News For Your Week Ahead: December 17, 2021

This week, Marc Reibman of USB Payment Processing joined us to highlight the special perks his company has to offer MSATP members.

Watch on YouTube.

Coming Up: On Tuesday, December 21 at 11 a.m., Jerry Lotz of CostSeg Energy Solutions will joins us to tell us about how CostSeg can help you and your clients.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week!

For Kentucky Tornado Victims, IRS Extends 2021 Tax-Filing Dealing, Other Deadlines to May 16 | IR-2021-248

Victims of this weekend’s tornadoes in Kentucky will have until May 16, 2022, to file various individual and business tax returns and make tax payments.

Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes and flooding that took place starting on Dec. 10 in parts of Kentucky. Currently, relief is available to affected taxpayers who live or have a business in Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor and Warren counties. But the IRS will provide the same relief to any other localities designated by FEMA in Kentucky or neighboring states. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

For more information, click here.

Families Will Soon Receive Their December Advance Child Tax Credit Payment | IR-2021-249

The IRS and the Treasury Department announced today that millions of American families will soon receive their final advance Child Tax Credit (CTC) payment for the month of December. Eligible families who did not receive advance payments can claim the Child Tax Credit on their 2021 federal tax return to receive missed payments and the other half of the credit.

This final batch of advance monthly payments for 2021, totaling about $16 billion, will reach more than 36 million families across the country. Most payments are being made by direct deposit.

For more information, click here.

Applicable Federal Rates | RR-2022-01

Revenue Ruling 2022-01 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.

The rates are published monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

Revenue Ruling 2022-01 will be in IRB:  2022-2, dated January 10, 2022.

For more information, click here.

IRS Revising Form 1024 to Allow For Electronic Submission

As part of an ongoing effort to improve service for the tax-exempt community, the IRS is revising Form 1024, Application for Recognition of Exemption Under Section 501(a), and its instructions to allow electronic filing for the first time.

The IRS expects electronic filing to be available early in 2022, at which point applications for recognition of exemption on Form 1024 must be submitted electronically online at www.pay.gov. The IRS will provide a grace period during which it will continue to accept paper versions of Form 1024.

For more information, click here.

IRS Joins Leading Nonprofit Groups to Highlight Special Charitable Tax Benefit Available Through Dec. 31 | IR-2021-247

The IRS joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 federal income tax return.

The Independent Sector and National Council of Nonprofits joined with the IRS to highlight this pandemic-related provision where married couples filing jointly can deduct up to $600 in cash donations and individual taxpayers can deduct up to $300 in donations.

For more information, click here.