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Weekly IRS Roundup October 28 – November 1, 2024

by , and | Nov 4, 2024 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 28, 2024 – November 1, 2024.

October 28, 2024: The IRS released Internal Revenue Bulletin 2024-44, which includes the following:

  • Treasury Decision 9994, which provides guidance on § 367(d) of the Internal Revenue Code (Code) regarding the transfer of intangibles by US persons to foreign corporations. Effective January 1, 2024, the regulations turn off the application of § 367(d) when foreign corporations repatriate the intangibles to a qualified domestic person when certain reporting requirements are satisfied.
  • Notice 2024-71, which provides a safe harbor under Code § 213(d), treating amounts paid for condoms as medical care expenses eligible for reimbursement under various health plans. These amounts can also be paid or reimbursed, but if reimbursed, they are not deductible.
  • Notice 2024-75, which expands the list of preventive care benefits that high deductible health plans can provide without a deductible or with a lower deductible, including benefits for over-the-counter oral contraceptives and condoms, regardless of whether they are purchased with a prescription. The guidance is effective for plan years that began on or after December 30, 2022.
  • Revenue Procedure 2024-33, which updates the guidelines and general requirements for developing, printing, and approving substitute tax forms as detailed in Revenue Procedure 2023-28 to ensure submitted forms can be accepted as substitutes for official IRS forms.
  • Announcement 2024-36, which revokes the determination for specified organizations under Code § 501(c)(3) and stipulates that contributions made to said organizations by individual donors are no longer deductible under Code § 170(b)(1)(A).

October 28, 2024: The IRS reminded taxpayers to stay alert against online threats like identity theft and fraud. As National Cybersecurity Awareness Month concludes, the agency also offered tips, such as using strong passwords, enabling multifactor authentication, and avoiding phishing scams, to protect one’s personal information.

October 28, 2024: The IRS released Notice 2024-78, which extends the temporary relief provided in Notice 2023-11 for foreign financial institutions required to report US taxpayer identification numbers for certain preexisting accounts. This relief applies to eligible institutions under a Model 1 intergovernmental agreement for the 2025, 2026, and 2027 calendar years.

October 28, 2024: The IRS reminded employers that hiring individuals from specific groups can help reduce their tax liability through the Work Opportunity Tax Credit. To claim this credit, employers must certify the eligibility of new hires by submitting IRS Form 8850 to their state workforce agency within 28 days of the employee starting work.

October 29, 2024: The IRS announced the appointment of its new associate chief counsel for the Passthroughs, Trusts, and Estates office, which will focus on partnerships, S corporations, trusts, and estates.

October 29, 2024: The IRS reminded businesses that they can qualify [...]

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Weekly IRS Roundup June 17 – June 21, 2024

by , and | Jun 27, 2024 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 17, 2024 – June 21, 2024.

June 17, 2024: The IRS released Internal Revenue Bulletin 2024-25, which includes the following:

  • Revenue Ruling 2024-12, which provides the June 2024 applicable federal rates.
  • Treasury Decision 9993, which provides final regulations on the election under Internal Revenue Code (Code) 6418 to transfer eligible energy credits, effective July 1, 2024.
  • Treasury Decision 9997, which reduces the cost of applying for or renewing a preparer tax identification number from $21 to $11.
  • Proposed Regulations, which would remove the “associated property rule” and related rules from the regulations on interest capitalization requirements for improvements to “designated property” under Code 263A(f) and clarify the definition of “improvement” in the existing regulations.

June 17, 2024: The IRS announced the establishment of a new dedicated group within the Office of Chief Counsel that will focus on developing guidance for partnerships, specifically with respect to the use of “basis shifting” transactions by related-party partnerships.

June 17, 2024: The IRS released guidance intended to target certain transactions that use the basis adjustment provisions in Code §§ 734, 743, 754 and 755 to shift basis to depreciable property through partnership transactions. This guidance includes:

  • Revenue Ruling 2024-14, which identifies three types of basis shifting transactions involving related parties that, according to the IRS, should be disallowed for lack of economic substance.
  • Notice 2024-54, which announces the IRS’s intent to propose regulations under Code §§ 732, 734, 743 and 755 that, if finalized, are intended to take effect on or after June 17, 2024. The regulations would identify several types of “covered transactions” in which basis step-ups resulting from partnership transactions would be disallowed. Unlike Revenue Ruling 2024-14, these regulations would not depend on a covered transaction lacking economic substance.
  • Proposed Regulation § 1.6011-18, which would identify certain partnership basis shifting transactions as “transactions of interest,” which generally must be disclosed to the IRS.

June 17, 2024: The IRS provided general tips for taxpayers benefiting from educational assistance programs under Code § 127 with respect to the treatment of certain educational expenses, qualified education loans and working condition fringe benefits.

June 17, 2024: The IRS released Notice 2024-53, which provides the 24-month average corporate bond segment rates for June 2024, yield curve and segment rates for single-employer plans and 30-year Treasury securities interest rates.

June 18, 2024: The IRS announced the release of final regulations for taxpayers who satisfy certain prevailing wage and apprenticeship (PWA) requirements regarding the construction, alteration or repair of certain clean energy facilities or properties, projects or equipment. Taxpayers who satisfy these PWA requirements are eligible for increased credit or deduction amounts for certain clean energy [...]

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Weekly IRS Roundup April 8 – April 12, 2024

by , and | Apr 15, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024.

April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15, which includes the following:

  • Announcement 2024-15, which revokes the § 501(c)(3) determination for specified organizations and stipulates that contributions made to said organizations by individual donors are no longer deductible under § 170(b)(1)(A) of the Internal Revenue Code (Code).
  • Notice 2024-31, which provides adjustments to the limitation on housing expenses for purposes of Code Section 911 for specific locations for 2024.
  • Revenue Procedure 2024-17, which provides a waiver under Code Section 911(d)(4) concerning time requirements for individuals who must leave a foreign country because of war, civil unrest or similar adverse conditions and are electing to exclude their foreign earned income. The revenue procedure also adds Ukraine, Belarus, Sudan, Haiti, Niger and Iraq to the list of waiver countries for tax year 2023 for which the minimum time requirements are waived.
  • Revenue Procedure 2024-18, which supplements Revenue Procedure 2023-32 by publishing amounts of unused housing credit carryovers allocated to qualified states under Code Section 42(h)(3)(D) for calendar year 2023 (in addition to those amounts published in Revenue Procedure 2023-32).
  • Final regulations, which describe rules for the elective payment of Inflation Reduction Act of 2022 tax credit amounts in a taxable year, including definitions and special rules applicable to partnerships and S corporations and regarding repayment of excessive payments. The regulations also describe rules related to a required IRS pre-filing registration process.
  • Final regulations, which describe rules for the elective payment of the advanced manufacturing investment credit under the Creating Helpful Incentives to Produce Semiconductors Act of 2022, including special rules applicable to partnerships and S corporations, repayment of excessive payments, and basis reduction and recapture. The regulations also describe rules related to a required IRS pre-filing registration process.

April 8, 2024: The IRS warned taxpayers about bad tax information on social media that can potentially lead to identity theft and tax problems.

April 9, 2024: The IRS warned tax professionals and businesses to remain vigilant and protect themselves against a continuing barrage of email spearfishing attempts, especially one particular type known as “new client” scams where identity thieves pose as potential clients using fake emails in hopes of stealing valuable information.

April 9, 2024: The IRS reminded taxpayers that its Direct File pilot is open to eligible taxpayers in 12 pilot states and allows the filing of 2023 federal tax returns online for free and directly with the IRS.

April 9, 2024: The IRS released proposed regulations that would implement the statutory netting rule, which reduces the aggregate fair market value of stock repurchased by a taxpayer during a certain taxable year. Additionally, [...]

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Weekly IRS Roundup February 5 – February 9, 2024

by , and | Feb 13, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 5, 2024 – February 9, 2024.

February 5, 2024: The IRS released Internal Revenue Bulletin 2024-5, which includes the following:

  • Announcement 2024-4, which clarifies that until the IRS issues new final regulations under Internal Revenue Code (Code) Section 6050I implementing the Infrastructure Investment and Jobs Act, at this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) has a value exceeding the $10,000 reporting threshold.
  • Notice 2024-21, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Code Section 430(h)(2).
  • Notice 2024-22, which provides initial guidance on the anti-abuse rules under Code Section 402A(e)(12) to assist in the implementation of the SECURE 2.0 Act of 2022’s Section 127 provisions.
  • Final regulations, which provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules for the treatment of preretirement mortality discounts and Social Security-level income options.
  • Revenue Ruling 2024-3, which provides the February 2024 applicable federal rates.

February 5, 2024: The IRS announced that individuals and businesses in parts of Maine affected by severe storms and flooding that began on December 17, 2023, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

February 6, 2024: The IRS revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, providing more general information for taxpayers, including common situations, along with clarity as to which organizations should submit Forms 1099-K.

February 6, 2024: The IRS issued Revenue Procedure 2024-13, which provides two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024 and a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.

February 6, 2024: The IRS reminded taxpayers that through new elective payment and transfer options, applicable businesses; tax-exempt organizations; or entities such as state, local, and tribal governments can take advantage of certain tax credits and apply these options to certain clean energy and manufacturing credits. Eligible taxpayers can register using the IRA/CHIPS Pre-Filing Registration Tool.

February 7, 2024: The IRS issued Revenue Procedure 2024-12, which offers a temporary extension for providing certain seller reports under Code Sections 25E and 30D.

February 7, 2024: The IRS launched a new page on IRS.gov that explains the Employer-Provided Childcare Credit, which offers employers a tax credit of up [...]

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Weekly IRS Roundup January 1 – January 5, 2024

by , and | Jan 9, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 1, 2024 – January 5, 2024.

January 2, 2024: The IRS released Internal Revenue Bulletin 2024-1, which includes the following:

  • Revenue Procedure 2024-1, which contains the revised procedures for letter rulings and information letters issued by the different offices of the associate chief counsel. This revenue procedure also contains the revised procedures for determination letters issued by the Large Business and International Division, the Small Business/Self-Employed Division, the Wage and Investment Division and the Tax Exempt and Government Entities (TE/GE) Division.
  • Revenue Procedure 2024-2, which explains when and how associate chief counsel offices should provide advice in technical advice memoranda (TAM). The revenue procedure also explains taxpayers’ rights when a field office requests a TAM.
  • Revenue Procedure 2024-3, which provides a revised list of areas of the Internal Revenue Code under the jurisdiction of the associate chief counsel’s offices of Corporate; Financial Institutions and Products; Income Tax and Accounting; Passthroughs and Special Industries; Procedure and Administration; and Employee Benefits, Exempt Organizations, and Employment Taxes. These relate to matters in which the IRS will not issue letter rulings or determination letters.
  • Revenue Procedure 2024-4, which provides guidance on the types of advice the IRS offers to taxpayers on issues under the jurisdiction of the Commissioner, TE/GE Division and Employee Plans Rulings and Agreements. It also details the procedures that apply to requests for determination letters and private letter rulings. This revenue procedure updates Revenue Procedure 2023-4.
  • Revenue Procedure 2024-5, which provides the procedures for issuing determination letters on issues under the jurisdiction of the Director, Exempt Organizations Rulings and Agreements.
  • Revenue Procedure 2024-7, which provides the areas under the jurisdiction of the associate chief counsel (international) in which letter rulings and determination letters will not be issued.

January 4, 2024: The IRS encouraged taxpayers to check out IRS.gov for tips, tools and resources to help them prepare to file their 2023 federal income tax returns.

January 4, 2024: The IRS published Tax Tip 2024-01, which provides a brief overview of tax credits and deductions for individuals.

January 5, 2024: The IRS announced an extension for dealers and sellers of clean vehicles to submit time-of-sale reports. Dealers and sellers generally will now have until January 19, 2024, to submit a time-of-sale report for vehicles sold from January 1, 2024, through January 16, 2024.

January 5, 2024: The IRS announced the launch of a special Tax Professional Awareness Week that will commence January 8, 2024, and assist tax professionals on what to expect during the 2024 filing season.

January 5, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief [...]

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Weekly IRS Roundup November 13 – November 17, 2023

by | Nov 21, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 13, 2023 – November 17, 2023.

November 13, 2023: The IRS released Internal Revenue Bulletin 2023-46, which includes the following:

  • Proposed regulations that would update the requirements a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan when calculating the present value for minimum funding purposes (as a substitute for the generally applicable mortality tables). Comments and requests for a public hearing must be received by December 19, 2023.
  • Final regulations that prescribe mortality tables for certain defined benefit pension plans.
  • Announcement 2023-31, which revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).

November 13, 2023: The IRS reminded taxpayers of the important steps they can take now to help them “get ready” to file their 2023 federal tax return for the 2024 filing season.

November 13, 2023: The IRS released FS-2023-26, updating question nine to reflect that wrongfully incarcerated US service members cannot exclude certain payments from gross income.

November 13, 2023: The IRS reminded people to stay vigilant in protecting personal and financial information from scam artists and tax schemes in light of International Fraud Awareness Week.

November 13, 2023: The IRS provided instructions for tax professionals to become an authorized e-file provider, which is mandatory for tax professionals to be able to file their clients’ federal tax returns electronically.

November 14, 2023: The IRS announced that it will hold a free webinar on November 16, 2023, to update employers, tax professionals and others on the most recent developments concerning e-file requirements for information returns that take effect on January 1, 2024.

November 14, 2023: The IRS released Notice 2023-76, which updates the corporate bond monthly yield curve and corresponding spot segment rates for November 2023 used under § 417(e)(3)(D), the 24-month average segment rates for November 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

November 15, 2023: The IRS announced that Rajiv Uppal has been selected as the next Chief Information Officer.

November 15, 2023: The IRS announced that taxpayers can now claim tax credits for new and used clean vehicles they buy during the tax year, and starting January 1, 2024, they can transfer those tax credits to the dealer in exchange for a financial benefit.

November 15, 2023: The IRS released Revenue Ruling 2023-21, which provides various prescribed rates for federal income tax purposes for December 2023.

November 16, 2023: The IRS reminded individual retirement arrangement owners age 70½ or [...]

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Weekly IRS Roundup April 3 – April 7, 2023

by | Apr 10, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 3, 2023 – April 7, 2023.

April 3, 2023: The IRS released Internal Revenue Bulletin 2023-14, which highlights the following:

  • Notice 2023-25: This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. It also provides guidance as to the interest rate on 30-year Treasury securities as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate.
  • Revenue Ruling 23-6: This revenue ruling provides the applicable federal rates for federal income tax purposes for April 2023. The annual short-term rate is 3.67%, the mid-term rate is 3.14% and the long-term rate is 3.04%.

April 3, 2023: The IRS released Notice 2023-31, announcing an Extension of the Transition Period for the Single-Country Exception Under Section 903.

April 3, 2023: The IRS announced special Saturday hours at Taxpayer Assistance Centers. The final Saturday opening will be May 13, 2023, from 9:00 am to 4:00 pm.

April 3, 2023: The IRS released the last entry in its Dirty Dozen campaign, cautioning taxpayers to beware of promoters peddling bogus tax schemes aimed at reducing or avoiding taxes.

April 3, 2023: The IRS announced that Arkansas storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments as a result of storms that occurred on March 31, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. The current list of eligible localities is available here.

April 3, 2023: The IRS reminded taxpayers that tax credits are available for a portion of the qualifying expenses related to energy improvements to their homes. Taxpayers can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when qualifying improvements are made.

April 3, 2023: The IRS released Tax Tip 2023-43, reminding taxpayers that IRS.gov has tax information in seven languages: Spanish, Chinese Traditional, Chinese Simplified, Korean, Russian, Vietnamese and Haitian Creole.

April 4, 2023: The IRS released Revenue Procedure 2023-12, which updates the procedures for exempt organizations determination letters with respect to the electronically submitted Form 8940, Request for Miscellaneous Determination. This modification to Revenue Procedure 2023-5 provides that the electronic submission process is the exclusive means of submitting a completed Form 8940, except for submissions eligible for the 90-day transition relief.

April 4, 2023: The IRS announced guidance related to the eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Act of 2022 (IRA). Notice 2023-29 describes certain [...]

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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 October 24 – October 28, 2022

by | Oct 31, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022.

October 24, 2022: The IRS released Internal Revenue Bulletin 2022-43, which highlights the following:

  • Revenue Procedure 2022-31: This procedure provides guidance on the development, printing and approval of 2022 substitute tax forms.
  • Revenue Procedure 2022-37: This procedure provides the amounts of unused housing credit carryovers allocated to qualified states under Section 42(h)(3)(D) of the Internal Revenue Code for calendar year 2022.
  • Notice 2022-41: This notice expands the application of permitted change-in-status rules for health coverage under a Section 125 cafeteria plan. Specifically, this notice addresses when a plan participant may want to revoke an employee’s election under the cafeteria plan for family coverage under a group health plan (other than a flexible spending arrangement) in order to allow one or more family members to enroll in a Qualified Health Plan through a Health Insurance Exchange in the individual market.
  • Notice 2022-46: This notice requests comments on tax credits for clean vehicles.
  • Notice 2022-47: This notice requests comments on energy security tax credits for manufacturing.
  • Notice 2022-48: This notice requests comments on incentive provisions for improving the energy efficiency of residential and commercial buildings.
  • Notice 2022-49: This notice requests comments on certain energy generation incentives.
  • Notice 2022-50: This notice requests comments on the elective payment of applicable credits and the transfer of certain credits.
  • Notice 2022-51: This notice requests comments on prevailing wage, apprenticeship, domestic content and energy community requirements under the Inflation Reduction Act of 2022.
  • Notice 2022-52: This notice provides additional temporary relief from certain requirements under Section 42 by extending the placed-in-service deadlines for qualified low-income housing projects. The notice is a result of numerous inquiries received related to labor and supply chain disruptions delaying the construction, rehabilitation and restoration of properties.

October 24, 2022: The IRS reminded taxpayers who sell goods and provide services that they may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for transactions that amount to more than $600 for the year. Income from part-time work and side jobs is taxable, and taxpayers must report all their income unless it is excluded by law. Money received from friends and relatives as personal gifts or reimbursements for expenses is not taxable.

October 24, 2022: The IRS released COVID Tax Tip 2022-162, providing information related to early withdrawals from retirement funds.

October 25, 2022: The IRS reminded farmers, ranchers and farm workers that they can find ag-related tax information on IRS.gov.

October 26, 2022: The IRS released Tax Tip 2022-164, advising [...]

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Weekly IRS Roundup August 29 – September 2, 2022

by | Sep 6, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 29, 2022 – September 2, 2022.

August 29, 2022: The IRS released Internal Revenue Bulletin 2022-35, which highlights the following:

  • Revenue Ruling 2022-15: This revenue ruling provides interest rates for tax overpayments and underpayments for the fourth quarter, starting October 1, 2022. The new rates are as follows:
    • Individuals: 6% per year, compounded daily, for both overpayments and underpayments
    • Corporations: 5% for overpayments; 6% for underpayments
    • Corporate overpayments for the portion exceeding $10,000:5%
    • Large corporate underpayments: 8%
  • Revenue Ruling 2022-16: This revenue ruling provides the average annual effective interest rates on new loans under the Farm Credit System and also contains a list of the states within each Farm Credit System Bank territory.
  • Treasury Decision 9964: The IRS released final regulations, providing guidance to states wanting to inspect certain return information for the purpose of administering state laws related to tax-exempt organizations. The final regulations reflect changes to the Internal Revenue Code made by the Pension Protection Act of 2006.

August 29, 2022: The IRS announced that September is National Preparedness Month and urges everyone to develop or update their emergency plans, especially with hurricane season approaching and the ongoing threat of wildfires.

August 29, 2022: The IRS released Tax Tip 2022-132, highlighting the Security Summit’s summer series, Protect Your Client; Protect Yourself. Professionals from the IRS, state tax agencies and others in the tax industry joined forces for a five-week series focused on the fundamentals of data and information security.

August 30, 2022: The IRS released Tax Tip 2022-133, clarifying taxpayer obligations during a Chapter 13 bankruptcy.

August 31, 2022: The IRS announced that Edward Killen will become division commissioner of its Tax-Exempt and Government Entities (TE/GE) division, effective September 30, 2022. The current TE/GE Commissioner, Sunita Lough, is retiring. Chief Privacy Officer Robert Choi will replace Killen as deputy commissioner of TE/GE.

August 31, 2022: The IRS released COVID Tax Tip-134, reminding parents of refunds and tax credits they may be missing if they do not normally file a tax return.

August 31, 2022: The IRS asked for comments on Form 7205, which is used to claim deductions for energy-efficient commercial buildings. The IRS wants to standardize the procedures for claiming the deduction and invites comments by October 31, 2022.

September 1, 2022: The IRS released Tax Tip 2022-135, providing suggestions to tax professionals on ways to protect clients from identity theft.

September 2, 2022: The IRS issued a statement acknowledging that it released confidential information from Form 990-Ts, which should not have been made public. Form 990-T is a business tax return used by tax-exempt entities to report and pay income [...]

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