Deloitte: IRS Insights (October 2021)

Deloitte has published their October 2021 IRS Insights. The abstract is as follows:

The IRS issued Notice 2021-39, announcing transition relief for Schedules  K-2 and K-3 filers for taxable years beginning in 2021.

The US Court of Federal Claims dismissed refund claim for lack of jurisdiction, refusing to consider evidence that the claim was mailed timely because envelope lacked a postmark.

The Fifth Circuit upheld failure to file and failure to pay penalties due to lack of reasonable cause despite taxpayer’s POA lying and embezzling.

The US Court of Federal Claims dismisses taxpayer’s electronically signed refund claims as not duly filed within the three-year statute of limitations on refunds.

To download the full PDF, visit: IRS Insights (October 2021)

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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