New IRS.gov webpage highlights latest filing season information

Issue Number: 2022-07

Inside This Issue

1. New IRS.gov webpage highlights latest filing season information

The IRS has launched a new webpage on IRS.gov – Help for taxpayers and tax professionals: Special filing season alerts – to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address the inventory of previously filed tax returns. The webpage is also available in a Spanish-language version.

2. Security Summit: Latest spear phishing scams target tax professionals

Tax pros: The IRS and Security Summit partners urge you to beware of new email scams that attempt to steal your tax software preparation credentials. Visit IRS.gov to learn more about these scams and how to combat them. This article is also available in Spanish and Simplified Chinese.

3. IRS Commissioner: We’re facing enormous challenges this tax filing season

IRS Commissioner Chuck Rettig recently penned an op-ed for Yahoo Money noting that the IRS faces enormous challenges this filing season related to the pandemic and resource limitations.

4. Tax Time Guide: Make IRS.gov the first stop for tax help

With phone volumes continuing at historic levels, urge your clients to make IRS.gov their first stop for information and help with their federal taxes, and help with refund tracking. This article is also available in Spanish and Simplified Chinese.

5. Details on additional relief for certain partnerships preparing schedules K-2, K-3 for 2021

The IRS provides further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

6. Update to the Form 14457

Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised, including expanding a section on reporting virtual currency. Form 14457 permits taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS that they failed to previously disclose.

7. IRS reminds those with farming, fishing businesses of March 1 deadline

Remind your clients with income from a farming or fishing business to file and pay their entire tax due on or before March 1 if they didn’t make estimated tax payments. This article is also available in Spanish.

8. Join the Taxpayer Advocacy Panel, help improve the IRS; apply by April 8

The IRS is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that works to improve IRS services and taxpayer satisfaction. Visit IRS.gov for more information about TAP and to start the application process. Applications will be accepted through April 8.

9. Understand the tax consequence of virtual currency transactions

The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods and services, generally has tax consequences that could result in tax liability. To learn more about these tax consequences, review the frequently asked questions on Virtual Currency Transactions.

10. A Closer Look at the Earned Income Tax Credit

In the recent issue of “A Closer Look,” Gwen Garren, Director, Refundable Credits Program Management, provides an overview of the Earned Income Tax Credit and its recent changes. This feature is also available in Spanish.

11. IRS updates FAQs for higher education emergency grants, 2021 Recovery Rebate Credit

The IRS has recently updated its frequently asked questions (FAQ) on Higher Education Emergency Grants and 2021 Recovery Rebate Credit. Visit IRS.gov for an overview of the updated questions and answers.

12. News from the Justice Department’s Tax Division

Accountant Charese Johnson of Aberdeen, Md., was sentenced to three years in prison and one year of supervised release for preparing false tax returns for District of Columbia residents as part of a nationwide tax fraud scheme.

A federal court in the Northern District of Illinois has permanently barred Melissa Gasca, a Chicago tax return preparer, from preparing returns for others and from owning, operating or franchising any tax return preparation business in the future.

13. Technical Guidance

Notice 2022-09 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for February 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for February 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Ruling 2022-04 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate.