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IRS roundup: October 23 – November 6, 2025

by , , , and | Nov 7, 2025 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 23, 2025 – November 6, 2025.

October 23, 2025: The IRS issued frequently asked questions, addressing its revisions and updates to Form 1099-K following changes resulting from the One Big Beautiful Bill Act (OBBBA). The OBBBA retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA). This means that a third-party settlement organization (TPSO), which is a type of payment settlement entity, is generally not required to file a Form 1099-K. However, TPSOs will be required to file a Form 1099-K if the gross amount of reportable payment transactions to a payee exceeds $20,000 and if the number of reportable payment transactions exceeds 200. Previously, under the ARPA reporting threshold, TPSOs had to file a Form 1099-K for any payee that received more than $600 in total payments for the sales of goods or services, regardless of the number of reportable payment transactions.

October 27, 2025: The IRS reminded tax preparers that preparer tax identification numbers (PTINs) must be renewed annually and that the 2026 renewal period is now open. All 2025 PTINs will expire on December 31, 2025.

November 3, 2025: The IRS released Internal Revenue Bulletin No. 2025-45, which includes Notice 2025-61. Notice 2025-61 provides guidance on the adjusted applicable dollar amount for the Patient-Centered Outcomes Research Trust Fund (PCORTF) fee, which is imposed on issuers of specified health plans and plan sponsors of applicable self-insured health plans to fund PCORTF. Notice 2025-61 specifically provides the increased adjusted applicable dollar amount for determining the PCORTF fee as $3.84 (from the previous set amount of $3.47) for all policies and plans ending on or after October 1, 2025, and before October 1, 2026. The IRS explained that the amount was calculated by US Department of the Treasury economists based on the percentage increase in the projected per capita amount of National Health Expenditures, which was published by the US Department of Health and Human Services in June 2025.

November 5, 2025: The IRS issued Notice 2025-62, providing guidance on penalty relief for taxable year 2025 in connection with the implementation of new information reporting requirements related to the deductions for qualified tips and qualified overtime compensation to reflect amendments resulting from the OBBBA. Notice 2025-62 specifically provides relief for taxable year 2025 from the penalty under Section 6721 for failure to file correct information returns and the penalty under Section 6722 for failure to furnish correct payee statements. The IRS also announced that guidance on how taxpayers can claim these deductions on their tax return for the 2025 tax year is forthcoming.

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

Suzanne Golshanara, a law clerk in the Washington, DC, office, also contributed to this post.



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IRS roundup: October 7 – October 23, 2025

by , , , and | Oct 28, 2025 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 – October 23, 2025.

October 7, 2025: The IRS issued Notice 2025-55, providing guidance on relief from failure to deposit penalties under Internal Revenue Code (Code) Section 6656 as it relates to a new excise tax being imposed on particular remittance transfers under Section 4475 for the first three quarters of 2026. The notice also includes guidance on the deposit safe harbor under Treas. Reg. § 40.6302(c)-1(b)(2), explaining that a remittance transfer provider will not be affected by failure to make deposits of the remittance transfer tax if they satisfy certain requirements.

October 16, 2025: The IRS issued Revenue Ruling 2025-21, providing various prescribed rates (for federal income tax purposes) for November 2025, including:

  • The short-, mid-, and long-term applicable federal rates (AFRs) for November 2025 as it relates to Section 1274(d).
  • The short-, mid-, and long-term adjusted AFRs for November 2025 as it relates to Section 1288(b).
  • The adjusted federal long-term rate and the long-term tax-exempt rate described in Section 382(f).

October 17, 2025: The IRS issued Revenue Procedure 2025-32, modifying certain sections of Revenue Procedure 2024-40 to reflect amendments resulting from the One Big Beautiful Bill Act (OBBBA). Revenue Procedure 2024-40, which displays IRS inflation-adjusted items for 2025, was specifically revised by removing the existing sections on standard deductions and the election to expense certain depreciable assets. Revenue Procedure 2025-32 also describes inflation-adjusted items for 2026 for various Code provisions.

October 21, 2025: The IRS issued Notice 2025-57, providing guidance on returns related to certain interest on specified passenger vehicle loans received in a trade or business from individuals, which are required to be filed under the new Section 6050AA as enacted in the OBBBA. Recognizing the need for efficient administration of Section 6050AA, Section 3 of Notice 2025-57 provides a means for interest recipients to report obligations under Section 6050AA.

October 22, 2025: The IRS issued frequently asked questions (FAQs) addressing Employee Retention Credits (ERC) under the ERC compliance provisions of the OBBBA. Although not final guidance, “a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax.”

October 23, 2025: The IRS issued Notice 2025-63, announcing the US Department of the Treasury and IRS’s intentions to issue proposed regulations providing that certain borrow fees are sourced based on the recipient’s residence. Currently, neither the Code nor Treasury regulations specify how to determine borrow fees as they relate to securities lending transactions and sale-repurchase transactions. Thus, the Treasury and the IRS intend to clarify this in Notice 2025-63.

The IRS also released its weekly list of written determinations (e.g., Private [...]

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IRS Roundup April 1 – April 17, 2025

by , , , and | May 1, 2025 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for April 1, 2025 – April 17, 2025.

April 4, 2025: The IRS issued Notice 2025-19, inviting the public to submit recommendations for items to include in the IRS’s 2025-2026 Priority Guidance Plan. The IRS uses the Priority Guidance Plan to identify and prioritize the tax issues that should be addressed via regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. A list of factors the IRS considers when selecting projects for inclusion is outlined in the notice.

April 9, 2025: The US Department of the Treasury (Treasury), along with the IRS and the Financial Crimes Enforcement Network, eliminated 15 rules and guidance materials, in addition to two rules already rescinded by the Office of the Comptroller of the Currency. The stated purpose of these actions was to remove rules that the government says are now obsolete and hamper the growth of US small businesses. These actions were some of the many that the Treasury says it will take over the next several months to eliminate unnecessary IRS rules and to “unleash the regulated banking sector.”

April 10, 2025: US President Donald Trump signed legislation blocking an IRS reporting rule that would have required decentralized digital asset platforms to report statistics showing customers’ gross sales on their platforms.

April 11, 2025: The IRS issued Notice 2025-24, providing penalty relief under Section 6707A(a) of the Internal Revenue Code to participants in micro-captive reportable transactions that fail to timely file (i.e., by April 14, 2025) certain disclosure statements as required under Section 6011; Treas. Reg. §§ 1.6011-10(h)(2) or 1.6011-11(h)(2); Section 6111; and Treas. Reg. §§ 1.6011-10(h)(3) or 1.6011-11(h)(3)). Participants will only qualify for relief if they file the required disclosure statement with the Office of Tax Shelter Analysis by July 31, 2025.

April 14, 2025: The IRS issued Notice 2025-22, providing for the elimination of extraneous and unnecessary Internal Revenue Bulletin guidance. This notice was prompted by the issuance of Executive Order 14219 on February 19, 2025. The purpose of Executive Order 14219 is to focus the IRS’s limited enforcement resources on regulations “squarely authorized by constitutional Federal statutes” while eliminating “overbearing and burdensome” regulations and “ending Federal overreach.” In Notice 2025-22, the IRS eliminated several current sources of guidance and stated that it anticipates revoking or obsoleting hundreds of similar guidance documents in the near future.

April 15, 2025: The IRS issued Notice 2025-21, providing updates on the corporate bond monthly yield curve, spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Code. This notice also provides guidance on the interest rates for 30-year Treasury securities and the 30-year Treasury weighted average for plan years beginning before 2008.

April 17, 2025: The IRS issued Notice 2025-23, announcing its intent to publish a notice of proposed rulemaking, proposing [...]

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IRS Roundup for November 25 – December 13, 2024

by , and | Dec 17, 2024 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for November 25, 2024 – December 13, 2024.

November 25, 2024: The IRS released Treasury Decision 10011, which modifies the regulations governing the sale of a taxpayer’s property that the IRS seizes by levy. The modified regulations allow the IRS to maximize sale proceeds for the benefit of the taxpayer and the public fisc. Effective November 5, 2024, these regulations affect all sales of property the IRS seizes by levy.

November 26, 2024: The IRS issued Notice 2024-85, announcing revisions to transition relief for third-party settlement organizations under Internal Revenue Code (Code) § 6050W, also known as “payment apps” and “online marketplaces.” Under this guidance, payors will be required to report transactions when the amount of total payments is more than $5,000 in 2024, more than $2,500 in 2025, and more than $600 in calendar year 2026 and after.

November 26, 2024: The IRS issued Announcement 2024-40 in which it confirmed that amounts paid or incurred by a taxpayer for the construction, expansion, or modernization of advanced manufacturing facilities pursuant to an agreement entered into with the US Department of Commerce under 15 U.S.C. § 4652(a)(6)(C) (the CHIPS Act of 2022) will not fail, solely by reason of such agreement, to constitute a “qualified investment” for purposes of determining the amount of any advanced manufacturing investment credit under Code § 48D.

December 2, 2024: The IRS released Internal Revenue Bulletin 2024-49, which includes the following:

  • Revenue Ruling 2024-25, which provides the interest rates for overpayments and underpayments of tax for the calendar quarter beginning January 1, 2025.
  • Revenue Ruling 2024-26, which provides the December 2024 applicable federal rates for purposes of Code § 1274(d) and relates to the determination of issue price in the case of certain instruments issued for property.
  • Notice 2024-81, which provides an update for weighted average interest rates, yield curves, and segment rates.
  • Notice 2024-83, which provides an update to the fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Trust Fund. This update is effective for plan years ending on or after October 1, 2024, and before October 1, 2025.

December 2, 2024: The IRS issued proposed regulations under Code § 959 regarding companies’ previously taxed earnings and profits (PTEP). These proposed regulations are the first in a series of guidance on PTEP rules. This first tranche of guidance includes a framework on which to build rules on mergers and acquisitions, along with provisions addressing basis adjustments under Code § 961 and foreign-currency gains and losses.

December 2, 2024: The IRS announced that December 2 marked the beginning of the 9th annual National Tax Security Awareness Week. The IRS warned of holiday scams and [...]

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Weekly IRS Roundup September 9 – September 13, 2024

by , and | Sep 19, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 9, 2024 – September 13, 2024.

September 10, 2024: The IRS extended the deadline to file individual and business tax returns and make tax payments for certain individuals and businesses in Connecticut and New York that were affected by severe weather that began on August 18, 2024. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA), including individuals and households that reside or have a business in Suffolk County in New York and in Fairfield, Litchfield, and New Haven Counties in Connecticut.

September 11, 2024: The IRS released an updated version of IRS Form 1099-DA and draft instructions for digital asset brokers to report sales and exchanges of digital assets beginning in 2025.

September 11, 2024: The IRS reminded taxpayers of their right to finality under the Taxpayer Bill of Rights and to know the deadlines for challenging IRS decisions and the time limits for the IRS to audit or collect taxes. This right ensures that taxpayers are aware when an audit is concluded and understand the specific timeframes for various tax-related actions.

September 12, 2024: The IRS released Notice 2024-66, which provides relief from the penalty under Internal Revenue Code (Code) § 6655 for underpayments of estimated corporate alternative minimum tax (CAMT) installments by corporations for taxable years beginning after December 31, 2023, and before January 1, 2025. This notice extends and incorporates relief from previous notices, offering additional time for corporations to meet their estimated tax obligations.

September 12, 2024: The IRS reminded taxpayers that the Taxpayer Advocate Service, an independent organization within the IRS, provides free assistance to individuals, businesses, and exempt organizations experiencing financial difficulties or systemic issues that cannot be resolved through standard IRS procedures.

September 13, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Louisiana that were affected by Tropical Storm Francine. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by FEMA, including individuals and households that reside or have a business in any Louisiana county.

September 13, 2024: The IRS released proposed regulations that outline the rules for calculating adjusted financial statement income and determining applicable corporation status under the CAMT for tax years starting after 2022. The proposed regulations provide additional guidance on partnership investments, corporate transactions, and foreign tax credits and extend penalty relief for corporations failing to pay estimated CAMT for tax years beginning after December 31, 2023, and before January 1, 2025.

September 13, 2024: The IRS released proposed regulations that exclude Tribal general welfare benefits from gross income under [...]

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Weekly IRS Roundup June 5 – June 9, 2023

by | Jun 12, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 5, 2023 – June 9, 2023.

June 5, 2023: The IRS released Internal Revenue Bulletin 2023-23, which highlights the following:

  • Revenue Ruling 2023-11: This revenue ruling establishes that the following interest rates will remain the same for the calendar quarter beginning July 1, 2023:
    • Overpayments: 7%
    • Overpayments for corporations: 6%
    • Corporate overpayments for portions exceeding $10,000: 4.5%
    • Underpayments: 7%
    • Large corporate underpayments: 9%
  • Notice 2023-41: This notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2022 for the purpose of determining the marginal well production credit under Section 45I.
  • REG-108054-21: These proposed regulations provide guidance on the application of the transfer for valuable consideration rules under Section 101 and associated information reporting requirements for reportable policy sales of interests in life insurance contracts under Section 6050Y. The proposed regulations would amend the rules for exchanges of life insurance contracts qualifying for nonrecognition of gain or loss, as well as for certain acquisitions of interests in life insurance contracts in transactions that qualify as corporate reorganizations.
  • Revenue Ruling 2023-10: This revenue ruling provides the applicable federal rates for federal income tax purposes for June 2023. The short-term federal interest rate is 4.43%, the mid-term rate will drop to 3.56% and the long-term rate is 3.79%.

June 6, 2023: The IRS released Tax Tip 2023-76, providing business taxpayers with tips for income tax deductions before they travel on work trips.

June 7, 2023: The IRS issued a statement reassuring California taxpayers covered by disaster declarations that they’ll continue to have an automatic extension to file and pay taxes. The IRS is legally required to send a Notice CP14 to taxpayers with a balance due. While the notice says they need to pay in 21 days, California taxpayers under the disaster declaration have until later this year to pay.

June 7, 2023: The IRS released Tax Tip 2023-77, reminding tax professionals to register for the 2023 IRS Nationwide Tax Forums. Early registration expires June 15. See additional information below under Upcoming Events.

June 7, 2023: The IRS announced it was granting penalty relief for corporations that did not pay estimated tax related to the new corporate alternative minimum tax (CAMT). Notice 2023-42 provides that the IRS will waive the penalty for failure to pay estimated income tax for a taxable year that begins after December 31, 2022, and before January 1, 2024, because of the challenges associated with determining the amount of a corporation’s CAMT liability and whether a corporation is subject to the CAMT.

June 7, 2023: The IRS reminded taxpayers of the 2023 mid-June [...]

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Weekly IRS Roundup October 31 – November 4, 2022

by | Nov 7, 2022 | , , , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022.

October 31, 2022: The IRS released Internal Revenue Bulletin 2022-44, which highlights the following:

  • Treasury Decision 9966: These final regulations increase the renewal user fee for enrolled retirement plan agents from $67 to $140 and also increase both the enrollment and renewal of enrollment user fees for enrolled agents from $67 to $140.
  • Proposed Regulations 113068-22: These proposed regulations relate to recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit.
  • Revenue Ruling 2022-19: This revenue ruling provides a rule for valuing noncommercial flights on employer-provided aircraft, including the three Standard Industry Fare Level (SIFL) rates: the Unadjusted SIFL Rate, the SIFL Rate Adjusted for PSP Grants, and the SIFL Rate Adjusted for PSP Grants and Promissory Notes.
  • Treasury Decision 9967: This document contains final and temporary regulations, which set forth guidance on the average income test for purposes of the low-income housing credit.

October 31, 2022: The IRS released COVID Tax Tip 2022-166, announcing that more than nine million people may qualify for tax benefits they did not claim by filing a 2021 federal income tax return. Many of these people may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit and the Earned Income Tax Credit, among others, which were expanded last year under the American Rescue Plan Act of 2021 and other legislation.

November 1, 2022: The IRS released COVID Tax Tip 2022-167, alerting taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations that they may have more time to file their returns and may qualify for penalty relief under Notice 2022-36.

November 2, 2022: The IRS released COVID Tax Tip 2022-168, reminding people to review their tax withholdings to avoid tax surprises, such as a balance due or a larger-than-expected refund.

November 3, 2022: The IRS requested comments on three notices related to different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act of 2022. The IRS hopes that comments will aid the agency in drafting the related guidance items. Feedback should be submitted by December 3, 2022. The notices include:

  • Notice 2022-56, which requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property
  • Notice 2022-57, which requests comments related to the carbon capture tax credit
  • Notice 2022-58, which requests comments related to the tax credit for the production of clean hydrogen and the clean fuel production tax credit.

November 3, 2022: The IRS
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Weekly IRS Roundup October 17 – October 21, 2022

by | Oct 24, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022.

October 17, 2022: The IRS released Internal Revenue Bulletin 2022-42, which highlights the following:

  • Notice 2022-45: This notice extends the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.
  • Notice 2022-43: This notice provides guidance regarding the extension of the four-year replacement period for livestock sold because of the drought. The relief extends to 44 states, two US territories and two independent nations. It generally applies to capital gains realized on sales of livestock held for draft, dairy or breeding purposes.

October 17, 2022: The IRS announced its continued support to fight fraud targeting charities, businesses and individuals during Charity Fraud Awareness Week, which was October 17 to October 21. The IRS estimates that charities lose 5% of their revenue each year to fraud.

October 17, 2022: The IRS released Tax Tip 2022-158, reminding taxpayers to review their withholdings and estimated tax payments.

October 17, 2022: The IRS released Revenue Ruling 2022-20, providing various prescribed rates for federal income tax purposes for November 2022.

October 17, 2022: The IRS released Notice 2022-54, which provides guidance on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for October 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

October 17, 2022: The IRS reminded families that they may be eligible for the Child Tax Credit if they claim at least one child as their dependent. The IRS specifically urges grandparents, foster parents or people caring for siblings or other relatives to check whether they are eligible to receive the 2021 Child Tax Credit.

October 18, 2022: The IRS released Tax Tip 2022-159, suggesting that taxpayers with an outstanding tax bill consider making an Offer in Compromise. An Offer in Compromise is an option for taxpayers who cannot pay their full tax liabilities or in situations where paying the balance would create financial hardship.

October 18, 2022: The IRS announced the 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The Inflation Reduction Act of 2022 is extending certain tax breaks related to energy for the first time in 2023. The standard deduction for a married couple filing jointly and single and married taxpayers filing separately is also increasing. All of the 2023 adjustments can be found in
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Weekly IRS Roundup September 12 – September 16, 2022

by | Sep 19, 2022 | , , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 12, 2022 – September 16, 2022.

September 12, 2022: The IRS released Internal Revenue Bulletin 2022-37, which highlights the following:

  • Treasury Decision 9965: These regulations establish certain requirements regarding the implementation of protections against balance billing provided under the No Surprise Act.
  • Notice 2022-37: This guidance assists taxpayers in complying with the final regulations under Section 871(m). The US Department of the Treasury (Treasury) and the IRS intend to amend Section 871(m) regulations, which will delay the effective date of certain rules in the final regulations and extend the phase-in period provided in Notice 2020-2 for two years.

September 12, 2022: The IRS released COVID Tax Tip 2022-139, reminding taxpayers of recently issued Notice 2022-36, which provides penalty relief from certain failure to file penalties in taxable years 2019 and 2020. The relevant penalties 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.

September 12, 2022: The Treasury Inspector General for Tax Administration (TIGTA) released the Fiscal Year 2022 Statutory Review of Compliance With Notice of Federal Tax Lien Filing Due Process Procedures. TIGTA is required to determine annually whether lien notices issued by the IRS comply with the legal requirements set forth in the Internal Revenue Code. TIGTA recommended that the Director of Collection Policy for the Small Business/Self-Employed Division (1) reinforce Internal Revenue Manual (IRM) guidance to ensure that taxpayers’ representatives are notified of Notice of Federal Tax Lien filings and (2) correct an IRM reference on Written Communication to a Taxpayer’s Authorized Representative. The IRS agreed.

September 12, 2022: TIGTA released its report entitled, Reliance on Self-Certifications Resulted in Federal Agencies Awarding Contracts and Grants to Entities With Delinquent Federal Taxes; However, the IRS Is Making Progress on Establishing the Federal Contractor Tax Check System. TIGTA performed this audit because in Calendar Years 2015 and 2016, federal contracts were awarded to thousands of contractors with unpaid taxes that were most likely delinquent. Between October 2018 and December 2019, the federal government awarded 2.1 million federal contracts to more than 83,000 awardees. More than 3,000 contractors that received contracts owned $621.8 million in delinquent federal taxes, and 938 grantees received $22.7 billion in federal grants while owning $269.2 million in delinquent federal taxes.

September 12, 2022: The IRS issued minor corrections to Treasury Decision 9964, originally published August 16, 2022. The regulations define guidance for states regarding the process by which they may obtain or inspect certain returns and return information for the purpose of administering state laws governing certain tax-exempt organizations and their activities.

September [...]

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Weekly IRS Roundup September 6 – September 9, 2022

by | Sep 12, 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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