The IRS has issued guidance (Notice 2021-65) to reflect that employers, other than recovery start-up businesses, are no longer entitled to the employee retention credit for wages paid on or after October 1. [Notice 2021-65, 12/6/2021]
A partnership petitioned the Tax Court challenging a notice of final partnership administrative adjustment, arguing that the IRS erred by adjusting its net earnings from self-employment for the 2015 and 2016 tax years and by determining that the partnership’s individual partners are not limited partners. [Sirius Solutions LLLP et al. v. Commissioner; No. 30118-21, (9/20/2021) 12/7/2021]
The IRS has asserted a 75 percent civil fraud penalty in nine new Tax Court petitions challenging nearly $365 million in denied conservation easement deductions. [Tax Notes Today, 12/8/2021, article by Kristen Parillo]
I have relied on Tax Analysts® to provide reliable and timely analysis of Federal tax developments for over 30 years. The “headnotes” you see here are from “Tax Notes Today” In my opinion, the preeminent source of accurate information and thoughtful analysis of important developments and trends in Federal taxation.
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By Whitney|2022-01-10T09:43:56-05:00January 3rd, 2022|Educate, Regulatory, Tax|Comments Off on Guidance Implements Termination of Employee Retention Credit and 4 more topics! Nichols’ Tax Update, Issue 21-49