Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 – March 12, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
March 6, 2022: The IRS issued a news release reminding taxpayers that individual retirement account (IRA) contributions for 2021 may be made through April 18, 2022.
March 6, 2022: The IRS issued a news release, providing an update to a Fact Sheet containing answers to frequently asked questions regarding the Child Tax Credit under Section 24 of the Code, as expanded by the American Rescue Plan Act of 2021 (ARPA).
March 6, 2022: The IRS issued a news release reminding taxpayers of the benefits available pursuant to the Child and Dependent Care Credit under Section 21 of the Code, as expanded by ARPA.
March 10, 2022: The IRS issued a news release, announcing that it is hiring for more than 5,000 positions at its service processing centers in Austin, Texas, Kansas City, Missouri and Ogden, Utah.
March 10, 2022: The IRS issued a news release, announcing the implementation of voice and chat bots on certain telephone lines and on IRS.gov to alleviate long wait times for taxpayers seeking assistance with simple payment and collections questions.
March 11, 2022: The IRS issued a correction to amendments released on February 22, 2022, to final regulations published on January 25, 2022, concerning the treatment of domestic partnerships that hold stock in foreign corporations.
March 11, 2022: The IRS issued Announcement 2022-5, announcing disciplinary sanctions taken against certain individuals licensed to practice before the IRS.
March 11, 2022: The IRS issued a news release, announcing that it is hiring customer service representatives for a call center in Mississippi as part of an IRS-wide effort to assist under-served communities.
March 11, 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.