News for Your Week Ahead: September 24, 2021

Past President Ellen Silverstein join us to tell us about the Mt. Vernon Tour on October 20. To register for the tour, click here.

Watch on YouTube.

Coming Up: On Tuesday, September 28, at 10 a.m., Matthew Pollard joins us to tell us about his upcoming seminar at The Business Builders Connection Conference.

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

Retroactively Adopted Plans that Filed Form 5558 Extension 

Section 201 of the SECURE Act provides that employers that adopt a retirement plan by the due date of their 2020 tax return, including extensions, may elect to treat that plan as being effective for the employer’s 2020 tax year. In an Employee Plans News article published on August 6, 2021, the IRS clarified that plans retroactively adopted after the end of the plan year have no 2020 Form 5500 series return filing requirement.

Plan sponsors that already submitted a Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for these retroactively adopted plans will not establish a 2020 Form 5500 filing requirement.

For more information, click here.

All Taxpayers Have the Right to Appeal an IRS Decision in an Independent Forum |Tax Tip 2021-141

Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when dealing with the IRS.

The IRS Independent Office of Appeals handles a taxpayer’s case must be separate from the IRS office that initially reviewed that case. Generally, this office will not discuss a case with the IRS to the extent that those communications appear to compromise the independence of Appeals.

For more information, click here.

IRS: New Contracts Awarded to Private Collection Agencies; Taxpayers May be Contacted by One of Three Groups | IR-2021-191

The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts.

Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies.

For more information, click here.