Tuesday, May 18, 2021
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021.
May 10, 2021: The IRS issued Revenue Procedure 2021-25, announcing various inflation-adjusted amounts relevant to health savings accounts (HSAs) for calendar year 2022.
May 10, 2021: The IRS issued Notice 2021-26 and an accompanying news release, clarifying that unused amounts from dependent care assistance programs for 2020 that are carried over to 2021 or 2022 (pursuant to coronavirus-related legislation) remain excludible from gross income for those later years.
May 11, 2021: The IRS issued Revenue Procedure 2021-26, providing procedures under section 446(e) of the Code for certain foreign corporations to obtain automatic IRS consent to change to the alternative depreciation system of accounting under section 168(g) of the Code.
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Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021.
March 29, 2021: The IRS issued Notice 2021-21 and an accompanying news release, extending certain individual income tax deadlines to May 17, 2021, including the deadline for making contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) and the deadline for claiming refunds.
March 30, 2021: The IRS issued corrections to final regulations published on January 15, 2021, regarding credits for carbon capture equipment under section 45Q of the Code.
March 30, 2021: The IRS released Announcement 2021-6, providing a report on advance pricing agreements for calendar year 2020 under the Advance Pricing and Mutual Agreement Program.
Tuesday, April 6, 2021
Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021.
March 29, 2021: The IRS issued Notice 2021-21 and an accompanying news release, extending certain individual income tax deadlines to May 17, 2021, including the deadline for making contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) and the deadline for claiming refunds.
March 30, 2021: The IRS issued corrections to final regulations published on January 15, 2021, regarding credits for carbon capture equipment under section 45Q of the Code.
March 30, 2021: The IRS released Announcement 2021-6, providing a report on advance pricing agreements for calendar year 2020 under the Advance Pricing and Mutual Agreement Program.
IR-2021-39, February 18, 2021
WASHINGTON The Internal Revenue Service recommended, and the Department of the Treasury has approved, the selection of 24 new members to serve on the Taxpayer Advocacy Panel for 2021.
The new TAP members will join returning members to round out the panel of 67 volunteers for 2021. The new members were selected from a pool of approximately 300 interested individuals who applied during an open recruitment period last spring and from alternate members who applied in prior years.
National Taxpayer Advocate Erin Collins recently shared her appreciation for all TAP volunteers: I am grateful for these citizens volunteering their time and talent to the Taxpayer Advocacy Panel. I am very proud of the accomplishments of the TAP last year, and I look forward to the TAP bringing its valuable taxpayer perspective in recommending changes to tax administration to achieve the quality service that taxpayers expect and deserve.