IRS & Tax News: Week Ending January 7, 2022
Here is what’s happening in IRS and tax news as of the week ending January 7, 2022.
Candace J. Dixon
January 3, 2022
Rev. Proc. 2022–1 — Letter ruling and information letter procedures
Rev. Proc. 2022–2 — Technical advice memorandum procedures
Rev. Proc. 2022–3 — Domestic no-rulings list updates
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, publishing 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.
An updated List of Countries Requiring Cooperation With an International Boycott by the Deptartment of Treasury was published in the Federal Register.
Tax relief extending the 2021 tax deadline and other dates to May 16 for Colorado wildfire victims was announced in a news release.
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 tax tip reminded recipients of the third round of Economic Impact Payments that they will start to receive information letters at the end of January to use when preparing their tax returns.
The IRS published a news release to remind many people that final 2021 quarterly tax payments are due by January 18 to avoid tax bill and penalties.
An advance of Revenue Ruling 2022–02 providing covered compensation tables effective January 1, 2022 was released; it will be in IRB: 2022–4, January 24, 2022.
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 with changes to Topic F: Finding the First and Second Economic Impact Payment Amounts to Calculate the 2020 Recovery Rebate Credit.
The IRS updated 2020 unemployment compensation exclusion FAQs in Fact Sheet 2022–01 and published a News Release for Frequently Asked Questions to add Question 10, Topic G: Receiving a Refund, Letter, or Notice.
IRS Criminal Investigation announced their 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 and updates including Heavy Highway Vehicle Use Tax, Calendar Year 2021 table; updates for 2021 Calendar Year Return Projections by State: 2021–2028 and more available on the SOI’s Tax Stats page.
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. A special edition of the IRS “A Closer Look” column also discussed the ongoing challenges.