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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 January 11 – January 15, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 11, 2021 – January 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

January 11, 2021: The IRS released TD 9948 containing final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air.

January 11, 2021: The IRS released TD 9938 setting forth final regulations related to the excise tax on remuneration in excess of $1 million and any excess parachute payment paid by certain tax-exempt organizations to covered employees.

January 12, 2021: The IRS released TD 9946 containing final regulations related to the deduction and reporting of certain fines, penalties and other amounts.

January 13, 2021: The IRS released TD 9949 providing final regulations concerning the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements and certain other health plans.

January 14, 2021: The IRS released Rev. Proc. 21-11 providing methods for calculating W-2 wages for purposes of the wage limitation for the section 199A(g) deduction.

January 14, 2021: The IRS released Rev. Proc. 21-12 extending, in light of the continuing COVID-19 pandemic, the expiration date relevant to the application of certain safe harbors protecting the tax status of certain real estate mortgage investment conduits (REMICs) and investment trusts.

January 15, 2021: The IRS released Rev. Rul. 21-03 providing tables of covered compensation related to the contribution and benefit bases under the Social Security Act.

January 15, 2021: The IRS released Notice 21-12 providing temporary relief, due to the continuing COVID-19 pandemic, from certain requirements for qualified low-income housing projects and qualified residential rental projects.

January 15, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 15, 2021: The IRS released Internal Revenue Bulletin 2021-3, dated January 19, 2021, containing the following highlights: Notice 2021-7 (Administrative, Employment); TD 9932 (Employee Plans, Income Tax); REG-114615-16 (Excise Tax); Notice 2021-2 (Income Tax); Notice 2021-5 (Income Tax); Rev. Proc. 2021-9 (Income Tax); TD 9939 (Income Tax); TD 9941 (Income Tax); and TD 9942 (Income Tax).

Special thanks to Brian Moore in our Washington, DC, office for this week’s roundup.




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