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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.




Weekly IRS Roundup July 12 – July 16, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 12, 2021: The IRS issued a news release announcing the launch of a Spanish-language version of the Child Tax Credit Eligibility Assistant, an online tool designed to assist families in determining their eligibility for advance payments of the Child Tax Credit.

July 13, 2021: The IRS issued a news release announcing the imminent issuance of another round of tax refunds to taxpayers who paid taxes on unemployment compensation in 2020, pursuant to the retroactive exclusion of such compensation from 2020 taxable income under the American Rescue Plan Act of 2021.

July 14, 2021: The IRS issued a news release announcing the start of a summer campaign by the Security Summit, a partnership between the IRS, state tax agencies and private organizations to raise awareness within the tax community about identity theft and data security.

July 15, 2021: The IRS issued Revenue Ruling 2021-14, providing various prescribed interest rates for federal income tax purposes for August 2021.

July 15, 2021: The IRS issued Notice 2021-44, providing the monthly update to certain interest rates used for pension plan funding and distribution purposes.

July 15, 2021: The IRS issued a news release announcing the disbursement of the July round of advance payments of the Child Tax Credit, consisting of approximately 35 million payments worth approximately $15 billion.

July 16, 2021: The IRS issued Revenue Procedure 2021-30, updating the procedures for the correction programs under the Employee Plans Compliance Resolution System (EPCRS), a program for retirement plans to come into compliance with certain requirements under sections 401, 403 and 408 of the Code.

July 16, 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 December 21 – December 26, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 21 – December 26, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 21, 2020: The IRS released TD 9941 containing final regulations regarding the timing of income inclusion under an accrual method of accounting, including the treatment of advance payments for goods, services and certain other items.

December 22, 2020: The IRS issued Notice 21-02 providing the standard mileage rate for 2021.

December 22, 2020: The IRS issued Notice 21-03 extending temporary relief from the physical presence requirement for spousal consents under certain qualified retirement plans.

December 22, 2020: The IRS issued Notice 21-04 extending temporary relief for certain dyed fuel removals related to the West Shore Pipeline shutdown.

December 23, 2020: The IRS released TD 9942 containing final regulations implementing simplifications to certain tax accounting provisions for certain businesses with annual gross receipts less than $25 million (as adjusted for inflation).

December 24, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

December 26, 2020: The IRS released Internal Revenue Bulletin 2020-53, dated December 28, 2020, containing the following highlights: Rev. Proc. 2020-55 (Administrative); Notice 2020-88 (Administrative, Income Tax); Rev. Proc. 2020-54 (Administrative, Income Tax); Notice 2020-86 (Employee Plans); Notice 2020-87 (Employee Plans); Notice 2020-78 (Income Tax); TD 9921 (Income Tax).

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




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