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IRS Tax Guidance: Interest Rates for Federal Income Tax

Monday, May 24, 2021 Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here. May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing various prescribed interest rates for federal income tax purposes for June 2021. May 17, 2021: The IRS issued Revenue Procedure 2021-24, providing procedures for individuals who are not required to file federal income tax returns to receive advance Child Tax Credit payments and third-round Economic Impact Payments under the American Rescue Plan Act of 2021 (ARPA), as well as 2020 recovery rebate credits under earlier coronavirus-related legislation.

Weekly IRS Roundup May 17 – May 21, 2021 | McDermott Will & Emery

To embed, copy and paste the code into your website or blog: Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021.  May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing various prescribed interest rates for federal income tax purposes for June 2021. May 17, 2021: The IRS issued Revenue Procedure 2021-24, providing procedures for individuals who are not required to file federal income tax returns to receive advance Child Tax Credit payments and third-round Economic Impact Payments under the American Rescue Plan Act of 2021 (ARPA), as well as 2020 recovery rebate credits under earlier coronavirus-related legislation.

Stimulus Money: How Did You Spend Your Check from Uncle Sam?

Stimulus Money: How Did You Spend Your Check from Uncle Sam? The spending patterns of the Economic Impact Payments varied across legislation and households, with many families opting to increasingly save the funds or use them to pay off existing debt. The IRS appears to be nearly done sending out the $1,400 stimulus checks that the American Rescue Plan mandated. Fewer than 1 million checks were sent out in the last batch of payments, which went out last week.  Periodically, surveys have been released looking at how Americans went about spending the money they got from their stimulus checks. The latest comes from the Peter G. Peterson Foundation, which put out a report this week that asked: How did Americans spend their stimulus checks and how did it affect the economy?

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