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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 January 6 – January 10, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 6 – January 10, 2020.

January 6, 2020: The IRS issued a News Release confirming that the 2019 tax filing season will be open for individual filers—and that the IRS will begin accepting and processing 2019 tax year returns—on January 27, 2020. The IRS explained that though taxpayers may prepare returns through the IRS’ Free File program before that date, the IRS will begin processing these returns when their systems open on January 27. The IRS also noted that the deadline to file 2019 tax returns and to pay any tax owed is April 15, 2020.

January 8, 2020: The Acting National Taxpayer Advocate released her 2019 Annual Report to Congress, highlighting challenges such as the implementation of the Taxpayer First Act, inadequate taxpayer service and limited funding of the agency. Also released was the third edition of the National Taxpayer Advocate’s Purple Book, which presents 58 legislative recommendations designed to strengthen taxpayer rights and improve tax administration. Among other issues, the Report emphasized that the IRS is struggling to meet its stated Mission because it is underfunded, and stressed that the IRS should use the Taxpayer First Act as an opportunity to identify taxpayer needs and preferences and to develop initiatives to meet them.

January 9, 2020: The IRS issued a News Release reminding taxpayers that signing up for direct deposit is the fastest way to receive their federal tax refund. The IRS explained that by using direct deposit, a taxpayer could split their refund into up to three financial accounts, including Individual Retirement Accounts.

January 9, 2020: The IRS issued a News Release announcing the launch of the Gig Economy Tax Center on, citing the various resources that will make it easier for taxpayers to find information about the tax implications for both the companies that provide the services and for the individuals who perform them. The IRS touted the Center’s necessity, given that many gig workers do not receive a W-2 or a Form 1099 but must still pay taxes on that income.

January 10, 2020: The IRS issued proposed regulations that revise the applicability dates for previously proposed regulations under section 382(h), delaying the applicability of those proposed rules and providing transition relief for eligible taxpayers. The proposed regulations were initially published in September 2019 and would revise the rules in §§1.382-2 and 1.382-7, affecting the determination of the net built-in gains and losses and recognized built-in gains and losses under section 382(h) that, in turn, affect the limitation under section 382 on net operating losses and disallowed business interest expense under section 163(j).

January 10, 2020: The IRS released a supplement to the 2019 instructions for Form 1042-S, Foreign Person’s US Source Income Subject to Withholding. The instructions now reflect proposed regulations that would reduce taxpayers’ burdens with respect to certain requirements under FATCA. The [...]

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Weekly IRS Roundup August 27 – 31, 2018

Presented below is our summary of significant IRS guidance and relevant tax matters for the week of August 27 – 31, 2018:

August 27, 2018: The IRS announced changes to its Compliance Assurance Process (CAP) program. We posted about the changes to CAP here.

August 28, 2018: In Notice 2018-70, the IRS announced that it will issue proposed regulations clarifying the definition of a “qualifying relative” for various purposes, including the new $500 credit for certain dependents.

August 30, 2018: The Office of Management and Budget (OMB) completed its review of a proposal to remove parts of the Internal Revenue Code Section 385 regulations, which address the treatment of debt among members of an expanded affiliated group.

August 31, 2018: The IRS released Revenue Procedure 2018-58, which includes the current list of jurisdictions subject to reporting requirements for certain deposit interest paid to nonresident alien individuals.

August 31, 2018: The IRS published statistics regarding US source income payments to foreign persons reported on Form 1042-S.

August 31, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Kevin Hall in our DC office for this week’s roundup.

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