What’s New with Taxes and the IRS: May 2022

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Indexes
  1. May 10, 2022
  2. May 10, 2022
  3. May 10, 2022
  4. May 10, 2022
  5. May 9, 2022
  6. May 9, 2022
  7. A look back at National Small Business Week 2022
  8. Latest 2 Cases This Week: United States v. Toth (1st Cir.), Hudye Group v. Ward Cty. Bd. of…
  9. May 6, 2022
  10. May 6, 2022
  11. May 6, 2022
  12. May 6, 2022
  13. May 5, 2022
  14. May 5, 2022
  15. May 4, 2022
  16. May 4, 2022
  17. May 3, 2022
  18. May 3, 2022
  19. May 3, 2022
  20. Written Testimony of Charles P. Rettig Commissioner Internal Revenue Service Before the Senate…
  21. May 2, 2022
  22. May 2–5, 2022
  23. National Small Business Week: E-file, the best way to report payroll taxes
  24. National Small Business Week: Making estimated tax payments electronically is fast and easy
  25. For National Small Business Week, plan now to take advantage of tax benefits for 2022; enhanced…
  26. IRS recognizes Small Business Week: Information and free resources for starting a business
  27. Small business owners shouldn’t miss this free recorded workshop | Internal Revenue Service
  28. May 2, 2022
  29. May 2, 2022

Here’s a look at some key tax and IRS developments, announcements and news during May of 2022.

Adobe Stock Photo

Last updated: May 10, 2022

Candace J. Dixon

May 10, 2022

Registration is open for the 2022 IRS Nationwide Tax Forum, an annual event where participants can get the latest news and industry information from IRS representatives and other tax experts, and can earn up to 28 continuing education credits. This year’s forum begins July 19, 2022 and will have sessions livestreamed over five weeks, on Tuesdays, Wednesdays, and Thursdays. Tax pros should register by June 15 to get the $240 rate; the rate increases to $289 on June 16.

May 10, 2022

The IRS announced that many Taxpayer Assistance Centers (TACs) around the country and in Puerto Rico will be open and offering face-to-face help on Saturday, May 14 from 9 a.m. to 4 p.m. without an appointment for those who still need help even though tax season is over.

May 10, 2022

The IRS reminded residents of Puerto Rico about their potential eligibility for the refundable Child Tax Credit under the American Resuce Plan, and that they will need to submit a federal tax return to receive it. (The Child Tax Credit is up to $3,600 for age 5 and younger or $3,000 for up to age 17 by the end of 2021). The Taxpayer Assistance Center in Guaynabo will be open and offering face-to-face help on Saturday, May 14 to help Puerto Ricans with this and other issues.

May 10, 2022

The IRS issued an advance of Rev. Proc. 2022–22: Individuals required to make returns of income; providing simplified procedures for residents of Puerto Rico to file 2021 tax returns to claim the child tax credit.

Revenue Procedure 2022–22 will be in IRB: 2022–21, dated 05/23/2022.

May 9, 2022

Internal Revenue Bulletin: 2022–19

  • Announcement 2022–8 notification that there were no articles submitted for publication in IRB 2022–19, May 9, 2022.

May 9, 2022

Here are some IRS highlights from this year’s National Small Business Week:

May 6, 2022

Justia Law Weekly Opinion Summaries

May 6, 2022

The IRS issued a statement wrapping up the 2022 filing season saying they had given 92.5 million refunds worth $279 billion, with an average refund of $3,019, as of April 29.

May 6, 2022

The IRS announced the opening of the application period for Low Income Taxpayer Clinic (LITC), a federal grant program administered by the Taxpayer Advocate Service (TAS), matching grants for calendar year 2023. Applications will be accepted from May 2 to June 16, 2022.

May 6, 2022

The IRS issued Revenue Procedure 2022–22 and a news release with guidance for individuals in Puerto Rico on how to file and claim the Child Tax Credit they may be entitled to under the American Rescue Plan Act. Residents of Puerto Rico must file a tax return to claim the credit. The credit can be claimed on Form 1040-PR, Planilla para la Declaración de la Contribución Federal sobre el Trabajo por Cuenta Propia, Form 1040-SS, U.S. Self-Employment Tax Return, Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR, U.S. Tax Return for Seniors even after last month’s filing deadline, and those who don’t owe taxes can file their 2021 tax return and claim the Child Tax Credit for 2021 until April 15, 2025 without penalties.

May 6, 2022

During National Small Business Week 2022, the IRS highlighted tax benefits and resources related to this year’s theme, “Building a Better America through Entrepreneurship”, including the Work Opportunity Tax Credit.

May 5, 2022

The IRS gave a reminder that May is National Hurricane Preparedness Week and National Wildfire Awareness Month, and a good time to create and review emergency preparedness plans, including steps that protect tax-related information.

Also, the IRS published their latest “A Closer Look” column Planning for Disasters, featuring IRS Commissioner Chuck Rettig discussing safeguarding tax and financial records to prepare for potential disasters:

“Whether you live in an area frequently impacted by disasters or not, being prepared for an event that could cause damage to your home, your personal property and important documents is critical,” said Rettig. “One of the most important things I tell family and friends to do is to safeguard their financial records.”

May 5, 2022

The FSLG e-Newsletter was released featuring: Help Improve IRS.gov — Participate in a study; CP2100 and CP2100A Notices; FSLG Website; and Section 218 Videos

May 4, 2022

e-News for Payroll Professionals was issued, covering employer penalty relief for Employee Retention Tax Credit claims; how IRS Notices CP2100 and 2100A help correct backup withholding errors; Offer in Compromise Form 656 Booklet 2022 updates; nominations for 2023 Internal Revenue Service Advisory Council; New forms, instructions and publications; and more.

May 4, 2022

The IRS issued a tax tip about the annual information returns required to be filed by tax-exempt organizations by May 16, 2022.

May 3, 2022

e-News for Charities & Nonprofits was released, featuring Help Improve IRS.gov; Nominations for 2023 Internal Revenue Service Advisory Council; and IRS Issues Notices CP2100 and CP2100A.

May 3, 2022

The IRS issued an advance release of Notice 2022–23: 26 CFR 1.1441–1(e)(5) and (6). Proposed Amendments to the Qualified Intermediary Agreement in Rev. Proc. 2017–15.

May 3, 2022

Read the Written Testimony of Charles P. Rettig, Commissioner of the IRS, Before the Senate, on the Filing Season and the IRS Budget:

May 2, 2022

Internal Revenue Bulletin: 2022–18

  • Rev. Rul. 2022–9 Section 1274. — Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
  • Notice 2022–15 Temporary Relief from Penalty for Failure to Deposit Superfund Chemical Taxes
  • Notice 2022–16 Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
  • Notice 2022–17 2021 Section 45K(d)(2)( C )Reference Price
  • Notice 2022–18 Reference Price for Section 45I Credit for Production of Natural Gas from Marginal Wells During Taxable Years Beginning in Calendar Year 2021
  • Notice 2022–19 2022 Section 43 Inflation Adjustment
  • Rev. Proc. 2022–23 Depreciation of Indian reservation and biofuel property and accounting for TV, film, and theater production costs late elections

May 2–5, 2022

The IRS issued several news releases during National Small Business Week 2022:

May 2, 2022

The IRS issued a tax tip about the CP2100 and CP2100A notices they sent in April to banks, credit unions, businesses and payers who filed returns that don’t match IRS records.

May 2, 2022

The IRS announced the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2023; applications will be accepted May 2 to June 16, 2022. The LITC Program is a federal grant program administered by the Taxpayer Advocate Service (TAS).