Introduced beneath is our abstract of great Inner Income Service (IRS) steerage and related tax issues for the week of November 8, 2021 – November 12, 2021.
November 9, 2021: The IRS launched a Treasury Decision, requesting written feedback on T.D. 9360, which supplies steerage relating to the data a taxpayer should present with the intention to substantiate its computation of its share of a passive international funding firm (PFIC) post-1986 incomes and income. Written feedback should be acquired earlier than January 10, 2022.
November 9, 2021: The IRS launched draft instructions for Kind 8992, U.S. Shareholder Calculation of World Intangible Low-Taxed Revenue (GILTI). Beneath these directions, taxpayers should connect both a separate Schedule A or a separate Schedule B, relying upon whether or not the entity’s US shareholder is a taxpayer of a US consolidated group. As well as, home partnerships are not required to fill out Kind 8892. As an alternative, they have to now full Schedules Okay-2 and Okay-3 on Kind 1065.
November 10, 2021: The IRS issued a news release and a revenue procedure, saying the tax 12 months 2022 annual inflation changes. These changes have an effect on greater than 60 tax provisions, together with the tax charge schedules, and can be used for tax returns filed in 2023.
November 10, 2021: The IRS issued the 2021 IRS Financial Report, which supplies a complete view of the IRS’s monetary actions and its finance administration neighborhood. The report specifies, amongst different gadgets, the tax income managed by the IRS, the quantity of refunds it has issued and the quantity of unpaid assessments.
November 11, 2021: The IRS launched a revenue procedure, requesting feedback on Income Process 2008-60, which impacts taxpayers who’re sustaining a surety bond or a Treasury Direct Account to fulfill the low-income housing tax credit score recapture exception in Part 42(j)(6). Written feedback should be acquired earlier than January 14, 2022.
November 12, 2021: The IRS launched its weekly record of written determinations (e.g., Non-public Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).