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Weekly IRS Roundup August 29 – September 2, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 29, 2022 – September 2, 2022.

August 29, 2022: The IRS released Internal Revenue Bulletin 2022-35, which highlights the following:

Revenue Ruling 2022-15: This revenue ruling provides interest rates for tax overpayments and underpayments for the fourth quarter, starting October 1, 2022. The new rates are as follows:
- Individuals: 6% per year, compounded daily, for both overpayments and underpayments
- Corporations: 5% for overpayments; 6% for underpayments
- Corporate overpayments for the portion exceeding $10,000:5%
- Large corporate underpayments: 8%

Revenue Ruling 2022-16: This revenue ruling provides the average annual effective interest rates on new loans under the Farm Credit System and also contains a list of the states within each Farm Credit System Bank territory.

Treasury Decision 9964: The IRS released final regulations, providing guidance to states wanting to inspect certain return information for the purpose of administering state laws related to tax-exempt organizations. The final regulations reflect changes to the Internal Revenue Code made by the Pension Protection Act of 2006.

August 29, 2022: The IRS announced that September is National Preparedness Month and urges everyone to develop or update their emergency plans, especially with hurricane season approaching and the ongoing threat of wildfires.

August 29, 2022: The IRS released Tax Tip 2022-132, highlighting the Security Summit’s summer series, Protect Your Client; Protect Yourself. Professionals from the IRS, state tax agencies and others in the tax industry joined forces for a five-week series focused on the fundamentals of data and information security.

August 30, 2022: The IRS released Tax Tip 2022-133, clarifying taxpayer obligations during a Chapter 13 bankruptcy.

August 31, 2022: The IRS announced that Edward Killen will become division commissioner of its Tax-Exempt and Government Entities (TE/GE) division, effective September 30, 2022. The current TE/GE Commissioner, Sunita Lough, is retiring. Chief Privacy Officer Robert Choi will replace Killen as deputy commissioner of TE/GE.

August 31, 2022: The IRS released COVID Tax Tip-134, reminding parents of refunds and tax credits they may be missing if they do not normally file a tax return.

August 31, 2022: The IRS asked for comments on Form 7205, which is used to claim deductions for energy-efficient commercial buildings. The IRS wants to standardize the procedures for claiming the deduction and invites comments by October 31, 2022.

September 1, 2022: The IRS released Tax Tip 2022-135, providing suggestions to tax professionals on ways to protect clients from identity theft.

September 2, 2022: The IRS issued a statement acknowledging that it released confidential information from Form 990-Ts, which should not have been made public. Form 990-T is a business tax return used by tax-exempt entities to report and pay income [...]

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Weekly IRS Roundup July 12 – July 16, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 12, 2021: The IRS issued a news release announcing the launch of a Spanish-language version of the Child Tax Credit Eligibility Assistant, an online tool designed to assist families in determining their eligibility for advance payments of the Child Tax Credit.

July 13, 2021: The IRS issued a news release announcing the imminent issuance of another round of tax refunds to taxpayers who paid taxes on unemployment compensation in 2020, pursuant to the retroactive exclusion of such compensation from 2020 taxable income under the American Rescue Plan Act of 2021.

July 14, 2021: The IRS issued a news release announcing the start of a summer campaign by the Security Summit, a partnership between the IRS, state tax agencies and private organizations to raise awareness within the tax community about identity theft and data security.

July 15, 2021: The IRS issued Revenue Ruling 2021-14, providing various prescribed interest rates for federal income tax purposes for August 2021.

July 15, 2021: The IRS issued Notice 2021-44, providing the monthly update to certain interest rates used for pension plan funding and distribution purposes.

July 15, 2021: The IRS issued a news release announcing the disbursement of the July round of advance payments of the Child Tax Credit, consisting of approximately 35 million payments worth approximately $15 billion.

July 16, 2021: The IRS issued Revenue Procedure 2021-30, updating the procedures for the correction programs under the Employee Plans Compliance Resolution System (EPCRS), a program for retirement plans to come into compliance with certain requirements under sections 401, 403 and 408 of the Code.

July 16, 2021: 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.