Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
March 29, 2022: The IRS issued a news release reminding taxpayers that the limitation on the educator expenses deduction of section 62(a)(2)(D) of the Code has risen from $250 to $300 for the 2022 taxable year.
March 29, 2022: The IRS issued a news release reminding taxpayers about, and providing information with respect to, filing extension options for individual income tax returns.
March 30, 2022: The IRS issued Revenue Procedure 2022-21, providing updates to the nationwide average purchase price for US residences and average purchase prices for different regional areas, for use in applying section 143 of the Code (relating to qualified mortgage bonds) and section 25 of the Code (relating to qualified mortgage credit certificates).
March 30, 2022: The IRS released Announcement 2022-07, providing the annual report on the Advance Pricing and Mutual Agreement Program and the advance pricing agreements (APAs) executed thereunder during calendar year 2021.
March 30, 2022: The IRS issued a news release providing various resources regarding claiming the 2021 Recovery Rebate Credit, as enacted by the American Rescue Plan Act of 2021 (ARPA).
March 31, 2022: The IRS issued a news release reminding taxpayers of the April 15, 2022 deadline for filing the Report of Foreign Banks and Financial Accounts (FBAR).
April 1, 2022: The IRS issued a news release announcing the appointment for 2022 of 25 new members to the Taxpayer Advocacy Panel, an advisory body that receives taxpayer feedback and makes suggestions for improving IRS customer service.
April 1, 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 DC office for this week’s roundup.