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Weekly IRS Roundup September 26 – September 30, 2022

by | Oct 3, 2022 | , , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 26, 2022 – September 30, 2022.

September 26, 2022: The IRS released Internal Revenue Bulletin 2022-39, which highlights the following:

  • REG-125693-19: These proposed regulations clarify issues that do not meet the definition of a federal tax controversy, exceptions to consideration by the IRS Office of Appeals (IRS Appeals), and procedural and timing requirements that must be met before IRS Appeals will consider an issue. The proposed regulations also provide the requirements a taxpayer must meet to receive the notice described in Internal Revenue Code (Code) Section 7803(e)(5) when the taxpayer requests consideration by IRS Appeals and the request is denied. More coverage of this issue can be found here.
  • Notice 2022-38: This notice publishes the inflation adjustment factor for the carbon oxide sequestration credit under § 45Q for calendar year 2022. This notice also informs taxpayers that 2022 will be the final calendar year for which they may claim a credit under Code Section 45Q(a)(1) and (2) for qualified carbon oxide that is captured by carbon capture equipment originally placed in service at a qualified facility before the date of enactment of the Bipartisan Budget Act of 2018.

September 26, 2022: The IRS issued Notice 2022-44, providing annual notice of the 2022 to 2023 special per diem rates for taxpayers to use when substantiating the amount of business expenses incurred while traveling away from home. Specifically, the notice addresses (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 26, 2022: The IRS released Notice 2022-45, extending the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.

September 26, 2022: The IRS released Tax Tip 2022-147, highlighting five resources people can find on IRS.gov. These resources are:

  1. Taxpayer Bill of Rights
  2. How to apply for 501(c)3 status
  3. IRS tax volunteer opportunities
  4. Latest tax scams
  5. Interactive Tax Assistant

September 27, 2022: The IRS released Tax Tip 2022-148, providing the steps for becoming an IRS-authorized e-file provider.

September 27, 2022: The IRS announced that victims of storms and flooding in Alaska, which started on September 15, now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief is available to anyone in an area designated by the Federal Emergency Management Agency [...]

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Weekly IRS Roundup August 9 – August 13, 2021

by | Aug 16, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 9, 2021 – August 13, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

August 10, 2021: The IRS issued Revenue Procedure 2021-33 and an accompanying news release, providing a safe harbor pursuant to which employers are permitted to exclude certain amounts from gross receipts for purposes of determining Employee Retention Credit eligibility.

August 10, 2021: The IRS issued Notice 2021-43 and an accompanying news release, providing relief for employers to claim the Work Opportunity Tax Credit under Section 51 of the Code with respect to employees who began work after December 31, 2020. This latest update is in response to the extension of the associated Empowerment Zone designations through December 31, 2025, and pursuant to the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

August 10, 2021: The IRS issued a news release as part of a Security Summit series in partnership with state tax agencies and the tax industry, advising tax professionals to guard against pandemic-related phishing scams.

August 11, 2021: The IRS issued Revenue Procedure 2021-34, updating and modifying procedures for taxpayers to obtain automatic consent for certain income tax accounting method changes made to comply with Section 451 of the Code, as amended by the Tax Cuts and Jobs Act (TCJA).

August 11, 2021: The IRS issued Revenue Procedure 2021-35, modifying procedures for the safe harbor method of accounting for original issue discounts on a pool of credit card receivables in response to changes made to Section 451 by the TCJA.

August 13, 2021: The IRS issued Announcement 2021-13, announcing that the United States and United Kingdom have entered into an arrangement providing that references to the North American Free Trade Agreement (NAFTA) in the US-UK income tax treaty are to be interpreted as references to the United States-Mexico-Canada Agreement (USMCA) upon the USMCA’s entry into force.

August 13, 2021: The IRS issued Announcement 2021-14, announcing that the United States and United Kingdom have entered into an arrangement providing that, notwithstanding the United Kingdom’s withdrawal from the European Union, UK residents will continue to be treated as “equivalent beneficiaries” for purposes of applying the derivative benefits test to trusts under the Limitation on Benefits provision of the US-UK income tax treaty.

August 13, 2021: The IRS issued a news release announcing the disbursement of the August round of advance payments of the Child Tax Credit, consisting of approximately 36 million payments worth approximately $15 billion.

August 13, 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 [...]

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Weekly IRS Roundup July 26 – July 30, 2021

by | Aug 2, 2021 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 26, 2021 – July 30, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 26, 2021: The IRS issued Notice 2021-46 as a supplement to Notice 2021-31 issued in May, providing additional guidance on the temporary premium assistance for Consolidated Omnibus Budget Reconciliation Act (COBRA) health insurance benefits and the associated COBRA premium assistance credit—enacted by the American Rescue Plan Act of 2021 (ARPA).

July 27, 2021: The IRS issued a news release urging tax professionals to raise awareness amongst clients about the availability of Identity Protection PINs, a tax return security feature designed to protect against tax-related identity theft.

July 28, 2021: The IRS issued a news release announcing the imminent issuance of another round of tax refunds to those who paid taxes on unemployment compensation in 2020, pursuant to the retroactive exclusion of such compensation from 2020 taxable income under ARPA. The refunds will be issued to approximately 1.5 million taxpayers, averaging more than $1,600.

July 29, 2021: The IRS issued a news release announcing an update to previously-released FAQs regarding paid sick and family leave tax credits under ARPA.

July 30, 2021: The IRS issued Notice 2021-45, providing a list of counties and parishes that constitute as qualified disaster zones for purposes of determining low-income housing tax credits under section 42 of the Code, as expanded by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

July 30, 2021: The IRS issued Notice 2021-48, providing guidance on changes made under ARPA to the funding rules for single-employer defined benefit pension plans.

July 30, 2021: The IRS issued Announcement 2021-12, revealing recent disciplinary sanctions imposed on certain tax practitioners pursuant to the Circular 230 rules for practice before the IRS.

July 30, 2021: The IRS issued a news release announcing the awarding of a $100,000 Low Income Taxpayer Clinic grant to West Virginia University College of Law to assist the university in providing tax controversy litigation services to low-income and English as a second language (ESL) taxpayers.

July 30, 2021: The IRS issued a news release reminding taxpayers who hold Employer Identification Numbers (EINs) of their responsibility to file Form 8822-B, updating their information with the IRS upon a change of responsible party or contact information.

July 30, 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 June 14 – June 18, 2021

by | Jun 21, 2021 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 14, 2021 – June 18, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 14, 2021: The IRS issued a news release unveiling updates to its online Non-Filer Sign-Up Tool, expanding the scope of the tool to assist families who do not normally file tax returns to register for and receive monthly advance payments of the Child Tax Credit (as expanded by the American Rescue Plan of 2021).

June 15, 2021: The IRS issued Revenue Ruling 2021-12, providing various prescribed interest rates for federal income tax purposes for July 2021.

June 16, 2021: The IRS issued corrections to final regulations published on January 5, 2021, regarding simplified accounting rules for small businesses under sections 263A, 448, 460 and 471 of the Code.

June 16, 2021: The IRS issued Notice 2021-37, providing the monthly update to certain interest rates used for pension plan funding and distribution purposes.

June 17, 2021: The IRS issued Revenue Procedure 2021-28, providing procedures for taxpayers to change to the alternative depreciation system of accounting under section 168(g) of the Code with respect to certain residential real property placed in service prior to 2018 as required by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

June 17, 2021: The IRS issued Revenue Procedure 2021-29, providing simplified procedures for certain partnerships to file amended partnership returns to comply with the procedures for tax accounting with respect to residential real property discussed in Revenue Procedure 2021-28.

June 18, 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 29 – April 2, 2021

by | Apr 6, 2021 | , ,

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 29, 2021: The IRS issued Notice 2021-21 and an accompanying news release, extending certain individual income tax deadlines to May 17, 2021, including the deadline for making contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) and the deadline for claiming refunds.

March 30, 2021: The IRS issued corrections to final regulations published on January 15, 2021, regarding credits for carbon capture equipment under section 45Q of the Code.

March 30, 2021: The IRS released Announcement 2021-6, providing a report on advance pricing agreements for calendar year 2020 under the Advance Pricing and Mutual Agreement Program.

March 30, 2021: The IRS issued a news release warning students and staff of educational institutions of an IRS-impersonation phishing scam.

March 30, 2021: The IRS issued a news release announcing that it anticipates Economic Impact Payments will begin to be issued to Social Security recipients and other individuals who do not normally file tax returns starting the weekend of April 3.

March 30, 2021: The IRS issued a news release providing answers to frequently asked questions regarding the reporting of pandemic-related emergency financial aid grants by students and higher education institutions.

March 31, 2021: The IRS issued a news release announcing that it will take steps to provide automatic refunds to taxpayers who filed tax returns reporting unemployment compensation prior to changes made by the American Rescue Plan Act of 2021 (ARPA).

April 1, 2021: The IRS issued a news release announcing a third round of Economic Impact Payments consisting of four million payments totaling over $10 billion, bringing the total amount of disbursements under ARPA to more than 130 million payments worth approximately $335 billion.

April 2, 2021: The IRS issued Notice 2021-23 and an accompanying news release, providing guidance on the changes made by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 on the employee retention credit under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

April 2, 2021: The IRS issued a news release soliciting civic-minded volunteers to serve on the Taxpayer Advocacy Panel, a federal advisory committee for identifying taxpayer concerns and making recommendations for improving IRS service and customer satisfaction.

April 2, 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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