Monthly Archives: December 2021

2021-12-22 IRS Rev. Proc. 2021-52 updated Rev. Proc. 2020-54 procedures and identified circumstances for whether disclosure on a taxpayer’s income tax return for reducing penalties. The revenue procedure updates Rev. Proc. 2020-54, 2020-53 I.R.B. 1806, and identifies circumstances under which the disclosure on a taxpayer's income tax return with respect to an item or position is adequate for: reducing the understatement of income tax under Internal Revenue Code section 6662(d)…

2021-12-20 Beginning Dec. 31, 2021, the publicly available data provided by the IRS on electronically filed Forms 990 will be available solely on the TEOS webpage on IRS.gov. The IRS will no longer update the Form 990 series data on Amazon Web Services.

2021-12-10 The United States Tax Court issued a December 8, 2021, press release, following on On July 23, 2021, and August 16, 2021, press releases, regarding the significantly increased number of petitions received this 2021 year. From January 1, 2021, through November 30, 2021, the Court received 33,300 petitions. Approximately 20% of the total petitions filed were filed electronically. Electronic petitions were up to 30% in October and increased to…

2021-12-10 The IRS announced new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves have been added. An offer in compromise allows a taxpayer to settle a tax debt for less than the full amount you owe if you qualify. Hopefully taxpayers can avoid paying excessive fees to companies who promise to lower taxes to pennies on the dollar.…

2021-12-10 Beginning with offers in compromise accepted on or after Nov. 1, 2021, the IRS will no longer recoup refunds for the calendar year in which the agreement was reached, according to interim guidance dated Oct. 28, 2021. The agency will no longer apply those refunds to outstanding debts for the year, or years, covered by the offer in compromise agreement. To prevent gaming, there is an exception to the…