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Weekly IRS Roundup March 27 – April 2, 2022

by | Apr 4, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2022 to April 2, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 29, 2022: The IRS issued a news release reminding taxpayers that the limitation on the educator expenses deduction of section 62(a)(2)(D) of the Code has risen from $250 to $300 for the 2022 taxable year.

March 29, 2022: The IRS issued a news release reminding taxpayers about, and providing information with respect to, filing extension options for individual income tax returns.

March 30, 2022: The IRS issued Revenue Procedure 2022-21, providing updates to the nationwide average purchase price for US residences and average purchase prices for different regional areas, for use in applying section 143 of the Code (relating to qualified mortgage bonds) and section 25 of the Code (relating to qualified mortgage credit certificates).

March 30, 2022: The IRS released Announcement 2022-07, providing the annual report on the Advance Pricing and Mutual Agreement Program and the advance pricing agreements (APAs) executed thereunder during calendar year 2021.

March 30, 2022: The IRS issued a news release providing various resources regarding claiming the 2021 Recovery Rebate Credit, as enacted by the American Rescue Plan Act of 2021 (ARPA).

March 31, 2022: The IRS issued a news release reminding taxpayers of the April 15, 2022 deadline for filing the Report of Foreign Banks and Financial Accounts (FBAR).

April 1, 2022: The IRS issued a news release announcing the appointment for 2022 of 25 new members to the Taxpayer Advocacy Panel, an advisory body that receives taxpayer feedback and makes suggestions for improving IRS customer service.

April 1, 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.



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Weekly IRS Roundup February 27 – March 5, 2022

by | Mar 7, 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.



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Weekly IRS Roundup May 3 – May 7, 2021

by | May 10, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 3, 2021 – May 7, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 3, 2021: The IRS issued a news release announcing the opening of the application period for 2022 grants under the Low Income Taxpayer Clinic (LITC) program, an IRS program to assist organizations in providing pro bono representation to taxpayers who are low income or speak English as a second language (ESL) in federal tax disputes.

May 4, 2021: The IRS issued a news release as part of National Hurricane Preparedness Week and National Wildfire Awareness Month, reminding taxpayers of certain best practices to minimize the effect of natural disasters on tax compliance.

May 5, 2021: The IRS issued a news release announcing an eighth round of Economic Impact Payments consisting of more than 1.1 million payments totaling more than $2 billion, bringing the total amount of disbursements under the American Rescue Plan Act of 2021 (ARPA) to approximately 164 million payments worth approximately $386 billion.

May 5, 2021: The IRS issued a news release announcing the development of Projected Contract Award Date, a web app designed to increase efficiency in procurement by using statistical models to forecast the date on which contracts will be awarded.

May 6, 2021: The IRS issued Notice 2021-29, announcing that the reference price under section 45K(d)(2)(C) of the Code, which is relevant for certain Code sections regarding oil and gas production, is $37.07 for calendar year 2020.

May 6, 2021: The IRS issued Notice 2021-30, announcing that the applicable percentage under section 613A of the Code, which is used to determine percentage depletion for oil and gas produced from marginal properties, is 15% for calendar year 2021.

May 6, 2021: The IRS issued a news release reminding calendar-year tax-exempt organizations that annual Form 990 information returns and certain other filings are due on May 17, 2021.

May 7, 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.



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Weekly IRS Roundup April 12 – April 16, 2021

by | Apr 19, 2021 | ,

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

April 12, 2021: The IRS issued proposed regulations setting forth requirements that certain foreign taxpayers must meet in order to obtain the benefits of investing in a qualified opportunity fund (QOF) under section 1400Z-2 of the Code. The proposed regulations also expand the flexibility of a disaster-related working capital safe harbor in the existing QOF regulations.

April 13, 2021: The IRS issued Notice 2021-24, extending previously announced relief from penalties for failure to make timely deposits of employment taxes. The Notice extends relief to apply to deposits reduced in anticipation of certain employment tax credits with respect to qualified leave wages and Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage premiums during 2021.

April 13, 2021: The IRS issued Notice 2021-27, providing the monthly update to certain interest rates used for pension plan funding and distribution purposes.

April 13, 2021: The IRS issued a news release urging low and moderate income taxpayers to use IRS Free File to prepare and electronically file their tax returns.

April 14, 2021: The IRS issued Notice 2021-28, inviting the public to submit recommendations for items to be included on the 2021-2022 Priority Guidance Plan.

April 14, 2021: The IRS issued a news release announcing a fifth round of Economic Impact Payments consisting of over two million payments totaling over $3.4 billion, bringing the total amount of disbursements under the American Rescue Plan of 2021 to approximately 159 million payments worth more than $376 billion.

April 15, 2021: The IRS issued Revenue Ruling 2021-08, providing various prescribed interest rates for federal income tax purposes for May 2021.

April 15, 2021: The IRS issued a news release emphasizing that individuals experiencing homelessness may still qualify for tax benefits such as Economic Impact Payments and urged community groups and employers to share information and help such individuals file tax returns so that they can obtain such benefits.

April 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.



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Weekly IRS Roundup March 22 – March 26, 2021

by | Mar 29, 2021 | , , ,

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 22, 2021 ­­– March 26, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 22, 2021: The IRS issued Notice 2021-22, providing guidance on various interest rates relevant to employee benefit plans.

March 22, 2021: The IRS issued a news release announcing that the next batch of Economic Impact Payments under the American Rescue Plan Act of 2021 (ARPA) would be issued to taxpayers this week.

March 24, 2021: The IRS issued a news release confirming, as previously announced, the disbursement of approximately 37 million Economic Impact Payments, bringing the total amount of disbursements under ARPA to approximately 127 million payments worth approximately $325 billion.

March 25, 2021: The IRS released Revenue Procedure 2021-19, providing guidance on median gross income figures, used by certain issuers of mortgage bonds and mortgage credit certificates.

March 25, 2021: The IRS issued a news release summarizing the proceedings from “The Challenge,” a meeting (held virtually this year) of the Joint Chiefs of Global Tax Enforcement (J5) regarding international coordination on tax crimes.

March 25, 2021: The IRS issued a news release noting the one-year anniversary of the Coronavirus Aid, Relief and Economic Security (CARES) Act and pledging the Criminal Investigation Division’s continued commitment to investigating COVID-19 fraud.

March 26, 2021: The IRS released Revenue Procedure 2021-17, providing guidance on average residence purchase prices, used by certain issuers of mortgage bonds and mortgage credit certificates.

March 26, 2021: The IRS released Revenue Procedure 2021-18, providing state and local governments in which an empowerment zone is located with an automatic procedure for extending the empowerment zone designation under section 1391(a).

March 26, 2021: The IRS issued Announcement 2021-5, announcing that the United States and Japan have entered into an arrangement regarding the implementation of the arbitration process provided for in the 2003 US-Japan tax treaty.

March 26, 2021: The IRS issued Announcement 2021-7, notifying taxpayers that amounts paid for personal protective equipment for the primary purpose of preventing the spread of COVID-19 are treated as deductible medical expenses under section 213.

March 26, 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.



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