October 28, 2021

Volume XI, Number 301

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October 28, 2021

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October 27, 2021

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October 26, 2021

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Weekly IRS Roundup August 23 – August 27, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 23, 2021 – August 27, 2021. 

August 23, 2021: The IRS announced that the application period for the 2022 Compliance Assurance Process (CAP) program will run September 1 to November 1, 2021. Acceptance notices will be delivered in February 2022. The CAP program employs real-time issue resolution between taxpayers and the IRS to improve federal tax compliance by resolving problems prior to the filing of a tax return. To be eligible, applicants must: (1) have assets worth $10 million or more; (2) be a US publicly traded corporation with a legal requirement to prepare and submit US Securities and Exchange Commission (SEC) Forms 10-K, 10-Q and 8-K and (3) not under investigation by—or in litigation with—any government agency that would limit the IRS’s access to current tax records. The IRS’s CAP webpage can be found here.

August 25, 2021: The IRS announced that interest rates for the calendar quarter starting October 1, 2021, will remain the same and will be issued in Rev. Rul. 2021-17, dated September 13, 2021.

August 27, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

© 2021 McDermott Will & EmeryNational Law Review, Volume XI, Number 242
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About this Author

Associate

Emily A. Mussio advises clients on various aspects of United States and international tax law. She is experienced with tax controversy and litigation, and federal income tax covering individuals, corporate and partnership taxation.

While in law school, Emily served as an Associate Editor for the Valparaiso University Law Review and as an Associate Justice of the Moot Court Society. She also served as a judicial extern for The Honorable Susan E. Cox, US District Court for the Northern District of Illinois.

312-984-3632
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