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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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Weekly IRS Roundup September 26 – September 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 26, 2022 – September 30, 2022.

September 26, 2022: The IRS released Internal Revenue Bulletin 2022-39, which highlights the following:

  • REG-125693-19: These proposed regulations clarify issues that do not meet the definition of a federal tax controversy, exceptions to consideration by the IRS Office of Appeals (IRS Appeals), and procedural and timing requirements that must be met before IRS Appeals will consider an issue. The proposed regulations also provide the requirements a taxpayer must meet to receive the notice described in Internal Revenue Code (Code) Section 7803(e)(5) when the taxpayer requests consideration by IRS Appeals and the request is denied. More coverage of this issue can be found here.
  • Notice 2022-38: This notice publishes the inflation adjustment factor for the carbon oxide sequestration credit under § 45Q for calendar year 2022. This notice also informs taxpayers that 2022 will be the final calendar year for which they may claim a credit under Code Section 45Q(a)(1) and (2) for qualified carbon oxide that is captured by carbon capture equipment originally placed in service at a qualified facility before the date of enactment of the Bipartisan Budget Act of 2018.

September 26, 2022: The IRS issued Notice 2022-44, providing annual notice of the 2022 to 2023 special per diem rates for taxpayers to use when substantiating the amount of business expenses incurred while traveling away from home. Specifically, the notice addresses (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 26, 2022: The IRS released Notice 2022-45, extending the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.

September 26, 2022: The IRS released Tax Tip 2022-147, highlighting five resources people can find on IRS.gov. These resources are:

  1. Taxpayer Bill of Rights
  2. How to apply for 501(c)3 status
  3. IRS tax volunteer opportunities
  4. Latest tax scams
  5. Interactive Tax Assistant

September 27, 2022: The IRS released Tax Tip 2022-148, providing the steps for becoming an IRS-authorized e-file provider.

September 27, 2022: The IRS announced that victims of storms and flooding in Alaska, which started on September 15, now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief is available to anyone in an area designated by the Federal Emergency Management Agency [...]

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Weekly IRS Roundup February 18 – 22, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 18 – 22, 2019.

February 19, 2019: The IRS issued a news release promoting online resources for answering taxpayer questions, in light of high call volume during the period following Presidents Day.

February 19, 2019: The IRS issued a news release reminding farmers and fishermen to file Form 1040 and remit all taxes owed by March 1, 2019, if they had elected to forgo making quarterly estimated tax payments.

February 19, 2019: The IRS acquiesced to the decision only in Jacobs v. Commissioner, 148 TC No. 24 (2017), dealing with whether the Boston Bruins’ pre-game meals at away game hotels were de minimis fringe benefits under section 132(e)(2) of the Code.

February 21, 2019: The IRS issued a news release urging taxpayers to file reports of large cash transactions electronically, in lieu of filing a paper Form 8300.

February 22, 2019: The IRS released final regulations amending compliance monitoring regulations for the low-income housing credit of section 42 of the Code.

February 22, 2019: 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 DC office for this week’s roundup.




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