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Weekly IRS Roundup September 6 – September 9, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 6, 2022 – September 9, 2022.

September 6, 2022: The IRS released Internal Revenue Bulletin 2022-36, which highlights the following:

  • Notice 2022-36: This guidance provides relief from certain failure to file penalties with respect to the 2019 and 2020 tax years. The IRS is refunding $1.2 billion in penalties for 1.6 million taxpayers, which will be waived, abated, refunded or credited. The relief is designed to help struggling taxpayers affected by the COVID-19 pandemic and to allow the IRS to focus resources on processing backlogged tax returns and taxpayer correspondence.
  • Notice 2022-35: This notice provides updates on the corporate bond monthly yield curve, the corresponding segment rates, the 24-month average corporate bond segment rates, the 25-year average segment rates and the 30-year Treasury securities interest rates.
  • Revenue Ruling 2022-17: This ruling provides the federal rates, adjusted federal rates, adjusted federal long-term rate and the long-term tax-exempt rate for September 2022.

September 6, 2022: The IRS reminded taxpayers who pay estimated taxes that the deadline to submit their third quarter payments is September 15, 2022. Taxpayers not subject to withholding may need to make quarterly estimated payments, including those who are self-employed, investors, or retirees or those with other income not subject to withholding, such as interest, dividends, capital gains, alimony, cryptocurrency and rental income.

September 6, 2022: The IRS released Tax Tip 2022-136, explaining common tricks and scams that lead to identity theft. The IRS also suggested a few steps to help protect data, which include:

  • Using multifactor authentication to protect client accounts
  • Allowing anti-virus software to update automatically
  • Using drive encryption and regularly backing up files to help stop theft and ransomware attacks.

September 7, 2022: The IRS is seeking comments on regulations that provide guidance on proving delivery for documents with a filing deadline, specifically in cases where there is no direct proof. The IRS is inviting comments on (1) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (2) the accuracy of the agency’s estimate of the burden of the collection of information; (3) ways to enhance the quality, utility and clarity of the information collected; (4) ways to minimize the burden of the collection of information on respondents; and (5) estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information. The comment window closes on November 7, 2022.

September 7, 2022: The IRS released Tax Tip 2022-137, highlighting the work opportunity tax credit for businesses looking to hire help. The credit encourages employers to hire workers certified as members of any of the 10 groups identified as facing barriers [...]

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Weekly IRS Roundup August 22 – August 26, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 22, 2022 – August 26, 2022.

August 22, 2022: The IRS released Internal Revenue Bulletin 2022-34, which highlights the following:

  • Notice 2022-33. This guidance extends the deadlines for amending a retirement plan or individual retirement arrangement to reflect certain provisions of Division O of the Further Consolidated Appropriations Act, known as the Setting Every Community Up for Retirement Enhancement Act of 2019, and section 104 of Division M of the Further Consolidated Appropriations Act, 2020, known as the Bipartisan American Miners Act of 2019.
  • Notice 2022-34. This guidance delays the effective date of Foreign Currency Guidance again. The Department of Treasury and IRS intend to amend the regulations under section 987 to defer the applicability date of the 2016 final regulations and related 2019 final regulations by one additional year. The amendments would apply to the taxable year beginning on January 1, 2024.

August 22, 2022: The IRS issued Notice 2022-35 providing updates on the corporate bond monthly yield curve, the corresponding segment rates, the 24-month average corporate bond segment rates, the 25-year average segment rates, and the 30-year Treasury securities interest rates.

August 22, 2022: The IRS issued Tax Tip 2022-128 highlighting available resources to aspiring entrepreneurs about the basics of setting up a business.

August 23, 2022: The IRS issued Notice 2022-37 announcing that Treasury and the IRS intend to amend the section 871(m) regulations. This will delay the effective/applicability date of certain rules in those final regulations and extend the phase-in period provided in Notice 2020-2.

August 23, 2022: The IRS issued Tax Tip 2022-129 encouraging taxpayers who file federal excise taxes to file and pay electronically.

August 23, 2022: The IRS released the late-May filing season statistics for all Forms 1040 processed by the IRS for tax year 2021.

August 24, 2022: The IRS released Tax Tip 2022-130 announcing the addition of instructions for Form 8821, Tax Information Authorization in traditional Chinese.

August 24, 2022: The IRS announced it is refunding $1.2 billion in penalties for 1.6 million taxpayers related to certain 2019 and 2020 tax returns filed late. Notice 2022-36 provides penalty relief from certain failure to file penalties and certain international information return penalties. The relevant penalties will be waived, abated, refunded or credited. The relief is designed to help struggling taxpayers affected by the COVID-19 pandemic, and to allow the IRS to focus resources on processing backlogged tax returns and taxpayer correspondence. We provided a more detailed analysis of the Notice 2022-36 here.

August 25, 2022: The IRS released Covid Tax Tip 2022-131 reminding taxpayers that the deadline to file tax returns for those that requested an extension is October 17, 2022.

August 26, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and [...]

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Weekly IRS Roundup August 8 – August 12, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 8, 2022 – August 12, 2022.

August 8, 2022: The IRS released Internal Revenue Bulletin 2022-32, highlighting Notice 2022-32, which provides guidance on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates. The notice also provides guidance as to interest rates on 30-year Treasury securities and the 30-year Treasury weighted average rates.

August 8, 2022: The IRS released IR-2022-146, reminding truckers to file Form 2290, Heavy Highway Vehicle Use Tax Return, on or before the August 31, 2022, deadline. Truck owners who drive a highway motor vehicle weighing 55,000 pounds or more must file the return and pay the tax. Vehicles that used 5,000 miles or less (7,500 miles for farm vehicles) must file the return but do not have to pay the tax.

August 8, 2022: The IRS released Tax Tip 2022-120, explaining how some money raised through crowdfunding may be a gift and excluded from gross income. Crowdfunding websites must file Form 1099-K, Payment Card and Third-Party Network Transactions.

August 9, 2022: The Security Summit partners unveiled a new sample security plan designed to help tax professionals protect their data, particularly those with smaller practices. Tax professionals, software and industry partners and representatives from state tax groups, along with the IRS, developed the plan, dubbed the Written Information Security Plan. Federal law requires that all professional tax preparers create and implement a data security plan.

August 9, 2022: The IRS released COVID Tax Tip 2022-121, reminding taxpayers of the resources available on IRS.gov to help them file their tax returns electronically, get tax account information and find the status of their refund.

August 10, 2022: The IRS released IR-2022-148, reminding teachers and educators that they can deduct up to $300 of out-of-pocket classroom expenses when they file their 2022 tax return. This is the first increase since the deduction was enacted in 2002. From 2002 through 2021, the limit was $250 per year.

August 10, 2022: The IRS announced that storm victims in parts of Missouri now have until November 15, 2022, to file individual and business tax returns and make tax payments if they had a valid extension to file their 2021 returns. The relief is available to anyone in an area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. The current list of eligible localities is available here.

August 10, 2022: The IRS released Tax Tip 2022-122, outlining the steps business owners need to take when closing a business.

August 11, 2022: The IRS announced Tax Tip 2022-123, highlighting two educational tax credits available to taxpayers who paid higher [...]

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