enrolled retirement plan agents Archives

Weekly IRS Roundup October 31 – November 4, 2022

by McDermott Will & Emery | Nov 7, 2022 | IRS Appeals, IRS Audits, 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 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 March 13 – March 19, 2022

by McDermott Will & Emery | Mar 21, 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 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 14, 2022: The IRS issued Announcement 2022-6, announcing that, effective March 14, 2022, and until further notice, the IRS will no longer accept applications for opinion letters relating to traditional individual retirement accounts (IRAs), Roth IRAs, Savings Incentive Match Plan for Employees (SIMPLE) IRAs or simplified employee pensions (SEPs) in order to revise associated forms and procedures and issue guidance to reflect recent legislation.

March 15, 2022: The IRS issued Revenue Ruling 2022-8, providing various prescribed interest rates for federal income tax purposes for April 2022.

March 15, 2022: The IRS issued Notice 2022-13, providing relief to certain taxpayers with income from a farming or fishing business from penalties under Section 6654 of the Code for underpayments of estimated income tax.

March 15, 2022: The IRS issued a news release announcing an expansion of the multilingual options available with respect to certain IRS forms and publications.

March 16, 2022: The IRS issued Revenue Procedure 2022-17, providing updated tables for use in determining limitations on, and reductions to, depreciation deductions with respect to passenger automobiles under Section 280F of the Code.

March 16, 2022: The IRS issued a news release announcing that it is hiring for more than 200 information technology positions as part of an initiative to modernize its systems.

March 16, 2022: The IRS issued a news release, providing tips for taxpayers to protect themselves against tax-related fraud and identity theft.

March 17, 2022: The IRS issued minor corrections to proposed regulations published on March 1, 2022, relating to renewal fees for enrolled agents and enrolled retirement plan agents.

March 18, 2022: The IRS issued minor corrections to proposed regulations published on February 24, 2022, relating to required minimum distributions with respect to certain employee pension and retirement plans.

March 18, 2022: The IRS issued Revenue Ruling 2022-06, providing the semi-annual Standard Industry Fare Level (SIFL) rates and terminal charge used in computing the value of noncommercial flights on employer-provided aircrafts for purposes of the taxation of fringe benefits under Section 61 of the Code. The Revenue Ruling provides both unadjusted SIFL rates and SIFL rates as adjusted for relief provided to the airline industry by COVID-related legislation.

March 18, 2022: The IRS issued Revenue Procedure 2022-20, providing that hearings held by teleconference must generally meet the public approval requirement under Section 147(f) of the Code for tax-exempt qualified private activity bonds.

March 18, 2022: The IRS issued Notice 2022-11, in conjunction with the US Department of Labor and the [...]

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Weekly IRS Roundup January 21 – 25, 2019

by McDermott Will & Emery | Jan 28, 2019 | IRS Guidance, Tax Reform, Uncategorized

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 21 – 25, 2019. Tax news is very limited because of the government shutdown:

January 22, 2019: The IRS issued a news release cancelling a public hearing on proposed regulations relating to user fees for enrolled agents and enrolled retirement plan agents, due to the partial federal government shutdown.

January 22, 2019: The IRS issued final instructions for Form 461, dealing with limitations on business losses under section 461(l) of the Code, enacted as part of the Tax Cuts and Jobs Act.

January 22, 2019: The IRS issued final instructions for Form 965-A, dealing with individual taxpayers’ transition tax obligations under section 965 of the Code, enacted as part of the Tax Cuts and Jobs Act.

January 22, 2019: The IRS issued final instructions for Form 965-B, dealing with corporations’ and REITs’ transition tax obligations under section 965 of the Code, enacted as part of the Tax Cuts and Jobs Act.

January 23, 2019: The IRS issued final instructions for the 2018 version of Form 1065 Schedule D, dealing with reporting of capital gains and losses on partnership returns, to reflect changes made by the Tax Cuts and Jobs Act.

January 25, 2019: The IRS issued a news release reminding taxpayers to seek information regarding their eligibility for the earned income tax credit.

Special thanks to Le Chen in our DC office for this week’s roundup.

Weekly IRS Roundup October 31 – November 4, 2022

Weekly IRS Roundup March 13 – March 19, 2022

Weekly IRS Roundup January 21 – 25, 2019

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