Partnering to protect taxpayers’ information; National Tax Security Awareness Week begins Monday

Issue Number:​ ​ 2021-47

Inside This Issue

  1. Child Tax Credit payments: IRS online portal now available in Spanish
  2. Partnering to protect taxpayers’ information; National Tax Security Awareness Week begins Monday
  3. IRS Nationwide Tax Forums Online offers 18 self-study seminars
  4. News from the Justice Department’s Tax Division
  5. Technical Guidance

1.​ ​ Child Tax Credit payments: IRS online portal now available in Spanish


The Internal Revenue Service this week launched a new Spanish-language version of the Child Tax Credit Update Portal (CTC-UP). This tool is designed to help families quickly and easily make changes to the monthly Child Tax Credit payments they are receiving from the IRS.

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2. Partnering to protect taxpayers’ information; National Tax Security Awareness Week begins Monday


Combatting today’s cybercriminals takes all of us working together. Working together as the Security Summit, the IRS works with state tax agencies and the tax industry to fight these 21st century identity thieves. And while we’re making progress, there’s more work to be done. Protecting taxpayer data is the law and good business. Visit the Protect Your Clients; Protect Yourself webpage on IRS.gov for tips and resources about keeping your clients’ tax information secure. In addition, the annual National Tax Security Awareness Week begins Monday with tips to help protect taxpayers and tax professionals from identity thieves.

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3.​ ​ IRS Nationwide Tax Forums Online offers 18 self-study seminars


Self-study seminars are available through the IRS Nationwide Tax Forums Online. These 18 seminars were recorded at the 2021 IRS Nationwide Tax Forum, and you can earn continuing education credits for $29 per credit. For more information, visit the IRS Nationwide Tax Forums Online website.

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4.​ ​ News from the Justice Department’s Tax Division


The U.S. Department of Justice Tax Division this week reported:

A Florida tax preparer was charged in an indictment filed in the Eastern District of Pennsylvania with scheming to fraudulently obtain more than $7 million in Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL) and pre-pandemic Small Business Administration (SBA) loans, and to launder the proceeds of the illegal scheme.

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5.​ ​ Technical Guidance


Revenue Ruling 2021-24 provides interest rates for underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning January 1, 2022, will be 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 0.5 percent.

Revenue Ruling 2021-24 will be in IRB 2021-50, dated Dec. 13.

An advance copy of REG-109128-21 , proposed regulations, which provide that “minimum essential coverage,” as that term is used in health insurance-related tax laws, does not include Medicaid coverage that is limited to COVID-19 testing and diagnostic services provided under the Families First Coronavirus Response Act.​ The proposed regulations also provide an automatic extension of time for providers of minimum essential coverage to furnish individual statements regarding such coverage, and an alternative method for furnishing individual statements when the shared responsibility payment amount is zero.​ Lastly, the proposed regulations provide an automatic extension of time for “applicable large employers” to furnish statements relating to health insurance that the employer offers to its full-time employees.

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