updated February 27, 2022
February 9, 2022
Candace J. Dixon
NOTE:
January 31, 2022
The WA-2022-01, January 11, 2022 for Washington was updated for the following:
Island, Jefferson, Lewis, San Juan counties, the Hoh Indian Tribe and the Swinomish Indian Community The title was changed to IRS announces tax relief for Washington severe storms, straight-line winds, flooding, landslides and mudslides.
The disaster start date was changed to November 5, 2021.
Changed the employment and excise tax deposit relief date to November 22, 2021.
An advance of Rev. Proc. 2022-14: List of Automatic Changes to which the automatic change procedures apply was released.
These are some of the key IRS and tax news and updates for February 2022.
February 1, 2022
The IRS updated 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions in FS-2022-07 and a News Release.
Tax Time Guide: Important considerations before filing a 2021 tax return was published. The IRS Tax Time Guide has resources and information to help people during tax season
February 2, 2022
The IRS updated Recovery Rebate Credit Frequently Asked Questions including a revised answer on tracing payments in FS-2022-08 and a News Release.
A news release reminded people about free IRS programs available to help prepare and file returns. Volunteer Income Tax Assistance is for eligible taxpayers who earn $58,000 or less, persons with disabilities and limited English-speaking taxpayers. Tax Counseling for the Elderly is for people 60 or older and specializes in questions about pensions and retirement-related issues for seniors. Use the VITA Locator Tool to find the nearest VITA or TCE site.
An advance of Rev. Proc. 2022-14: List of Automatic Changes to which the automatic change procedures apply was released.
A U.S. Tax Court press release announced that over 750 new features were added to DAWSON, their case-management system, since December 28, 2020.
February 3, 2022
A news release reminded people to watch for IRS impersonation scams including text message, e-mail and phone scams and unemployment fraud.
The TN-2022-01, January 20, 2022 news release IRS announces tax relief for Tennessee severe storms, straight-line winds and tornadoes was updated to include Decatur and Dyer counties.
February 4, 2022
A news release announced special Saturday hours of 9 a.m. to 4 p.m. on February 12, March 12, April 9 and May 14 for select Taxpayer Assistance Centers (TACs) to provide taxpayers with in-person help.
From IRS Employee Plans e-news: Remove Excess Salary Deferrals by April 15, 2022. The limit for total salary deferrals made by particpants to retirement plans is $19,500, plus an additional $6,500 if age 50 or older for 2021. Excess deferral amounts plus earnings must be removed by April 15, 2022.
Read Justia's Tax Law Weekly Opinion Summaries for February 4, 2022.
February 7, 2022
Internal Revenue Bulletin: 2022-6 highlights:
Rev. Rul. 2022-3: February Applicable Federal Rates
Notice 2022-7: January Interest Rates, Yield Curves, Segment Rates
Rev. Proc. 2022-10: 18-month fast-track program for Associate Chief Counsel letter ruling requests
Rev. Proc. 2022-13: Tax Court review of determinations under section 7436
The IRS announced in a news release that it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.
IRS Operations During COVID-19 update: As of February 2, the IRS had 1.5 million unprocessed 941s, and some of the 444,000 unprocessed 941-X's can't be processed until the 941's are done.
February 8, 2022
The IRS updated 2021 Recovery Rebate Credit Questions and Answers in FS-2022-09 and a news release.
This Tax Time Guide urged people to file 2021 tax returns to take advantage of tax benefits included in the American Rescue Plan and other legislation; FS-2022-10: Expanded credits for families highlight tax changes for 2021; many people who don’t normally file should file this year describing many of the expanded tax benefits was issued.
IRS revises frequently asked questions for the Higher Education Emergency Grants
Fact Sheet FS-2022-11 updates frequently asked questions (FAQs) for the Higher Education Emergency Grants. This update adds new FAQ Questions 8 and 9.
IRS revises frequently asked questions to assist those claiming the 2021 Recovery Rebate Credit
Fact Sheet FS-2022-12 updates several frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit. Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information.
Questions and Answers on the Premium Tax Credit
Fact Sheet FS-2022-13 updates frequently asked questions (FAQs) for the Premium Tax Credit.
February 9, 2022
The IRS Low Income Taxpayer Clinic (LITC) Program office announced highlights from its 2021 annual report in a news release.
A news release announced that the IRS will stop mailing over a dozen letters, including notices where people were credited for payments but the IRS has no record of their return being filed. See the January 27, 2022 IRS Statement: Providing meaningful assistance to taxpayers in the current environment
Rev. Proc. 2022-14: List of automatic tax method changes was released.
February 11, 2022
Filing Season Statistics for Week Ending February 04, 2022 were published on the IRS website.
Read Justia's Tax Law Weekly Opinion Summaries for February 11, 2022.
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 Internal Revenue Service announced a new page on IRS.gov to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address its number of previously filed tax returns.
February 15, 2022
IR-2022-33, — The Internal Revenue Service announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application 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 Internal Revenue Service 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 Internal Revenue Service, 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 Internal Revenue Service announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). Applications will be accepted through April 8.
February 16, 2022
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 Internal Revenue Service 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, February 17, 2022 — The Internal Revenue Service 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.
February 21, 2022 - 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.
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, February 22, 2022 — The IRS's Low Income Taxpayer Clinic (LITC) program office announced that the 2022 Publication 4134, Low Income Taxpayer Clinic List, is now available.
Interest rates increase for the second quarter of 2022
IR-2022-42, February 23, 2022 — The Internal Revenue Service 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.
Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to check tax refund status
IR-2022-43, February 24, 2022 — 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, February 24, 2022 — The Internal Revenue Service 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, February 24, 2022 — 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
Changes to the earned income tax credit for the 2022 tax filing season in COVID Tax Tip 2022-31:
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.
Stay updated on Post-Release Changes to Tax Forms, Instructions, and Publications
Read February 2022 Criminal Investigation Press Releases