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Weekly IRS Roundup March 6 – March 12, 2022

by McDermott Will & Emery | Mar 14, 2022 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 – March 12, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 6, 2022: The IRS issued a news release reminding taxpayers that individual retirement account (IRA) contributions for 2021 may be made through April 18, 2022.

March 6, 2022: The IRS issued a news release, providing an update to a Fact Sheet containing answers to frequently asked questions regarding the Child Tax Credit under Section 24 of the Code, as expanded by the American Rescue Plan Act of 2021 (ARPA).

March 6, 2022: The IRS issued a news release reminding taxpayers of the benefits available pursuant to the Child and Dependent Care Credit under Section 21 of the Code, as expanded by ARPA.

March 10, 2022: The IRS issued a news release, announcing that it is hiring for more than 5,000 positions at its service processing centers in Austin, Texas, Kansas City, Missouri and Ogden, Utah.

March 10, 2022: The IRS issued a news release, announcing the implementation of voice and chat bots on certain telephone lines and on IRS.gov to alleviate long wait times for taxpayers seeking assistance with simple payment and collections questions.

March 11, 2022: The IRS issued a correction to amendments released on February 22, 2022, to final regulations published on January 25, 2022, concerning the treatment of domestic partnerships that hold stock in foreign corporations.

March 11, 2022: The IRS issued Announcement 2022-5, announcing disciplinary sanctions taken against certain individuals licensed to practice before the IRS.

March 11, 2022: The IRS issued a news release, announcing that it is hiring customer service representatives for a call center in Mississippi as part of an IRS-wide effort to assist under-served communities.

March 11, 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 February 20 – February 26, 2022

by McDermott Will & Emery | Feb 28, 2022 | IRS Guidance, Tax Reform, Tax Refunds

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 December 20 – December 24, 2021

by McDermott Will & Emery | Dec 27, 2021 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 20, 2021 – December 24, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 20, 2021: The IRS published a news release announcing that victims of this month’s tornadoes in parts of Illinois and Tennessee will have until May 16, 2022, to file various individual and business tax returns and make tax payments.

December 20, 2021: The IRS released instructions for Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), to reflect a new separate Schedule A and eliminate the requirement for domestic partnerships to file the form.

December 20, 2021: The IRS released Publication 17, Your Federal Income Tax (for Individuals), which was updated for the 2021 tax year. This publication covers the general rules for filing a federal income tax return and supplements the information contained in tax form instructions.

December 21, 2021: The IRS released a memorandum that reissues interim guidance AP-08-0521-0015 concerning procedures for accepting images of signatures and digital signatures and approval to receive documents by email and transmit documents to taxpayers. The memorandum is in response to the COVID-19 pandemic, where the IRS took several steps to protect employees while still delivering on their mission-critical functions.

December 21, 2021: The IRS released Published 15, (Circular E), Employer’s Tax Guide, which explains tax responsibilities as an employer. The updates reflect COVID-19 related employment tax credits and other tax relief.

December 22, 2021: The IRS published a news release announcing that victims of Hurricane Ida in six states now have until February 15, 2022 (extended from January 3), to file various individual and business tax returns and make tax payments. The updated relief covers the entire states of Louisiana and Mississippi, as well as parts of New York, New Jersey, Connecticut and Pennsylvania.

December 23, 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 Robbie Alipour in our Chicago office for this week’s roundup.

Weekly IRS Roundup November 8 – November 12, 2021

by McDermott Will & Emery | Nov 17, 2021 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 8, 2021 – November 12, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

November 9, 2021: The IRS released a Treasury Decision, requesting written comments on T.D. 9360, which provides guidance regarding the information a taxpayer must provide in order to substantiate its computation of its share of a passive foreign investment company (PFIC) post-1986 earning and profits. Written comments must be received before January 10, 2022.

November 9, 2021: The IRS released draft instructions for Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI). Under these instructions, taxpayers must attach either a separate Schedule A or a separate Schedule B, depending upon whether the entity’s US shareholder is a taxpayer of a US consolidated group. In addition, domestic partnerships are no longer required to fill out Form 8892. Instead, they must now complete Schedules K-2 and K-3 on Form 1065.

November 10, 2021: The IRS issued a news release and a revenue procedure, announcing the tax year 2022 annual inflation adjustments. These adjustments affect more than 60 tax provisions, including the tax rate schedules, and will be used for tax returns filed in 2023.

November 10, 2021: The IRS issued the 2021 IRS Financial Report, which provides a comprehensive view of the IRS’s financial activities and its finance management community. The report specifies, among other items, the tax revenue managed by the IRS, the amount of refunds it has issued and the amount of unpaid assessments.

November 11, 2021: The IRS released a revenue procedure, requesting comments on Revenue Procedure 2008-60, which affects taxpayers who are maintaining a surety bond or a Treasury Direct Account to satisfy the low-income housing tax credit recapture exception in Section 42(j)(6). Written comments must be received before January 14, 2022.

November 12, 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 Jennifer Saperstein in our Chicago office for this week’s roundup.

Weekly IRS Roundup March 6 – March 12, 2022

Weekly IRS Roundup February 20 – February 26, 2022

Weekly IRS Roundup December 20 – December 24, 2021

Weekly IRS Roundup November 8 – November 12, 2021

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