2021 Earned Income Tax Credit Archives

Weekly IRS Roundup May 23 – May 27, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 23, 2022 – May 27, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 25, 2022: The IRS issued a press release revising frequently asked questions concerning the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit on their 2021 tax return.

May 25, 2022: The IRS announced that it has enhanced its “Where’s My Refund?” online tool, which introduces a new feature that allows taxpayers to check the status of the current tax year and the two prior years.

May 26, 2022: The IRS issued a press release, announcing the issuance of its Fiscal Year 2021 Data Book, which describes its activities from October 1, 2020, to September 30, 2021. The Data Book is published annually and contains statistical tables and organization information relating to data on collecting revenue, issuing refunds, enforcing the law, assisting taxpayers and the budget and workforce.

May 26, 2022: The IRS issued a memorandum to Employee Plan employees and Exempt Organizations/Government Entities Employees, stating that video meetings via secure IRS-approved platforms will continue to be allowed on a going forward basis.

May 27, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Weekly IRS Roundup February 27 – March 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 27, 2022 – March 5, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 1, 2022: The IRS issued final regulations increasing the user fees for the special enrollment examination for enrolled agents and eliminating the user fees for the special enrollment examination for enrolled retirement plan agents.

March 1, 2022: The IRS issued proposal regulations increasing the renewal fee for enrolled agents and enrolled retirement plan agents.

March 1, 2022: The IRS issued a news release reminding taxpayers of the obligation to report certain types of income, such as gig economic earnings, earnings from virtual currency transactions and foreign-source income.

March 2, 2022: The IRS issued a news release announcing the release of a Fact Sheet containing answers to frequently asked questions regarding the 2021 Earned Income Tax Credit.

March 3, 2022: The IRS issued a news release providing an update to a Fact Sheet containing answers to frequently asked questions regarding the paid leave tax credits under sections 3131 through 3133 of the Code, enacted as part of the American Rescue Plan Act of 2021 (ARPA).

March 3, 2022: The IRS issued a news release providing an update to a Fact Sheet containing answers to frequently asked questions regarding the paid leave tax credits enacted as part of the Families First Coronavirus Response Act.

March 3, 2022: The IRS issued a news release announcing that it was aware of technical difficulties encountered by taxpayers attempting to electronically file Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, in advance of the March 1, 2022, filing deadline for taxpayers with income from a farming or fishing business. The IRS stated in the news release that a notice would be forthcoming providing an extended filing deadline for certain taxpayers.

March 4, 2022: The IRS issued Notice 2022-10, providing the 2022 table of housing expense limitations with respect to various foreign locations, for purposes of calculating the excludible/deductible housing cost amount under section 911(c) of the Code.

March 4, 2022: The IRS issued a news release announcing the creation of a new administrative division, the Taxpayer Experience Office, focused on improving the customer service experience for taxpayers.

March 4, 2022: The IRS issued a news release reminding taxpayers that free face-to-face tax preparation assistance will be provided at Taxpayer Assistance Centers around the country on Saturday, March 12, 2022.

March 4, 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 DC office for this week’s roundup.