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Written by promotiondept

May 4, 2021

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In Rev. Proc. 202115, the gave guidance on which personal protective (PPE) and other protective qualify as class supplies for purposes of the abovetheline deduction by elementary and secondary schoolteachers. This safe harbor was mandated by the Consolidated Approprions Act, 2021, P.L. 116260. Under it, the deduction under Sec. 62(a)(2)(D)(ii) may be claimed for unreimbursed s paid or incurred after March 12, 2020, by eligible educators for protective to stop the spread of COVID19, including, but not limited to: face masks; disinfectant; hand soap; hand sanitizer; disposable gs; physical barriers; air purifiers; tape, paint, or chalk to guide social distancing; and other recommended by the Centers for Disease Control and .

The proposed charging $67 to issue an estate closing letter, which it previously has provided free. Prop. Regs. Sec. 300.13 instituting the fee was released in late December (REG11461516). Before June 2015, the generally issued an estate closing letter for every estate return filed, the explained in the preamble. Since then, it has done so only upon request. This change occurred partly because the number of estate filings dramcally increased after late 2010, when the “portability” provision in Sec. 2010(c) was enacted that allows a deceased spouse’s unused applicable exclusion (DSUE) amount to pass to a surviving spouse. Since then, many or most estate returns report no due but establish the DSUE amount. During the same time, the ’s available resources and budget have been stretched, the preamble stated. However, the recognizes that an estate closing letter, although limited in its procedural scope, provides executors and other stakeholders helpful confirmon in administering and closing a probate estate.

In late December, Treasury’s Financial Crimes Enforcement Network issued a brief notice (FinCEN Notice 20202) stng that it intends to propose amennts to regulons under the Bank Secrecy Act to specifically include a foreign account holding virtual currency as a type of account reportable under 31 C.F.R. Section 1010.350. Previously, a foreign account holding virtual currency has not been among the types of accounts reportable under 31 C.F.R. Section 1010.350(c) and therefore not required to be reported on a FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).


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