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April IRS Updates

| Apr 16, 2021 | IRS Updates |

IRS Defines Restaurant to Qualify for 2021-2011 100% Food & Beverage Deduction: See, Notice 2021-25, 2021-17 IRB; IR 2021-79, 4/8/2021

IRS Updates FAQ on Second Economic Impact Payments for example if it was lost, stolen, or you didn’t receive it. https://www.irs.gov/coronavirus/second-eip-faqs

The IRS Appeals To Hold Requested In-Person Conferences Virtually.  https://www.irs.gov/appeals/appeals-virtual-conferences IRS.gov

IRC 6331: District court’s issuance of writs of garnishment on retirement accounts for criminal restitution obligations upheld.  Taxpayer’s argument for Code Sec. 6334(a)(8) exemption, for “salary, wages or other income” to satisfy outstanding child support obligations failed as “other income” meant money akin to salary and wages/amounts received directly for labor such as bonuses, tips, commissions, and fees, not retirement accounts. (U.S. v. Clark, CA 5, 127 AFTR 2d ¶2021-484)

IRC 6011: Estimated Taxes Still Due April 15th for Q1.  (IR 2021-78)

IRC 7421: Taxpayer was seeking money damages from IRS and Commissioner barred by sovereign immunity; and failed in alternate claims for declaratory judgment, expungement of financial records IRS obtained via summons, challenging summons enforcement and invocation of Bivens not being warranted. Harper v. Rettig, DC NH, 127 AFTR 2d ¶2021-539

The Made in America Tax Plan Report issued by US Treasury identifies goals which include American companies and workers becoming more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.  https://home.treasury.gov/news/featured-stories/made-in-america-tax-plan-report

Lots of Refunds for 2017 Non-Filers with Due Date to File Now: May 17, 2021.  Refund amount totals about $1.3 billion for an estimated 1.3 million people (IR 2021-75)

In a Memo, the IRS Small Business/Self-Employed Division (SB/SE) has implemented temporary deviations from levy procedures in the Internal Revenue Manual for the third stimulus payment. Among the deviations are procedures intended to avoid levying on that stimulus payment.

 Global Corporate Minimum Tax Rate called for by Treasury Secretary Janet Yellen in an April 5 speech to the Chicago Council on Global Affairs.

2020 K-1 Instructions Clarified. IRS has released three clarifications regarding “Worksheet for Adjusting the Basis of a Partner’s Interest in the Partnership.”