Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023.
January 30, 2023: The IRS released Internal Revenue Bulletin 2023-5, which highlights the following:
- Announcement 2023-5: This announcement provides notice that there were no articles submitted for this week’s publication.
January 30, 2023: The IRS released Tax Tip 2023-10, reminding employers and businesses that the due date to file 2022 Form W-2, Form W-3 and Form 1099-NEC is January 31, 2023.
January 31, 2023: The IRS offered a checklist of reminders for people as they navigate tax season and prepare to file their 2022 tax returns. The list includes gathering all tax paperwork, remembering all types of income and choosing a tax professional carefully.
January 31, 2023: The IRS released Tax Tip 2023-11, urging people to bookmark IRS.gov tools to help reduce the stress of filing season. The Let Us Help You page has information and resources on a wide range of topics for both individual taxpayers and businesses.
February 1, 2023: The IRS released Tax Tip 2023-12, highlighting IRS Free File for first-time filers. The program provides free tax preparation, free electronic filing and free direct deposit for eligible taxpayers.
February 2, 2023: The IRS released Tax Tip 2023-13, urging taxpayers to have their tax refund direct deposited. The IRS says that direct deposit is fast, secure, easy and provides options for splitting a refund.
February 2, 2023: The IRS issued proposed regulations, which would rescind the moral objection to the coverage of contraceptive services under the Affordable Care Act. The proposed rules also would establish a new individual contraceptive arrangement that individuals enrolled in plans or coverage provided by objecting entities may use to obtain contraceptive services at no cost directly from a provider or facility that furnishes contraceptive services. Comments should be received by April 3, 2023.
February 3, 2023: The IRS announced that it has released new guidance related to new, previously owned and qualified commercial clean vehicle credits and updated related FAQs in Fact Sheet 2023-4. Notice 2023-16 modifies the definition of certain vehicle classifications for the clean vehicle credits.
February 3, 2023: The IRS released a statement regarding the taxability of state payments made in 2022. The IRS is working with state tax officials to provide additional information and hopes to provide additional clarity by next week. The IRS recommends waiting until additional guidance is available if taxpayers are uncertain about the taxability of their state payments. The IRS does not recommend calling the IRS or amending a previously filed 2022 return.
February 3, 2023: The IRS released a report entitled, IRS Progress Update for Fiscal Year 2022. The publication reviews the IRS’s goals of service, enforcement, people and transformation.
February 3, 2023: The IRS announced dates for the 2023 IRS Nationwide Tax Forums. Registration opens March 1, 2023. The five forums will take place as follows:
- New Orleans: July 11-13, 2023
- Atlanta: July 25-27, 2023
- National Harbor, MD (Washington, DC Area): August 8-10, 2023
- San Diego: August 22-24, 2023
- Orlando, FL: August 29-31, 2023
February 3, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Upcoming Webinars for Tax Practitioners:
- February 7, 2023; 2:00 pm (EST): Practical Considerations – Foreign Tax Credit
- February 9, 2023; 2:00 pm (EST): K2/K3 with a Focus on the Foreign Tax Credit – Individuals