Weekly IRS Roundup March 13 – March 19, 2022

Offered under is our abstract of great Inside Income Service (IRS) steering and related tax issues for the week of March 13, 2022 – March 19, 2022. Moreover, for persevering with updates on the tax affect of COVID-19, please go to our useful resource web page here.

March 14, 2022: The IRS issued Announcement 2022-6, asserting that, efficient March 14, 2022, and till additional discover, the IRS will not settle for functions for opinion letters regarding conventional particular person retirement accounts (IRAs), Roth IRAs, Financial savings Incentive Match Plan for Workers (SIMPLE) IRAs or simplified worker pensions (SEPs) with the intention to revise related varieties and procedures and difficulty steering to replicate current laws.

March 15, 2022: The IRS issued Revenue Ruling 2022-8, offering numerous prescribed rates of interest for federal revenue tax functions for April 2022.

March 15, 2022: The IRS issued Notice 2022-13, offering aid to sure taxpayers with revenue from a farming or fishing enterprise from penalties beneath Part 6654 of the Code for underpayments of estimated revenue tax.

March 15, 2022: The IRS issued a news release asserting an growth of the multilingual choices accessible with respect to sure IRS varieties and publications.

March 16, 2022: The IRS issued Revenue Procedure 2022-17, offering up to date tables to be used in figuring out limitations on, and reductions to, depreciation deductions with respect to passenger vehicles beneath Part 280F of the Code.

March 16, 2022: The IRS issued a news release asserting that it’s hiring for greater than 200 info expertise positions as a part of an initiative to modernize its methods.

March 16, 2022: The IRS issued a news release, offering suggestions for taxpayers to guard themselves towards tax-related fraud and id theft.

March 17, 2022: The IRS issued minor corrections to proposed regulations revealed on March 1, 2022, regarding renewal charges for enrolled brokers and enrolled retirement plan brokers.

March 18, 2022: The IRS issued minor corrections to proposed regulations revealed on February 24, 2022, regarding required minimal distributions with respect to sure worker pension and retirement plans.

March 18, 2022: The IRS issued Revenue Ruling 2022-06, offering the semi-annual Normal Trade Fare Stage (SIFL) charges and terminal cost utilized in computing the worth of noncommercial flights on employer-provided aircrafts for functions of the taxation of fringe advantages beneath Part 61 of the Code. The Income Ruling supplies each unadjusted SIFL charges and SIFL charges as adjusted for aid supplied to the airline business by COVID-related laws.

March 18, 2022: The IRS issued Revenue Procedure 2022-20, offering that hearings held by teleconference should usually meet the general public approval requirement beneath Part 147(f) of the Code for tax-exempt certified non-public exercise bonds.

March 18, 2022: The IRS issued Notice 2022-11, together with the US Division of Labor and the US Division of Well being and Human Companies, offering steering to sure medical insurance suppliers in calculating “qualifying payment amounts” for functions of the medical invoice aid provisions of Sections 9816 and 9817 of the Code and associated labor and well being statutes.

March 18, 2022: The IRS issued Notice 2022-12, offering up to date inhabitants figures for US states and territories which can be utilized in figuring out limitations relevant to low-income housing tax credit beneath Part 42 of the Code and tax-exempt non-public exercise bonds beneath Part 141 of the Code.

March 18, 2022: The IRS issued an Action on Decision, asserting that it will not acquiesce to the holding in CSX Corp. v. United States, 18 F.4th 672 (eleventh Cir. 2021) that relocation advantages supplied by a railroad to its staff are exempt from taxation beneath the Railroad Retirement Tax Act (RRTA).

March 18, 2022: The IRS issued a news release, reminding taxpayers to think about whether or not they should examine a field that asks whether or not they engaged in digital forex transactions, a brand new addition to the highest of Kind 1040 in 2021.

March 18, 2022: The IRS launched its weekly listing of written determinations (e.g., Non-public Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).

Particular due to Le Chen in our Washington, DC, workplace for this week’s roundup.

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