IRA

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornados in Illinois. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Menard, Montgomery, Morgan, Moultrie, Pike, and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and flooding in Alabama. The tax relief postpones various tax filing deadlines that began October 6, 2021. Affected individuals and households who reside or have a business in Jefferson and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms, flooding, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting December 10. The areas included in the relief are Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties.

The House of Representatives passed the $1.9 trillion Build Back Better bill in a 220-213 near party line vote. The House-passed version of the bill contains several IRA provisions, including

The much-anticipated Infrastructure Investment and Jobs Act (the Act) has passed the House of Representatives months after its approval in the Senate. The legislation contains the following noteworthy provisions.

The IRS has issued a fourth draft of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. In it, the IRS indicates that while final versions of the redesigned Form W-4P and Form W-4R will be released for 2022, based on comments received on prior drafts from stakeholders, the IRS will postpone requirements to begin using the redesigned forms until January 1, 2023. Payors should update their system programming for these new forms but may otherwise continue to use the 2021 Form W-4P.

The IRS has issued Notice 2021-61, which contains the following 2022 retirement savings limitations.

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Connecticut. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Fairfield and New London counties including the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi. The tax relief postpones various tax filing deadlines that began August 28, 2021. Affected individuals and households who reside or have a business in Amite, Claiborne, Copiah, Covington, Franklin, George, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne, and Wilkinson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The House Ways and Means Committee has released additional legislative text as part of its tax portion of the anticipated $3.5 trillion budget reconciliation bill. If enacted, the proposal would impose several restrictions on IRAs.