February 28, 2022
Candace J. Dixon
February 14, 2022
Internal Revenue Bulletin: 2022-7 highlights:
Final regulations T.D. 9960 Guidance under Section 958 on Determining Stock Ownership on the treatment of domestic partnerships under IRC Section 958, and proposed PFIC regulations REG-118250-20 Guidance on Passive Foreign Investment Companies and Controlled Foreign Corporations Held by Domestic Partnerships and S Corporations and Related Person Insurance Income were published.
Notice 2022-8 - 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-approved Plans
Rev. Proc. 2022-12 Individuals required to make returns of income; procedures for individuals not otherwise required to file tax returns for 2021 to claim the child tax credit, the 2021 recovery rebate credit, and the earned income credit.
Rev. Proc. 2022-14 updated list of when the automatic consent to change accounting method applies (Rev. Proc. 2015-13).
IR-2022-32 — The IRS announced a new page on their website with information affecting the 2022 filing season and their ongoing efforts to address the number of previously filed returns.
February 15, 2022
The IRS announced update to Form 14457, Voluntary Disclosure Practice Preclearance Request and Application
IR-2022-33 — The IRS announced that Form 14457 was revised including and expansion of the reporting section and instructions for virtual currency.
IRS updates FAQs for Higher Education Emergency Grants
IR-2022-34— The IRS updated its frequently asked questions (FAQs) on Higher Education Emergency Grants.
Rev. Rul. 2022-4 was released with various prescribed rates for federal income tax purposes for March 2022.
February 16, 2022
Tax Time Guide: Make IRS.gov the first stop for tax help
IR-2022-35 — With phone volumes continuing at historic levels, the Internal Revenue Service reminded taxpayers IRS.gov should be the first stop for seeking information and help with their federal taxes.
Latest spearphishing scams target tax professionals
IR-2022-36 —The IRS, state tax agencies and tax industry warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.
Join the Taxpayer Advocacy Panel and help improve the IRS; apply by April 8
IR-2022-37 — The IRS announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). Applications will be accepted through April 8.
In IR-2022-38 and the "Schedules K2 and K3 Frequently Asked Questions" the IRS provided details on additional transition relief for some domestic partnerships and S corporations using the new schedules K-2 and K-3 to ease the adjustment. Those eligible for the relief will not have to file the new schedules for tax year 2021.
February 17, 2022
IRS reminds those with farming, fishing businesses of March 1 tax deadline
IR-2022-39 — The IRS reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments.
IRS provides additional updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit
IR-2022-40 — The IRS updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
Notice 2022-9 Weighted Average Interest Rates, Yield Curves, and Segment Rates was released.
February 21, 2022
— A statement about new features available in IRS Online Account registration was released.
The IRS announced that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts without the use of any biometric data, including facial recognition.
February 22, 2022
Internal Revenue Bulletin: 2022-8 highlights:
Announcement 2022-3 issued to provide notification to consumers of the Internal Revenue Bulletin that there were no articles submitted for publication in IRB 2022-8, February 22, 2022.
2022 Low Income Taxpayer Clinic List now available
IR-2022-41 — The IRS's Low Income Taxpayer Clinic (LITC) program office announced that the 2022 Publication 4134, Low Income Taxpayer Clinic List, is now available.
February 23, 2022
Interest rates increase for the second quarter of 2022
IR-2022-42 The IRS announced that interest rates will increase for the calendar quarter beginning April 1, 2022. Rev. Rul. 2022-05 for the interest rates onoverpayments and underpayments of tax was released.
February 24, 2022
Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to check tax refund status
IR-2022-43— The IRS reminded taxpayers that the fastest and easiest way to check on tax refunds is by using the Where's My Refund? tool on IRS.gov or through the IRS2Go mobile app.
IRS updates FAQs for the Premium Tax Credit
IR-2022-44 — The IRS updated its frequently asked questions (FAQs) on the Premium Tax Credit.
Filing season reminder for teachers: Some educator expenses may be tax deductible
COVID Tax Tip 2022-30 — The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.
February 28, 2022
COVID Tax Tip 2022-31: Changes to the earned income tax credit for the 2022 tax filing season
The refundable EITC tax credit's recent expansion makes more people qualify for it, and they should check to see if they do. Even though people with income under a certain amount aren't required to file tax returns because they won't owe any tax, those who qualify for the EITC may get a refund if they file a 2021 tax return anyway because of recent changes to the EITC for tax year 2021 only: It was expanded for people who do not have qualifying children; and some people can use their 2019 earned income to figure their EITC. New law changes expand the EITC for 2021 and future years including: More people who work and also have investment income can get the credit; spouses who are married but separated can choose to be treated as not married for claiming the EITC; and people with Social Security numbers can claim the credit even if their children do not have them. See COVID Tax Tip 2022-31 for more details.
Internal Revenue Bulletin: 2022-9 highlights:
Announcement 2022-4 issued to notify consumers of the Internal Revenue Bulletin that there were no articles submitted for publication for IRB 2022-9, February 28, 2022.
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