July 2022

July 29, 2022

CHIPS and Science Act with semiconductor tax credit passes Congress

The bill now goes to President Joe Biden, who has said he will sign it into law.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

July 28, 2022

Some balance-due notices on joint returns issued in error, IRS says

Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.

July 27, 2022

Senate passes CHIPS Act with semiconductor tax credit

The bill’s semiconductor production incentives would include a new 25% investment credit.

July 20, 2022

IRS seeks transformation in new 5-year plan

The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.

July 15, 2022

Pandemic-paused IRS return preparer visits could resume by video

The U.S. GOA recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.

July 13, 2022

AICPA recommends additional IRS backlog measures

Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.

July 12, 2022

TIGTA: Delayed screening of IRS new hires risked taxpayer data

Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.

July 11, 2022

Estates can now request late portability election relief for 5 years

The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

July 5, 2022

Proposed regs. would define Sec. 1256 foreign currency contracts

The IRS’s definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.