Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
March 21, 2022: The IRS issued Revenue Ruling 2022-07, addressing the disclosure of tax information pursuant to certain exceptions to the general non-disclosure rule of Internal Revenue Code (Code) Section 6103(a). The Revenue Ruling, which modifies and supersedes Revenue Ruling 2004-53, generally holds that individuals who lawfully obtain tax information under the disclosure exception in Section 6103(c) of the Code are subject to restrictions on redisclosure. However, individuals who obtain tax information under the exceptions in Section 6103(e) or 6013(k)(6) of the Code are not subject to restrictions on redisclosure. The ruling further holds that these results are not affected by whether the individuals are government employees.
March 21, 2022: The IRS issued Notice 2022-14, providing guidance on various interest rates relevant to employee benefit plans under the Code.
March 22, 2022: The IRS issued a news release, providing tips to taxpayers on how to avoid common tax return filing mistakes.
March 22, 2022: The IRS issued a news release, reminding taxpayers of the various electronic payment and deferred payment options available to those who owe taxes with the filing of their individual income tax returns.
March 23, 2022: The IRS issued a news release, providing an update to a Fact Sheet that contains answers to frequently asked questions regarding the tax treatment of 2020 unemployment compensation, taking into account relief provided by the American Rescue Plan Act of 2021 (ARPA).
March 23, 2022: The IRS issued a news release, setting forth common reasons why certain tax refunds may take longer than 21 days to be issued.
March 25, 2022: The IRS issued proposed regulations, setting forth an exception to the “unified plan rule” for multiple employer plans (MEPs) under Section 413(c) of the Code.
March 25, 2022: The IRS issued Revenue Procedure 2022-15, providing an update to the rules taxpayers can use when generating substitutes for Form 941 (Employer’s Quarterly Federal Tax Return) and associated forms and schedules.
March 25, 2022: The IRS issued Revenue Procedure 2022-18, waiving the residence requirements needed to qualify for benefits under Section 911 of the Code for the 2021 taxable year, with respect to certain individual taxpayers who departed from Iraq, Burma, Chad, Afghanistan or Ethiopia in 2021.
March 25, 2022: The IRS issued a news release estimating that a total of nearly $1.5 billion worth of unclaimed tax refunds are available to approximately 1.5 million taxpayers who did not file individual income tax returns for the 2018 taxable year and urging those taxpayers to file such returns prior to the applicable deadlines in April 2022.
March 25, 2022: The IRS issued a news release, providing an update to a Fact Sheet that contains answers to frequently asked questions regarding third round Economic Impact Payments, as enacted by ARPA.
March 25, 2022: The IRS issued a news release, providing a finalized version of a Fact Sheet initially released in draft form in May 2021 that contains answers to frequently asked questions regarding the tax treatment of payments to individuals by Indian Tribal Governments and Alaska Native Corporations pursuant to COVID-related legislation.
March 25, 2022: The IRS issued a news release, reminding certain retirees who turned 72 in the second half of 2021 that the deadline to begin taking required minimum distributions from individual retirement accounts (IRAs), 401(k)s and similar workplace retirement plans is April 1, 2022.
March 25, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.