Offered under is our abstract of great Inside Income Service (IRS) steering and related tax issues for the week of May 23, 2022 – May 27, 2022.
May 25, 2022: The IRS issued a press release revising frequently asked questions regarding the 2021 Earned Earnings Tax Credit score to coach eligible taxpayers on how you can correctly declare the credit score on their 2021 tax return.
May 25, 2022: The IRS announced that it has enhanced its “Where’s My Refund?” on-line device, which introduces a brand new characteristic that enables taxpayers to examine the standing of the present tax yr and the 2 prior years.
May 26, 2022: The IRS issued a press release, saying the issuance of its Fiscal 12 months 2021 Data Book, which describes its actions from October 1, 2020, to September 30, 2021. The Information E book is revealed yearly and accommodates statistical tables and group data regarding knowledge on accumulating income, issuing refunds, imposing the legislation, aiding taxpayers and the price range and workforce.
May 26, 2022: The IRS issued a memorandum to Worker Plan workers and Exempt Organizations/Authorities Entities Staff, stating that video conferences by way of safe IRS-approved platforms will proceed to be allowed on a going ahead foundation.
May 27, 2022: The IRS launched its weekly checklist of written determinations (e.g., Personal Letter Rulings, Technical Recommendation Memorandums and Chief Counsel Recommendation).