e-News or Tax Professionals 2021-03

Useful Links:

IRS.gov

Tax Professionals Home

All Forms and Instructions

Stakeholders Partners'
Headliners

Training and
Communication Tools

e-Services

Taxpayer Advocate Service

Disaster Relief

Internal Revenue Bulletins

IRS Social Media

Upcoming Events

Seminars, Workshops, Conferences, and Other Practitioner Activities By State:

Nationwide Webinars

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas

Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina

North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Back to top

Issue Number:  2021-03

Inside This Issue

1. A Closer Look: Our commitment to serving a diverse nation
2. Technical Guidance

The IRS this week published its latest executive column, “A Closer Look,” featuring Jim Clifford, Deputy Project Director, Taxpayer First Act-Customer Service Strategy. In the article, he discusses improving underserved taxpayer interactions with the IRS. “Our ultimate goal is to provide high-quality, personalized service to everyone, no matter where they live, what their background is, or what language they speak,” Clifford said. The column is also available in Spanish.

Back to top

Notice 2021-06 waives the requirement to file certain information returns and furnish certain payee statements pursuant to section 279 of the COVID-related Tax Relief Act.

Notice 2021-08 provides a waiver of the addition to tax under section 6654 for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the amendment to section 461(l)(1)(B) made by the CARES Act.

Notice 2021-09 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code. 

Notice 2021-10 provides additional relief under section 7508A of the Internal Revenue Code (Code) for qualified opportunity funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.

Notice 2021-11 provides that the end date of the period during which employers must withhold and pay the deferred taxes is postponed from April 30, 2021, to December 31, 2021, and associated interest, penalties, and additions to tax for late payment with respect to any unpaid deferred taxes will begin to accrue on January 1, 2022, rather than on May 1, 2021.

Notice 2021-13 provides partnerships with relief from certain penalties due to the inclusion of incorrect information in reporting their partners' beginning capital account balances on the 2020 Schedules K-1 (Form 1065) and the 2020 Schedules K-1 (Form 8865) as outlined in the 2020 Instructions for Form 1065, U.S. Return of Partnership Income.

Revenue Ruling 2021-04 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.

Back to top