Weekly IRS Roundup October 18 – October 22, 2021

Introduced under is our abstract of serious Inner Income Service (IRS) steerage and related tax issues for the week of October 18, 2021 – October 22, 2021. Moreover, for persevering with updates on the tax affect of COVID-19, please go to our useful resource web page.

October 18, 2021: The IRS announced that starting October 18, its Massive Enterprise and Worldwide (LB&I) Division will settle for all taxpayer requests to fulfill with IRS staff utilizing safe video conferencing.

October 20, 2021: The IRS revealed an announcement, reminding employers that the subsequent quarterly payroll tax return is due November 1, 2021. The IRS urged employers to make use of the velocity and comfort of submitting the returns electronically.

October 21, 2021: The IRS and US Division of the Treasury (Treasury) published a discover and request for feedback regarding Type 4810 (Request for Immediate Evaluation Underneath Inner Income Code Part 6501(d)). The shape is used to assist find a return and expedite the processing of a taxpayer’s request. Written feedback are due on or earlier than December 20, 2021.

October 21, 2021: The IRS revealed an announcement, reminding the greater than 759,000 federal tax return preparers that they have to renew their Preparer Tax Identification Numbers (PTINs) now for 2022. All present PTINs will expire December 31, 2021.

October 21, 2021: The IRS revealed a notice, setting forth present requirements {that a} restricted legal responsibility firm (LLC) should fulfill with a view to obtain a willpower letter recognizing it as tax exempt underneath Part 501(a) and described in Part 501(c)(3). The discover additionally requests feedback on these requirements, in addition to particular points referring to tax exempt standing for LLCs, to help the Treasury and the IRS in figuring out whether or not extra steerage is required in regards to the requirements that an LLC should fulfill with a view to be exempt from taxation by purpose of being described in Part 501(c). Written feedback ought to be submitted by February 6, 2022.

October 22, 2021: The IRS revealed an announcement, reminding employers that they often is not going to jeopardize the tax standing of their pension plans in the event that they rehire retirees or allow distributions of retirement advantages to present staff who’ve reached age 59 and a half or the plan’s regular retirement age. The IRS posted FAQs to assist employers impacted by COVID-19, which resulted in labor shortages.

October 22, 2021: The IRS revealed Revenue Procedure 2021-42, offering pointers and common necessities for the event, printing and approval of the 2021 substitute tax types. The IRS accepts high quality substitute tax types which are in step with the official types and don’t have any opposed affect on processing.

October 22, 2021: The IRS launched its weekly checklist of written determinations (e.g., Personal Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).

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