Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 16, 2022 – May 20, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
May 16, 2022: The IRS issued an internal memorandum related to a revised definition of “Appeals Coordinated Issues” to streamline the issue coordination process and reduce confusion over terminology.
May 20, 2022: The IRS has requested comments relating to quarterly federal excise tax return reporting.
May 20, 2022: The IRS announced an increase in interest rates for the calendar quarter beginning July 1, 2022, and subsequently released Revenue Ruling 2022-11.
May 20, 2022: The IRS issued a revised set of Frequently Asked Questions (FAQs) contained in Fact Sheet 2022-29 that relate to the Child Tax Credit, as expanded by the American Rescue Plan Act of 2021 (ARPA). The IRS also provided a link, reminding taxpayers when they can rely on FAQs.
May 20, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).