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Weekly IRS Roundup November 14 – November 18, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 14, 2022 – November 18, 2022.

November 14, 2022: The IRS released Internal Revenue Bulletin 2022-46, which highlights the following:

  • Announcement 2022-21: The Office of Professional Responsibility announced recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.

November 14, 2022: The IRS released Notice 2022-59, which provides the adjusted applicable dollar amount to be multiplied by the average number of covered lives for purposes of calculating the fee imposed by Sections 4375 and 4376 for policy years and plan years that end on or after October 1, 2022, and before October 1, 2023. The amount is $3.00, up from $2.79.

November 14, 2022: The IRS released Tax Tip 2022-174, which provides an overview of the Taxpayer Bill of Rights (TBOR). We have previously posted about TBOR.

November 15, 2022: The IRS released Tax Tip 2022-175, reminding people that Giving Tuesday is coming up and is a good time to review whether their charitable donation is tax deductible. Giving Tuesday is the Tuesday after Thanksgiving.

November 15, 2022: The IRS reminded taxpayers that IRS Free File will be closed after November 17. IRS Free File allows people with incomes of $73,000 or less to file a return online for free using brand name software.

November 15, 2022: The IRS Advisory Council issued its 2022 Public Report, which includes recommendations for new and continuing issues in tax administration. The report emphasized the need for “consistent and multi-year funding for the IRS to achieve its goals of providing efficient, effective, modern service to the nation’s taxpayers.” The 146-page report details recommendations for 21 issues, including:

  • IRS business and information technology modernization
  • Reduction in electronic filing threshold for information return filers
  • Alignment of electronic signature requirements on withholding certificates
  • Accelerated issuance of IRS Form 6166, Certification of US Residency
  • Series 8038 Form Redesign and Updates
  • Business Master File Transcript Delivery Service

November 15, 2022: The IRS issued Revenue Rule 2022-22, which provides the applicable federal rates for federal income tax purposes for December 2022. The short-term federal interest rate will increase to 4.55%, the mid-term rate will rise to 4.27% and the long-term rate will rise to 4.34%.

November 16, 2022: The IRS released Revenue Procedure 2022-39, which obsoletes Revenue Procedure 94-69, 1994-2 C.B. 804, and sets out the procedures for eligible taxpayers to file an amended return in accordance with Section 1.6664-2(c)(4)(ii) of the regulations. This revenue procedure also sets out the procedures for eligible taxpayers to avoid the Sections 6662(b)(1) and 6662(b)(2) accuracy related penalties to the extent that the taxpayers report errors resulting in additional tax or adequately discloses the tax treatment of an [...]

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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 April 24 – April 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2022 – April 30, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

April 25, 2022: The IRS issued a news release, soliciting applications for the IRS Advisory Council, a forum consisting of representatives of the public to advise the IRS on various tax administration issues.

April 26, 2022: The IRS issued proposed regulations under Section 2010(c)(3) of the Code, as amended by the Tax Cuts and Jobs Act (TCJA), relating to the increase in the estate and gift tax exclusion amount for taxable years 2018 through 2025. The proposed regulations generally provide that the special rule of Treas. Reg. § 20.2010-1(c), which states that certain coordinating rules for estate and gift tax with respect to decedents who made gifts during the period of the increased exclusion amount but died following such period, does not apply with respect to gifts that are includible in the decedent’s estate.

April 26, 2022: The IRS issued Notice 2022-21, soliciting recommendations from the public regarding items to be included in the IRS Priority Guidance Plan for 2022-2023.

April 27, 2022: The IRS issued proposed regulations, setting forth updated general mortality tables for use in applying rules under Section 430 of the Code regarding defined benefit pension plans.

April 27, 2022: The IRS issued Notice 2022-22, setting forth specific mortality tables applicable to 2023 for use in applying rules under Section 430 of the Code regarding defined benefit pension plans.

April 27, 2022: The IRS issued a news release announcing the appointment of Lia Colbert, formerly the deputy chief of the IRS Independent Office of Appeals, as commissioner of the IRS Small Business/Self-Employed Division.

April 27, 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).

April 29, 2022: The IRS issued Revenue Procedure 2022-24, announcing various inflation-adjusted amounts relevant to health savings accounts (HSAs) for calendar year 2023.

April 29, 2022: The IRS issued Notice 2022-17, announcing that the reference price under Section 45K(d)(2)(C) of the Code, which is relevant for certain Code sections regarding oil and gas production, is $65.90 for calendar year 2021.

April 29, 2022: The IRS issued Notice 2022-18, providing the applicable reference price and associated credit amount used in determining the marginal well production credit under Section 45I of the Code.

April 29, 2022: The IRS issued Notice 2022-19, announcing the inflation adjustment factor and associated phase-out amount for purposes of determining the enhanced oil recovery credit under [...]

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Weekly IRS Roundup May 31 – June 4, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 31, 2021 – June 4, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 1, 2021: The IRS issued a news release, soliciting applications for the IRS Advisory Council, a forum consisting of representatives of the public to advise the IRS regarding various tax administration issues.

June 2, 2021: The IRS issued a news release, reminding taxpayers living and working abroad of the June 15, 2021, deadline for filing their 2020 US federal income tax returns.

June 4, 2021: The IRS issued Notice 2021-34, providing the applicable reference price and associated credit amount used in determining the marginal well production credit under section 45I of the Code.

June 4, 2021: The IRS issued Announcement 2021-11, announcing that the United States and Switzerland have entered into an arrangement listing the US and Swiss pension and retirement plans, which now include various US and Swiss individual retirement savings plans that may qualify for the exemption from withholding on dividends under the US-Switzerland tax treaty.

June 4, 2021: The IRS issued a news release, announcing the issuance of more than 2.8 million refunds to taxpayers who paid taxes on unemployment compensation in 2020, compensation that was retroactively excluded from 2020 taxable income by the American Rescue Plan Act of 2021.

June 4, 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.




Weekly IRS Roundup November 12 – 16, 2018

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 12 – 16, 2018:

November 14, 2018: The IRS Criminal Investigation Division released the 2018 Annual Report regarding its significant accomplishments and criminal enforcement actions taken in fiscal year 2018.

November 14, 2018: The IRS Advisory Council released its 2018 Annual Report, which addresses and provides recommendations for relevant tax administration issues.

November 14, 2018: The IRS in IRS Tax Reform Tax Tip 2018-176 provides a list of tax reform’s effects on itemized deductions under Code Section 63.

November 15, 2018: The IRS in a news release reminds small business owners of the benefits of the bonus depreciation and immediate asset expensing under Code Section 179, as amended by tax reform.

November 15, 2018: The IRS in Revenue Procedure 2018-57 provides the annual inflation adjustments, which cover 62 items including the tax rate tables.

November 16, 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 Alex Cheng-Yi Lee in our DC office for this week’s roundup.




Weekly IRS Roundup November 5 – 9, 2018

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 5 – 9, 2018:

November 6, 2018: The IRS added in “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns” information concerning the filing of transfer agreements under Internal Revenue Code (Code) Section 965(h)(3) and Section 965(i)(2)(c). For our prior coverage related to the election to pay the transition tax under Code Section 965, see here, here and here.

November 7, 2018: The IRS in IRS Tax Tip 2018-173 reminds taxpayers of the blended tax rate as a result of tax reform and provides guidance on the computation of the blended rate.

November 8, 2018: The IRS in a notice announced that the charter for the Internal Revenue Service Advisory Council has been renewed for two years beginning October 17, 2018.

November 9, 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 Alex Cheng-Yi Lee in our DC office for this week’s roundup.




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