Internal Revenue Service guidelines and relevant tax issues

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Below is our summary of important Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 27, 2022 through March 5, 2022.

March 1, 2022: The IRS has issued final regulations increasing the user fees for the Special Enrollment Examination for enrolled agents and eliminating the user fees for the Special Enrollment Examination for Enrolled Pension Plan Agents.

March 1, 2022: The IRS has released a regulatory proposal increasing renewal fees for enrolled agents and enrolled pension plan agents.

March 1, 2022: The IRS issued a press release reminding taxpayers of the obligation to report certain types of income, such as economic income from concerts, income from virtual currency transactions, and foreign source income.

March 2, 2022: The IRS has issued a press release announcing the release of a fact sheet with answers to frequently asked questions regarding the 2021 Earned Income Tax Credit.

March 3, 2022: The IRS has issued a press release providing an update to a fact sheet containing answers to frequently asked questions regarding paid vacation tax credits under Sections 3131 through 3133 of the Code, enacted in the under the American Rescue Plan Act of 2021 (ARPA).

March 3, 2022: The IRS has issued a press release providing an update to a fact sheet with answers to frequently asked questions about the paid vacation tax credits enacted under the Families First Coronavirus Response Act.

March 3, 2022: The IRS issued a press release announcing that it was aware of technical difficulties experienced by taxpayers attempting to electronically file Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, prior to the filing deadline. March 1, 2022 for taxpayers with income from a farming or fishing business. The IRS said in the press release that a notice would be forthcoming providing for an extended filing deadline for certain taxpayers.

March 4, 2022: The IRS has issued Notice 2022-10, providing the 2022 Table of Housing Expense Limitations for Various Foreign Locations, for purposes of calculating the amount of excluded/deductible housing expenses under the IRS. Section 911(c) of the Code.

March 4, 2022: The IRS issued a press release announcing the creation of a new administrative division, the Taxpayer Experience Office, focused on improving the customer service experience for taxpayers.

March 4, 2022: The IRS has issued a press release reminding taxpayers that free face-to-face tax preparation assistance will be provided at Taxpayer Assistance Centers nationwide on Saturday, March 12, 2022.

March 4, 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 in our DC office for this week’s roundup.

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