Internal Revenue Service and Tax Law Updates

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Below is our summary of important Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 through February 26, 2022. Additionally, for ongoing updates on the tax impact of COVID-19, please visit our resource page here.

February 22, 2022: The IRS has issued a correction to the final rule issued on January 25, 2022, regarding the treatment of domestic partnerships that own shares in foreign corporations.

February 22, 2022: The IRS issued a press release announcing the release of an updated list with information on available low-income taxpayer clinics nationwide.

February 23, 2022: The IRS has issued Tax Ruling 2022-05 and an accompanying press release, setting out the interest rates for overpayments and underpayments under Code Section 6621 for the second quarter of 2022.

February 24, 2022: The IRS has issued final regulations regarding minimum distributions required under Section 401 of the Code with respect to certain retirement and employee retirement plans.

February 24, 2022: The IRS has issued a new correction to the final rule issued on January 25, 2022, regarding the treatment of domestic partnerships that own shares in foreign corporations.

February 24, 2022: The IRS issued a press release promoting its “Where’s My Refund?” » online and mobile tools as means for taxpayers to check the status of their tax refunds.

February 24, 2022: The IRS has issued a press release, providing an update to a fact sheet containing answers to frequently asked questions regarding the premium tax credit under Section 36B of the Code, as ‘expanded by the American Rescue Plan Act of 2021 (ARPA).

February 25, 2022: The IRS has released its weekly list of written determinations (for examplePrivate Letter Rules, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen from our Washington, DC office for this week’s roundup.

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