e-News for Tax Professionals 2021-25

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Issue Number:  2021-25

Inside This Issue

1. IRS launches new online tools to help families manage Advance Child Tax Credit payments
2. Beginning this weekend: Advance Child Tax Credit outreach events coming to locations across the country
3. Help eligible families in your area receive the Advance Child Tax Credit by using special ZIP code data
4. IRS Nationwide Tax Forum: Dos seminarios en español
5. ETAAC delivers 2021 annual report to Congress, IRS
6. Amended tax relief for disaster victims in Tennessee
7. IRS hosts webinar Understanding Form 2290, Heavy Highway Vehicle Use Tax
8. IRS releases Data Book for FY2020
9. Technical Guidance

Inform your clients that the IRS has launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits. These two tools – the Child Tax Credit Eligibility Assistant and the Child Tax Credit Update Portal – complement the Non-filer Sign-up Tool, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit.

This information is also available in Spanish and Simplified Chinese.

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The IRS is partnering with non-profit organizations, churches, community groups and others in 12 cities beginning this weekend to help eligible families –particularly those who normally do not file a federal tax return – file a 2020 income tax return or register for the monthly Advance Child Tax Credit payments. Visit IRS.gov for event dates and locations.

This information is also available in Spanish.

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Special Zip code information is available to help identify the locations of children who may be eligible to be claimed for the Advance Child Tax Credit, but who had not been claimed on a recent tax return. Use this data to focus your outreach efforts to sign up non-filers for monthly Child Tax Credit payments.

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Los Foros Tributarios Nacionales de presentan dos seminarios en español como parte del programa virtual: “Cambios Tributarios desde la Perspectiva de Formularios” y “Obligaciones de Responsabilidad Profesional al ejercer ante el Departamento del Tesoro.” Regístrese ahora para obtener hasta 28 créditos de educación continua.

Virtual IRS Nationwide Tax Forum: Two seminars in Spanish

The 2021 IRS Nationwide Tax Forums are presenting two seminars in Spanish as part of this summer’s virtual program: “Tax Law Changes from a Forms Perspective” and “Professional Responsibility Obligations when Practicing before the IRS.” Register now and be eligible to earn up to 28 continuing education credits.

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The Electronic Tax Administration Advisory Committee (ETAAC) released its annual report to Congress, featuring 10 recommendations with a focus on the prevention of identity theft and refund fraud.

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Victims of severe storms, straight-line winds, tornadoes and flooding that began March 25, 2021, now have until Aug. 2, 2021, to file various individual and business tax returns and make tax payments. This tax relief has been expanded to include Marion County.

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The webinar, Understanding Form 2290, Heavy Highway Vehicle Use, takes place Thursday, July 8 at 2 p.m. ET. Register for this webinar to learn more about Form 2290 filing requirements, due dates and take part in a live Q&A. Participants can receive up to two continuing education credits for this webinar.

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The IRS issued the Data Book detailing the agency's activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020). This includes how, during the COVID-19 pandemic, the IRS developed new technologies and provided the necessary equipment to employees, enabling the IRS to resume processing returns and providing phone assistance to taxpayers.

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Notice 2021-40 provides a 12-month extension of the relief provided in Notice 2020-42, as extended by Notice 2021-3. From July 1, 2021, through June 30, 2022, this notice extends two types of relief from the physical presence requirement in section 1.401(a)-21(d)(6)(i) for participant elections required to be witnessed by a plan representative or a notary public: (1) temporary relief from the physical presence requirement for any participant election witnessed by a notary public in a state that permits remote notarization (either by law or through an executive order), and (2) temporary relief from the physical presence requirement for any participant election witnessed by a plan representative.

Revenue Procedure 2021-28 explains how a taxpayer changes its method of computing depreciation to comply with the 2020 change in law to retroactively provide a 30-year recovery period under the alternative depreciation system in section 168(g) for certain residential rental property placed in service before 2018 and held by an electing real property trade or business.

Revenue Procedure 2021-29 allows an eligible partnership to file an amended Form 1065, U.S. Return of Partnership Income, and furnish a corresponding Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., to each of its partners as an alternative option to filing an administrative adjustment request (AAR).

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