Inside This Issue
Issue Number: IR-2021-200
IRS announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants
IR-2021-200, Oct. 12, 2021
WASHINGTON – The Internal Revenue Service recently awarded over $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation.
This year, the IRS awarded grants to 34 TCE and 300 VITA applicants. The IRS received 379 applications requesting over $70 million.
The TCE program, established in 1978, provides free tax counseling and federal return preparation to individuals who are age 60 or older. Volunteers receive training and technical assistance to provide assistance at community locations across the nation.
The VITA program, created in 1969, assists underserved communities, such as low- and moderate-income individuals and limited English proficient taxpayers. VITA grant recipients provide free federal tax return preparation and electronic filing. The grant program helps to expand VITA services to underserved populations.
The IRS forms partnerships with a wide variety of organizations across the country to develop VITA and TCE programs. Community partners include non-profit agencies, faith-based organizations, community centers and large employers. The IRS provides tax law training, certification and oversight to these organizations assisting their efforts to prepare accurate returns.
For information on applying for the TCE or VITA programs along with a list of current grant recipients, visit the TCE webpage or theVITA Grant webpage. For details on becoming a TCE or VITA volunteer, visit IRS Tax Volunteers.
Issue Number: Notice 2021-57
Notice 2021-57 provides guidance to multiemployer defined benefit pension plan sponsors and actuaries on the application of funding relief under IRC § 431 and elections under IRC § 432 in accordance with §§ 9701, 9702 and 9703 of the American Rescue Plan Act of 2021, which provide relief for losses incurred on account of the COVID-19 pandemic.
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Issue Number: Notice 2021-59
Notice 2021-59 announces that the Department of the Treasury and the Internal Revenue Service intend to amend the regulations under section 987 to defer the applicability date of the final regulations under section 987, as well as certain related final regulations, by one additional year. The applicability date of these regulations has been deferred under prior notices to taxable years beginning after December 7, 2021. The Treasury Department and the IRS intend to amend §§1.861-9T, 1.985-5, 1.987-11, 1.988-1, 1.988-4, and 1.989(a)-1 of the 2016 final regulations and §§1.987-2 and 1.987-4 of the 2019 final regulations (the related 2019 final regulations) to provide that the 2016 final regulations and the related 2019 final regulations apply to taxable years beginning after December 7, 2022. The Notice also states that taxpayers may rely on certain related proposed regulations that cross-reference temporary regulations which have expired.