Updated: February 11, 2022
January 15, 2022
Candace J. Dixon
This is an ongoing recap of key IRS and tax news, updates and information for January 2022.
January 3, 2022
Internal Revenue Bulletin: 2022-1 highlights:
Rev. Proc. 2022-1 - Letter ruling and information letter procedures
Rev. Proc. 2022-2 - Technical advice memorandum (TAM) procedures
Rev. Proc. 2022-3 - Domestic no-rulings list updated
Rev. Proc. 2022–4 - Exempt organization no-rulings list
Rev. Proc. 2022-5 - Procedures for Exempt Organization determination letters
Rev. Proc. 2022-7 - Annual international no-rulings list
The IRS revised Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, for recognition of exemption under Sec. 501(a) or Sec. 501(c)(4)) and Sec. 521, to allow electronic filing and published a news release and an advance of Rev. Proc. 2022-8 updating procedures for exempt organization determination letters for electronically submitted Form 1024, modifying Rev. Proc. 2022-5.
Tax relief for Colorado wildfire victims extended the 2021 tax deadline to May 16 in this news release.
An updated List of Countries Requiring Cooperation With an International Boycott was published in the Federal Register by the Deptartment of Treasury.
January 4, 2022
TD 9959 - Final regs. Guidance Related to the Foreign Tax Credit, Clarification of Foreign-Derived Intangible Income were published in the Federal Register. They are in Internal Revenue Bulletin: 2022-3, January 18, 2022.
TD 9961 - Final regs. Guidance on the Transition From Interbank Offered Rates to Other Reference Rates providing guidance on tax consequences of the discontinuation of interbank offered rates (IBORs) were published in the Federal Register. They are in Internal Revenue Bulletin: 2022-3, January 18, 2022.
January 5, 2022
An IRS news release gave a reminder that final 2021 quarterly tax payments are due January 18.
An advance of Revenue Ruling 2022-02 Section 401. - Qualified Pension, Profit-Sharing, and Stock Bonus Plans with covered compensation tables for the 2022 plan year was released; it will be in IRB: 2022-4.
January 6, 2022
Tax Exempt and Government Entities released their Fiscal Year 2021 Accomplishments Letter.
January 7, 2022
The IRS updated 2020 Recovery Rebate Credit Frequently Asked Questions in Fact Sheet 2022-02 and published a news release for frequently asked questions.
The IRS updated 2020 unemployment compensation exclusion FAQs in Fact Sheet 2022-01 and published a News Release for Frequently Asked Questions .
The IRS released its Internal Revenue Service Progress Update / Fiscal Year 2021 – Putting Taxpayers First in a News Release, describing their work delivering taxpayer service and compliance efforts during the pandemic, while highlighting efforts taken by IRS employees to help taxpayers this past year. A special edition of the "A Closer Look" column also discussed the ongoing challenges.
IRS Criminal Investigation announced their Twitter countdown of the top 10 cases of 2021 in this news release.
The IRS provided guidance on new documentation requirements for administrative refund claims of the R&D credit in Research Credit Claims (Section 41) on Amended Returns Frequently Asked Questions and a memo to its employees revising its manual.
IRS Tax Stats Dispatch Issue 2022-01 announced releases of tables for Heavy Highway Vehicle Use Tax, Calendar Year 2021, updates for 2021 Calendar Year Return Projections by State: 2021-2028, and more.
Read Tax Law Weekly Opinion Summaries for January 7, 2022.
January 10, 2022
The IRS announced that tax season begins Monday, January 24, 2022 in a news release.
The IRS announced new Internal Revenue Service Advisory Council (IRSAC) members for 2022 in a news release.
Internal Revenue Bulletin: 2022-2 highlights:
Rev. Rul. 2022-1 - Applicable Federal Rates for January 2022
Notice 2022-1 - Instructions for Lenders and Loan Servicers Regarding Discharged Student Loans
Notice 2022-2 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Notice 2022-3 - 2022 Standard Mileage Rates
Sections 4375 & 4376 – Insured and Self-Insured Health Plans
Notice 2022-4 - Adjusted Applicable Dollar Amount for Fee Imposed by Sections 4375 and 4376
Rev. Proc. 2022-9 - Procedures to change methods of accounting
January 11, 2022
An advance of Notice 2022-5 - Relief for Qualified Low-Income Housing Projects, providing new relief and extending some temporary relief in response to COVID-19 was released; it will be in IRB 2022-5.
The IRS extensively updated and streamlined the 2021 Child Tax Credit and Advance Child Tax Credit FAQs to help people claim the credit on their 2021 returns with Fact Sheet 2022-03.
The IRS announced that Washington victims of flooding and mudslides have until March 15, 2022 to file various individual and business tax returns and make tax payments on Tax Relief in Disaster Situations
January 12, 2022
The IRS announced the National Taxpayer Advocate 2021 Annual Report to Congress focusing on taxpayer impact of processing and refund delays in a news release
The National Taxpayer Advocate released their 2021 Annual Report to Congress (Executive Summary) and fifth edition of National Taxpayer Advocate’s Purple Book with 68 legislative recommendations to Congress including calling for funding to improve taxpayer service; authorizing the IRS to establish minimum standards for paid tax return preparers, and amending IRC to prohibit offset of Earned Income Tax Credit portion of tax refunds on the Taxpayer Advocate website
The U.S. Tax Court announced there would be no in-person proceedings in January 2022 because of the rapid increase in COVID-19 cases in a press release
January 13, 2022
The IRS issued Fact Sheet 2022-04 providing FAQs for the 2021 Recovery Rebate Credit
January 14, 2022
The IRS published e-News for Small Business Issue 2022-01
An advance of Revenue Procedure 2022-10 establishing an 18-month program that will fast-track Associate Chief Counsel private letter ruling requests was released; it will be in IRB: 2022-6.
A news release announced that Free File is open for free online tax preparation for elibible people.
The IRS revised Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds and Instructions including new Schedule A, Specific Tax Credit Bonds Interest Limit Computation.
Read Tax Law Weekly Opinion Summaries for January 14, 2022
January 18, 2022
Internal Revenue Bulletin: 2022-3 highlights:
T.D. 9959 - Final regs on Guidance Related to the Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income, published in the Federal Register January 4, 2022.
T.D. 9961 - Final regs on Guidance on the Transition From Interbank Offered Rates, published in the Federal Register January 4, 2022.
Rev. Proc. 2022-11 - Indexing factor for group health plans and health insurance issuers to calculate qualifying payment amount (QPA) for items or services provided on or after January 1, 2022 and before January 1, 2023.
An advance of Notice 2022-6 Determination of Substantially Equal Periodic Payments was released.
An advance of Rev. Rul. 2022-3 Determination of Issue Price in the Case of Certain Debt Instruments
Issued for Property was released.
January 19, 2022
An advance of Rev. Proc. 2022-13 Proceedings for Determination of Employment Status was released.
A news release reminded employers about the January 31 wage statement deadline.
January 20, 2022
An advance publication of Notice 2022-7 Updates for Weighted Average Interest Rates, Yield Curves, and Segment Rates was released.
The Tax Relief in Disaster Situations page announced tax relief for Tennessee victims of severe storms, straight-line winds and tornadoes; the deadline to file and pay various returns was extended until May 16, 2022.
The IRS "A Closer Look" Column: "Flexible Options Evolve From Challenging Times"was published.
A news release announced that the IRS Chief Counsel has job openings for 200 attorneys to help manage an increasing caseload of abusive tax deals, especially marketing tax shelter schemes and making sure that who particpate in the schemes pay the tax and penalties.
A news release discussed top things to remember when filing returns this year; people waiting for 2020 returns to be processed for the Adjusted Gross Income amount in order to efile their 2021 returns can:
Enter $0 for last year's AGI on their 2021 tax return, or
Enter $1 for prior year AGI if they used a Non-Filer tool in 2021 to register for an advance Child Tax Credit or third Economic Impact Payment.
January 24, 2022
Internal Revenue Bulletin: 2022-4 highlights:
Rev. Rul. 2022-2 Section 401 - Qualified Pension, Profit-Sharing, and Stock Bonus Plans
Rev. Proc. 2022-8 updates procedures for exempt organization determination letters for electronically submitted Form 1024, modifying Rev. Proc. 2022-5.
An advance of Rev. Proc. 2022-12, Individuals required to make returns of income was released with procedures for individuals not otherwise required to file 2021 tax returns to be able to file. The first two ways let them file simplified returns to claim the child tax credit, 2021 recovery rebate credit, and the earned income credit. The third way lets them file complete returns electronically even if they have zero adjusted gross income. It will be in IRB 2022-6 on 2/7/2022.
The IRS urged people to take precautions and file electronically in a news release and the Closer Look column: "The 2022 Tax Season Has Started -Tips to Help You File an Accurate Return".
A news release announced that all third-round Economic Impact Payments had been issued and reminded people to claim remaining stimulus payments as part of the 2021 Recovery Rebate Credit.
January 25, 2022
Final regs. TD 9960 - Guidance Under Section 958 on Determining Stock Ownership were published in the Federal Register in tandem with Proposed regs. 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
January 26, 2022
A U.S. Tax Court Press Release announced no in-person proceedings through February 25, 2022 due to COVID-19.
The IRS announced that all third-round Economic Impact payments were issued in a news release reminding people to claim any remaining stimulus payments they're entitled to on their 2021 returns through the 2021 Recovery Rebate Credit,
January 27, 2022
The IRS issued a statement that they are going to stop sending some automated notices to people in an effort to avoid confusion and provide relief.
January 28, 2022
The IRS issued a statement saying they "believe this is a limited group of taxpayers involved out of a much larger set of advance Child Tax Credit recipients. There is no indication to support speculation that this could involve hundreds of thousands of taxpayers"in response to people receiving an innacurate Letter 6419, which is supposed to have the information needed to reconcile advance Child Tax Credit on 2021 returns.
January 28, 2022
The IRS published a news release about EITC Awareness Day.
IRS Fact Sheet FS-2022-5 was published, telling people to check their Online Accounts if uncertain about amounts on Child Tax Credit Letter 6419, as the accounts will have official figures in IRS systems.
A Criminal Investigation press release reminded U.S. citizens and green card holders living abroad of filing requirements. People residing abroad, including those on military duty outside the U.S., are permitted an automatic two-month extension until June 15 to file their tax returns.
An advance of Notice 2022-8: 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-approved Plans, was released.
January 31, 2022
Internal Revenue Bulletin: 2022-5 highlights:
Notice 2022-5: Extends and adds COVID-19 relief for section 42 low-income housing credit
Notice 2022-6: Determination of Substantially Equal Periodic Payments
The IRS announced Filing Season 2021 Child Tax Credit frequently asked questions in Fact Sheet 2202-06 and a news release.
The WA-2022-01, January 11, 2022 for Washington was updated on January 31, 2022 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.
Additonal Updates / Reading:
Post-Release Changes to Tax Forms, Instructions, and Publications
January 2022 Criminal Investigation Press Releases