The IRS Cometh! Budget Boost to Bridge the “Tax Gap”

Tax compliance has become front page news. IRS Commissioner Chuck Rettig told a U.S. Senate panel that the U.S. government may be losing nearly $1 trillion in unpaid taxes every year. Rettig calls for increased IRS funding and resources for enforcement to close the “tax gap.”

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  • Excise Taxes and Credits. The IRS publishes the inflation adjustment factors and reference prices for calendar year 2021 for the renewable electricity production credit, the refined coal production credit, and the Indian coal production credit under section 45 of the Internal Revenue Code. R.S. Notice 2021-32, I.R.B. 2021-21.
  • Compensation/Benefits/Payroll. The IRS issues formal nonacquiescence to the holding that the economic benefits of a compensatory split-dollar life insurance arrangement may be treated as a distribution with respect to stock under R.C. Section 301. AOD 2021-02; 2021-21 IRB 1156.

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