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Weekly IRS Roundup October 31 – November 4, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022.

October 31, 2022: The IRS released Internal Revenue Bulletin 2022-44, which highlights the following:

  • Treasury Decision 9966: These final regulations increase the renewal user fee for enrolled retirement plan agents from $67 to $140 and also increase both the enrollment and renewal of enrollment user fees for enrolled agents from $67 to $140.
  • Proposed Regulations 113068-22: These proposed regulations relate to recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit.
  • Revenue Ruling 2022-19: This revenue ruling provides a rule for valuing noncommercial flights on employer-provided aircraft, including the three Standard Industry Fare Level (SIFL) rates: the Unadjusted SIFL Rate, the SIFL Rate Adjusted for PSP Grants, and the SIFL Rate Adjusted for PSP Grants and Promissory Notes.
  • Treasury Decision 9967: This document contains final and temporary regulations, which set forth guidance on the average income test for purposes of the low-income housing credit.

October 31, 2022: The IRS released COVID Tax Tip 2022-166, announcing that more than nine million people may qualify for tax benefits they did not claim by filing a 2021 federal income tax return. Many of these people may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit and the Earned Income Tax Credit, among others, which were expanded last year under the American Rescue Plan Act of 2021 and other legislation.

November 1, 2022: The IRS released COVID Tax Tip 2022-167, alerting taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations that they may have more time to file their returns and may qualify for penalty relief under Notice 2022-36.

November 2, 2022: The IRS released COVID Tax Tip 2022-168, reminding people to review their tax withholdings to avoid tax surprises, such as a balance due or a larger-than-expected refund.

November 3, 2022: The IRS requested comments on three notices related to different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act of 2022. The IRS hopes that comments will aid the agency in drafting the related guidance items. Feedback should be submitted by December 3, 2022. The notices include:

  • Notice 2022-56, which requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property
  • Notice 2022-57, which requests comments related to the carbon capture tax credit
  • Notice 2022-58, which requests comments related to the tax credit for the production of clean hydrogen and the clean fuel production tax credit.

November 3, 2022: The IRS
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Weekly IRS Roundup October 24 – October 28, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022.

October 24, 2022: The IRS released Internal Revenue Bulletin 2022-43, which highlights the following:

  • Revenue Procedure 2022-31: This procedure provides guidance on the development, printing and approval of 2022 substitute tax forms.
  • Revenue Procedure 2022-37: This procedure provides the amounts of unused housing credit carryovers allocated to qualified states under Section 42(h)(3)(D) of the Internal Revenue Code for calendar year 2022.
  • Notice 2022-41: This notice expands the application of permitted change-in-status rules for health coverage under a Section 125 cafeteria plan. Specifically, this notice addresses when a plan participant may want to revoke an employee’s election under the cafeteria plan for family coverage under a group health plan (other than a flexible spending arrangement) in order to allow one or more family members to enroll in a Qualified Health Plan through a Health Insurance Exchange in the individual market.
  • Notice 2022-46: This notice requests comments on tax credits for clean vehicles.
  • Notice 2022-47: This notice requests comments on energy security tax credits for manufacturing.
  • Notice 2022-48: This notice requests comments on incentive provisions for improving the energy efficiency of residential and commercial buildings.
  • Notice 2022-49: This notice requests comments on certain energy generation incentives.
  • Notice 2022-50: This notice requests comments on the elective payment of applicable credits and the transfer of certain credits.
  • Notice 2022-51: This notice requests comments on prevailing wage, apprenticeship, domestic content and energy community requirements under the Inflation Reduction Act of 2022.
  • Notice 2022-52: This notice provides additional temporary relief from certain requirements under Section 42 by extending the placed-in-service deadlines for qualified low-income housing projects. The notice is a result of numerous inquiries received related to labor and supply chain disruptions delaying the construction, rehabilitation and restoration of properties.

October 24, 2022: The IRS reminded taxpayers who sell goods and provide services that they may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for transactions that amount to more than $600 for the year. Income from part-time work and side jobs is taxable, and taxpayers must report all their income unless it is excluded by law. Money received from friends and relatives as personal gifts or reimbursements for expenses is not taxable.

October 24, 2022: The IRS released COVID Tax Tip 2022-162, providing information related to early withdrawals from retirement funds.

October 25, 2022: The IRS reminded farmers, ranchers and farm workers that they can find ag-related tax information on IRS.gov.

October 26, 2022: The IRS released Tax Tip 2022-164, advising [...]

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