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This Week's Internal Revenue Bulletin

NOV. 22, 2021

2021-47 IRB 1

DATED NOV. 22, 2021
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2021-43776
  • Tax Analysts Electronic Citation
    2021 TNTF 224-31
    2021 TNTG 224-29
Citations: 2021-47 IRB 1

HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

Rev. Proc. 2021-46, page 740. This procedure provides specifications for the private printing of red-ink substitutes for the 2021 Forms W-2 and W-3. This procedure will be produced as the next revision of Publication 1141. Rev. Proc. 2020-38 is superseded.

EMPLOYEE PLANS

Notice 2021-61, page 738. Section 415 of the Internal Revenue Code (the Code) provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost of living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under § 415. Under § 415(d), the adjustments are to be made under adjustment procedures similar to those used to adjust benefit amounts under § 215(i)(2)(A) of the Social Security Act.

EXEMPT ORGANIZATIONS

Action On Decision 2021-4, page 725. Nonacquiescence to the holding invalidating Treas. Reg. §1.170A-9(c)(1)'s requirement that the primary function of an educational organization described in section 170(b)(1)(A)(ii) must be the presentation of formal instruction.

INCOME TAX

Rev. Rul. 2021-22, page 726. Section 995 — Taxation of DISC Income to Shareholders. 2021 Base Period T-Bill Rate. The “base period T-bill rate” for the period ending September 30, 2021, is published as required by section 995(f) of the Internal Revenue Code.

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Subject Area/Tax Topics
  • Jurisdictions
  • Tax Analysts Document Number
    2021-43776
  • Tax Analysts Electronic Citation
    2021 TNTF 224-31
    2021 TNTG 224-29
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