IRS Reveals Retirement Plan Compliance Initiatives
The agency plans to examine worker classifications, RMDs in large DB plans and participant loans, as well as do a compliance check about partial plan termination and partial vesting, among other things.
Reported by
The IRS Tax Exempt & Government Entities Division (TE/GE) has a released a new 2021 Program Letter to update its compliance initiatives for its fiscal year.
The agency says it will continue to pursue its compliance program described in the 2020 Program Letter. The letters for both years are available on a webpage the IRS will use to share information about other initiatives at the end of each quarter during the fiscal year, as well as findings from recently completed actions.
Weekly IRS Roundup February 8 – February 12, 2021 | McDermott Will & Emery jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 18, 2021 – January 22, 2021.
On
January 20, President Biden’s chief of staff, Ronald Klain, issued a memorandum freezing the publication of rules in the Federal Register pending additional review by presidential designees or appointees. As a result, there may be delays in the official publication of pending IRS actions.
January 19: The IRS released Notice 21-08 providing a waiver of the addition to tax for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the amendment to section 461(l)(1)(B) contained in the Coronavirus Aid, Relief and Economic Security (CARES) Act.
News - Dem Senator Wants to Weaponize the IRS, Again heartland.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heartland.org Daily Mail and Mail on Sunday newspapers.
IRS webinar: File Error-Free Form 1023-EZ
The Tax Exempt and Government Entities Division invites you to register for the free File Error-Free Form 1023-EZ webinar on Thursday, February 4, 2021; 1 p.m. Eastern Time.
This webinar is designed to help smaller organizations that are filing for tax exemption determine:
Who can use Form 1023-EZ to apply for tax exemption
How to submit the form
Differences between Form 1023 and Form 1023-EZ
Form 1023-EZ eligibility requirements
IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service
Mandatory E-filing of Form 4720
by Private Foundations
Notice 2021-01 provides that, while subject to a delay, private foundations must electronically file Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, as required by Section 3101 of the Taxpayer First Act of 2019 (Pub. L. No. 116-25), which amended Section 6033 of the Internal Revenue