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Weekly IRS Roundup February 20 – February 26, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

February 22, 2022: The IRS issued a correction to final regulations published on January 25, 2022, relating to the treatment of domestic partnerships that hold stock in foreign corporations.

February 22, 2022: The IRS issued a news release announcing the release of an updated list containing information about Low Income Taxpayer Clinics available around the country.

February 23, 2022: The IRS issued Revenue Ruling 2022-05 and an accompanying news release, setting forth the overpayment and underpayment interest rates under Section 6621 of the Code for Q2 2022.

February 24, 2022: The IRS issued final regulations relating to required minimum distributions under Section 401 of the Code with respect to certain employee pension and retirement plans.

February 24, 2022: The IRS issued a further correction to final regulations published on January 25, 2022, relating to the treatment of domestic partnerships that hold stock in foreign corporations.

February 24, 2022: The IRS issued a news release promoting its “Where’s My Refund?” online and mobile tools as ways for taxpayers to check on the status of their tax refunds.

February 24, 2022: The IRS issued a news release, providing an update to a Fact Sheet containing answers to frequently asked questions regarding the Premium Tax Credit under Section 36B of the Code, as expanded by the American Rescue Plan Act of 2021 (ARPA).

February 25, 2022: 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.




The Next Normal — Tax Responses to COVID-19

The coronavirus (COVID-19) pandemic has thrown our personal and professional lives into a constant state of change, as we deal with social distancing, e-learning, remote working, and Zoom. In this American Bar Association article, Andrew R. Roberson, a partner in US and International Tax at McDermott Will & Emery, describes how the constant change or “next normal” rings true in the tax world as well, both for taxpayers and practitioners, as we all adapt to today’s challenges.

Access the full article.




Weekly IRS Roundup April 29 – May 3, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29 – May 3, 2019.

April 29, 2019: The IRS issued a news release urging taxpayers who had not yet filed their tax returns to file now in order to minimize applicable penalties and interest.

April 30, 2019: The IRS issued a news release announcing the appointment of Monte A. Jackel to the position of special counsel to the Chief Counsel, Office of Chief Counsel. Jackel brings experience from both the public and private sector to the position.

May 1, 2019: The IRS announced the application period for low income taxpayer clinic grants will run from May 1, 2019 – June 17, 2019. The grants provide low income taxpayer clinics matching grants of up to $100,000 per year to develop, expand or maintain their programs.

May 1, 2019: The IRS released Revenue Procedure 2019-20 expanding its retirement plan determination letter program. The IRS now allows plan sponsors to submit determination letter applications for statutory hybrid plans and individually designed merged plans.

May 2, 2019: The IRS released Revenue Procedure 2019-21 providing guidance regarding the United States and area median gross income figures used by issuers of qualified mortgage bonds (defined in Section 143(a)), issuers of qualified mortgage certificates (defined in Section 25(c)) and in computing income requirements described in Section 143(f).

May 2, 2019: The IRS issued Notice 2019-32 requesting comments on issues arising under the carbon dioxide sequestration credit under Section 45Q in anticipation of Treasury and the IRS issuing regulations and other guidance under Section 45Q.

May 3, 2019: As part of the National Weather Service’s Hurricane Preparedness Week, the IRS issued a news release providing taxpayers advice regarding emergency preparation, and providing details on the IRS’ toll-free disaster hotline.

Special thanks to Terence McAllister in our New York office for this week’s roundup.




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