Internal Revenue Advice and Tax Information July 4-July 8, 2022

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Below is our summary of important Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 4, 2022 through July 8, 2022.

July 5, 2022: The IRS released Bulletin 2022-27, highlighting Tax Ruling 2022-12, which provides federal rates, adjusted federal rates, adjusted federal long-term rate, and long-term tax exemption rates. term for July 2022.

July 5, 2022: The IRS has announced new voice bot options to reduce the wait time for taxpayers trying to verify their identity. The voice bots run on software powered by artificial intelligence, which allows callers to navigate an interactive voice response in English and Spanish. The IRS plans to roll out additional voice bot service enhancements in 2022 to allow taxpayers to get account and return transcripts, payment history, and current balance owing.

July 7, 2022: IRS Commissioner Charles Rettig has requested an investigation by the Treasury Inspector General for Tax Administration (TIGTA) into how two former FBI officials were selected for tax audits. Former director James Comey and his deputy, Andrew McCabe, have both been the subject of rare intensive audits by the IRS under the National Research Program (NRP). House Ways and Means Committee Chairman Richard E. Neal also sent a letter to TIGTA asking for an investigation.

July 7, 2022: The IRS has issued Revenue Ruling 2022-13, regarding the applicability of Section 432(b)(7) following the merger of a multi-employer defined benefit plan that received special financial assistance (SFA ) with another that did not receive an SFA. The IRS has ruled that after the merger, the current plan is not considered to be in critical condition solely as a result of the merger.

July 7, 2022: The IRS has announced that new login options for users will arrive this summer. The IRS will soon be transitioning all online service tools to a new login system. Existing users don’t need to do anything and can continue to log in after the transition.

July 8, 2022: The IRS has issued Tax Procedure 2022-32, which provides certain estates with a simplified method of obtaining an extension of time in which to file a return on or before the fifth anniversary of the deceased’s death to elect exclusion portability not used of the deceased spouse (DSUE) amount. This applies to estates that are not normally required to file a tax return because the value is below the filing threshold. Tax Procedure 2022-32 will be in IRB 2022-30, dated July 25, 2022.

July 8, 2022: The IRS publishes its weekly list of written rulings (eg, Private Letter Rulings, Technical Advice Memorandums, and Chief Counsel Advice).

Special thanks to Sarah Raben from our Chicago office for this week’s roundup.

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