Weekly IRS Tax Legislation Steering April 26th

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Weekly IRS Tax Law Guidance April 26th

The following is a summary of the Internal Revenue Service (IRS) key guidance and relevant tax issues for the week of April 26, 2021 to April 30, 2021. For more information on the tax implications of COVID-19, please visit our resource page here .

April 26, 2021: The IRS issued Revenue Procedure 2021-23 and changes to previous Revenue Procedures related to Child Tax Credit under Section 24 of the Code, Earned Income Credit under Section 32 of the Code, and Premium Tax Credit under Section 32 made Section 36B of the Code to reflect legislative changes to the American Rescue Plan Act of 2021 (ARPA).

April 26, 2021: The IRS issues a press release announcing the results of its first National Virtual Billing Month in March 2021, an IRS-coordinated statewide initiative to provide free legal advice on pro-se U.S. litigation.

April 27, 2021: The IRS issued corrections to the final rules published in December 2020 to remove the deduction for expenses related to certain employer-provided transportation and commuting services under Section 274 of the Code.

April 27, 2021: The IRS issues a press release describing various electronic services it offers and encourages taxpayers and tax professionals to use these services to expedite the processing of tax returns, payments and refunds.

April 28, 2021: The IRS issued a press release announcing a seventh round of economic impact payments consisting of nearly two million payments totaling more than $ 4.3 billion. This brings the total amount of disbursements under the ARPA to around 163 million payments worth around 384 billion US dollars.

April 29, 2021: The IRS issues a press release providing information and resources to support tax compliance for gig economy workers and taxpayers who applied for unemployment benefit in 2020.

April 29, 2021: The IRS issues a press release reminding taxpayers of the availability of tax extensions upon request and listing certain categories of taxpayers who will automatically receive extensions without request.

April 30, 2021: The IRS issued the 2021-8 announcement, which lists attorneys, certified public accountants (CPAs), and other practitioners who have received disciplinary sanctions for violating pre-IRS regulations.

April 30, 2021: The IRS issued a press release announcing the release of updated 2021 versions of the K-2 and K-3 schedules for Forms 1065, 1120-S and 8865. The updated schedules are intended to provide more clarity on reporting on certain international tax items related to transit companies.

April 30, 2021: The IRS issued a press release announcing that it is now accepting grant applications from eligible organizations under the Tax Advice for Elderly (TCE) and Voluntary Income Tax Aid (VITA) programs that provide tax assistance services to senior taxpayers Underserved communities.

April 30, 2021: The IRS publishes its weekly list of written determinations (e.g., decisions about private letters, memoranda of technical advice, and advice from the Chief Counsel).

Special thanks to Le Chen at our Washington, DC office for this week's roundup.