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Weekly IRS Roundup November 21 – November 25, 2022

by | Nov 28, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 21, 2022 – November 25, 2022.

November 21, 2022: The IRS released Internal Revenue Bulletin 2022-47, which highlights the following:

  • Revenue Procedure 2022-40: This revenue procedure provides that a plan sponsor that maintains a Section 403(b) individually designed plan will be permitted to submit a determination letter application for an initial plan determination, for a determination upon plan termination and in certain other circumstances.
  • Announcement 2022-22: This announcement contains a correction to Notice 2022-41, which contained a typographical error in the first sentence of the “GUIDANCE” section. The sentence included a reference to a “non-calendar year” cafeteria plan but should instead refer to any cafeteria plan.
  • Revenue Ruling 2022-21: This revenue ruling provides that the base period T-bill rate for the period that ended September 30, 2022, is 1.71%.
  • Notice 2022-56: This notice requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property.
  • Notice 2022-57: This notice requests comments related to the tax credit for carbon oxide sequestration.
  • Notice 2022-58: This notice requests comments related to the tax credit for the production of clean hydrogen and the clean fuel production credit.

November 21, 2022: The IRS released Tax Tip 2022-178, reminding individuals that the amount they can contribute to their Section 401(k) plans in 2023 will increase to $22,500. All of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 are included in Notice 2022-55.

November 21, 2022: The IRS released Notice 2022-62, which contains the 2022 Required Retirement Plan Amendments List. This list establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements and Section 403(b) requirements set forth on the list for qualified individually designed plans and Section 403(b) individually designed plans, respectively.

November 22, 2022: The IRS released Tax Tip 2022-179, providing guidelines to help keep online personal information safe. The tips include the following:

  • Always protect personal data
  • Only shop at reputable retailers
  • Use security software
  • Choose strong passwords and two-factor authentication
  • Know the risk of public Wi-Fi
  • Learn to recognize and avoid scams
  • Be aware of compromised accounts.

November 22, 2022: The IRS encouraged taxpayers to get ready to file their 2022 federal income tax returns by gathering records, renewing expired tax ID numbers and bookmarking online tools at IRS.gov.

November 22, 2022: The IRS issued proposed regulations related to the foreign tax credit, which provide guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement and the [...]

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Weekly IRS Roundup May 8 – May 14, 2022

by | May 16, 2022 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2022 – May 14, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 10, 2022: The IRS issued a news release, announcing that free face-to-face tax assistance will be provided at Taxpayer Assistance Centers around the country on May 14, 2022.

May 13, 2022: The IRS issued Notice 2022-27, extending (through December 31, 2022) earlier relief that temporarily removed the requirement that certain elections and consents under pension and employee benefit plans be made in the physical presence of a plan representative or notary public.

May 13, 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.



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Weekly IRS Roundup October 18 – October 22, 2021

by | Oct 27, 2021 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 18, 2021 – October 22, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

October 18, 2021: The IRS announced that beginning October 18, its Large Business and International (LB&I) Division will accept all taxpayer requests to meet with IRS employees using secure video conferencing.

October 20, 2021: The IRS published an announcement, reminding employers that the next quarterly payroll tax return is due November 1, 2021. The IRS urged employers to use the speed and convenience of filing the returns electronically.

October 21, 2021: The IRS and US Department of the Treasury (Treasury) published a notice and request for comments concerning Form 4810 (Request for Prompt Assessment Under Internal Revenue Code Section 6501(d)). The form is used to help locate a return and expedite the processing of a taxpayer’s request. Written comments are due on or before December 20, 2021.

October 21, 2021: The IRS published an announcement, reminding the more than 759,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) now for 2022. All current PTINs will expire December 31, 2021.

October 21, 2021: The IRS published a notice, setting forth current standards that a limited liability company (LLC) must satisfy in order to receive a determination letter recognizing it as tax exempt under Section 501(a) and described in Section 501(c)(3). The notice also requests comments on these standards, as well as specific issues relating to tax exempt status for LLCs, to assist the Treasury and the IRS in determining whether additional guidance is needed concerning the standards that an LLC must satisfy in order to be exempt from taxation by reason of being described in Section 501(c). Written comments should be submitted by February 6, 2022.

October 22, 2021: The IRS published an announcement, reminding employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 and a half or the plan’s normal retirement age. The IRS posted FAQs to help employers impacted by COVID-19, which resulted in labor shortages.

October 22, 2021: The IRS published Revenue Procedure 2021-42, providing guidelines and general requirements for the development, printing and approval of the 2021 substitute tax forms. The IRS accepts quality substitute tax forms that are consistent with the official forms and have no adverse impact on processing.

October 22, 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.



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Weekly IRS Roundup June 21 – June 25, 2021

by | Jun 28, 2021 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 21, 2021 – June 25, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 22, 2021: The IRS issued a news release announcing the launch of two online tools regarding the Child Tax Credit, as expanded by the American Rescue Plan Act of 2021: The Child Tax Credit Eligibility Assistant, which assists families in determining whether they are eligible for advance payments of the credit, and the Child Tax Credit Update Portal, which assists families in monitoring their credit payments.

June 23, 2021: The IRS issued a news release announcing the release of the Electronic Tax Administration Advisory Committee’s (ETAAC) annual report to Congress, which focuses on the prevention of identity theft and refund fraud.

June 23, 2021: The IRS issued a news release announcing that, in partnership with local civic organizations, special events will be held in 12 cities in late June and early July to assist eligible families in registering for advance payments of the Child Tax Credit.

June 24, 2021: The IRS issued Notice 2021-40, extending, through June 30, 2022, earlier relief that temporarily removed the requirement that certain elections and consents under pension and employee benefit plans be made in the physical presence of a plan representative or notary public.

June 24, 2021: The IRS issued a news release with more information regarding the Child Tax Credit Eligibility Assistant and urging families to use the tool to determine whether they qualify for advance payments of the Child Tax Credit.

June 24, 2021: The IRS issued a news release announcing the release of the Data Book, which details its activities during Fiscal Year 2020, particularly its activities in response to the COVID-19 pandemic.

June 25, 2021: The IRS issued Revenue Procedure 2021-22, setting forth requirements for 2021 regarding the use of substitutes for official IRS forms with respect to certain employment tax returns and associated schedules.

June 25, 2021: The IRS issued Revenue Procedure 2021-27, setting forth requirements for 2021 regarding the use of substitutes for official IRS forms with respect to certain information returns.

June 25, 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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