirement for sure tax varieties. To alleviate COVID-19 issues whereas selling well timed submitting, the IRS will enable taxpayers and representatives to make use of digital or digital signatures when signing listed varieties that at present require a handwritten signature. No particular expertise is required to create the signature. The IRS has listed the eligible varieties, which have to be postmarked on August 28, 2020, or later.

November 22, 2021: The IRS released a memorandum extending by means of October 31, 2023, short-term deviations that enable IRS workers to: (1) settle for photos of signatures and digital signatures on paperwork associated to the willpower or assortment of tax legal responsibility and (2) ship or obtain paperwork to or from taxpayers utilizing emails with encrypted attachments when no different accepted digital different is out there.

November 22, 2021: The IRS released a memorandum offering steering regarding worker retention credit and the deferral of paying social safety taxes in 2020.

November 23, 2021: The IRS published a information launch saying the launch of a brand new Spanish-language model of the Baby Tax Credit score Replace Portal (CTC-UP). Households who’re already receiving month-to-month funds use the CTC-UP to replace their accounts. Now, all of the options which have solely been obtainable in English are additionally obtainable in Spanish.

November 26, 2021: The IRS published a discover and request for feedback on Type 944, Employer’s Annual Employment Tax Return, and Type 944-X, Adjusted Employer’s Annual Federal Tax Return or Declare for Refund, that are utilized in half to make sure the smallest non-agricultural and non-household employers are paying the correct quantity of social safety tax, Medicare tax and withheld federal revenue tax. Feedback are due on or earlier than January 25, 2022.

November 26, 2021: The IRS published a discover and request for feedback regarding TD 8857 (addressing the willpower of underwriting revenue by non-life insurance coverage corporations), which permits a non-life insurance coverage firm to extend unpaid losses on a yearly foundation by the quantity of estimated salvage recoverable if the corporate discloses this to the state insurance coverage regulatory authority. Feedback are due on or earlier than January 28, 2022.

November 26, 2021: The IRS launched its weekly checklist of written determinations (e.g., Non-public Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).

Particular because of Robbie Alipour in our Chicago workplace for this week’s roundup.

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