Issue Number: 2022-05
Inside This Issue
- Tax Time Guide: Important considerations before filing a 2021 tax return
- IRS Taxpayer Assistance Centers open on special Saturdays for face-to-face help
- FIRE System new login requirements; internal error message corrected
- Security Summit reminder: Stay vigilant against tax scams
- Remind your clients about Opportunity Zones reporting requirements
- News from the Justice Department’s Tax Division
- Technical Guidance
Tax pros: With the 2022 tax season open, remind your clients to make sure they have everything they need before filing. The IRS series Tax Time Guide provides resources and information to help taxpayers during the filing season. This article is also available in Spanish and Simplified Chinese.
2. IRS Taxpayer Assistance Centers open on special Saturdays for face-to-face help
As part of a larger effort to help people during this year’s filing season, there will be special Saturday hours at many Taxpayer Assistance Centers (TACs) across the country. Visit IRS.gov to see which TACs will be open and their Saturday schedules. This article is also available in Spanish and Simplified Chinese.
Users logging into the Filing Information Returns Electronically (FIRE) System must now enter their Transmitter Control Code, Employer Identification Number (EIN) and legal business name exactly how it’s spelled or abbreviated in the FIRE System. If users receive an error message stating the “information provided is not correct,” they should review these troubleshooting tips. Additionally, the FIRE System internal error message issue is fixed. Users who still can’t connect should review the troubleshooting tips. For more, visit the FIRE webpage on IRS.gov.
Remind your clients to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their money. Visit IRS.gov for a list of common scams and schemes to watch out for this tax season. This article is also available in Spanish and Simplified Chinese.
Those who held a qualifying investment in a Qualified Opportunity Fund (QOF) at any point during the tax year must file Form 8997 with their timely filed federal tax return (including extensions). Failure to file the form will result in a rebuttable presumption of an inclusion event that terminates the qualifying investment in a QOF. A corporation or partnership that elected or is electing to be a QOF must file completed Form 8996 annually with their timely filed federal tax return (including extensions) to report that the QOF meets the 90% investment standard of section 1400Z-2 or to figure the penalty if it fails to meet the investment standard. This is required even in years the corporation or partnership has no taxable income. For more information, see the Opportunity Zones section on IRS.gov.
A federal court in the Southern District of Mississippi has permanently barred Terance Price, a Mississippi tax return preparer, from owning or operating a tax return preparation business and preparing tax returns for others.
The United States filed a civil injunction suit to bar Karla Welch and her businesses from owning or operating a tax preparation business and preparing tax returns. The complaint also requests that the court require the defendants to disgorge the fees they obtained by preparing false and fraudulent tax returns.
A federal court in the Southern District of Florida permanently barred Wendell Devallon and Berald Dominique, co-owners of Tax Time Group Inc., from preparing federal income tax returns or operating any tax return preparation business in the future. It also ordered the tax preparers to pay $353,000 in disgorgement to the United States.
Revenue Procedure 2022-14 provides the List of Automatic Changes to which the automatic change procedures apply.
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