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e-News for Tax Professionals June 24, 2022

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Issue Number:? 2022-25

Inside This Issue

* Taxpayers now have more options to correct, amend returns [ #First ]
* IRS continues to work on tax return inventory; original returns filed in 2021 to be completed this week [ #Second ]
* National Taxpayer Advocate issues midyear report to Congress [ #Third ]
* Upcoming IRS webinars for tax practitioners [ #Fourth ]
* IRS issues Superfund chemical excise tax rates, FAQs [ #Fifth ]
* Technical Guidance [ #Sixth ]
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*1.??Taxpayers now have more options to correct, amend returns*________________________________________________________________________

More forms can now be amended electronically [ [link removed] ], including corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return; Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico); and Forms 1040-PR, Self-Employment Tax Return ? Puerto Rico. Additionally, a new, electronic checkbox has been added for Forms 1040/1040-SR, 1040-NR and 1040-SS/1040-PR to indicate that a superseding return is being filed electronically. A superseded return is one that is filed after the originally filed return but submitted before the due date, including extensions. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??IRS continues to work on tax return inventory; original returns filed in 2021 to be completed this week*________________________________________________________________________

Due to issues related to the pandemic and staffing limitations, the IRS began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021. The IRS took a number of steps to address this, and the agency is on track to complete processing of originally filed Form 1040 [ [link removed] ] (individual tax returns without errors) received in 2021 this week. Business paper returns filed in 2021 will follow shortly after. The IRS continues to work on the few remaining 2021 individual tax returns that have processing issues or require additional information from the taxpayer. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*3.??National Taxpayer Advocate issues midyear report to Congress*________________________________________________________________________

National Taxpayer Advocate Erin M. Collins this week released her Fiscal Year 2023 Objectives Report to Congress [ [link removed] ]. The report expresses concern about continuing delays in the processing of paper-filed tax returns and the consequent impact on taxpayer refunds. The report also identifies 14 key objectives Taxpayer Advocate Service will pursue [ [link removed] ] during the upcoming fiscal year, including automating the processing of paper tax returns, reducing barriers to e-filing tax returns, improving the IRS?s hiring and training processes and improving telephone service.

The IRS released a statement [ [link removed] ] on June 22 about the unprocessed tax return inventory.

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*4.??Upcoming IRS webinars for tax practitioners*________________________________________________________________________

The IRS hosts the following webinars:


* *Understanding Form 2290: Heavy Highway Vehicle Use Tax* on July 7 at 2 p.m. EDT. This course is eligible for two continuing education (CE) credits.
* *Sale of Partnership Interest: Comprehensive Case Study* on July 14 at 2 p.m. EDT. This course is also eligible for one CE credit.

For more information and to register for the webinars, visit the Webinars for Tax Practitioners page [ [link removed] ] on IRS.gov.

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*5.??IRS issues Superfund chemical excise tax rates, FAQs*________________________________________________________________________

The IRS has prescribed tax rates for 121 taxable substances that are subject to the Superfund chemical excise tax [ [link removed] ] imposed by section 4671(a) of the Internal Revenue Code (Code). The IRS has also issued frequently asked questions [ [link removed] ] and answers on the reinstated Superfund chemical excise tax to help affected taxpayers.

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*6.??Technical Guidance*________________________________________________________________________

Notice 2022-29 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for June 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for June 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2022-28 [ [link removed] ] notifies taxpayers that the IRS will not issue letter rulings on whether a spin-off/termination transaction that involves excess assets results in an employer reversion under section 4980(c)(2) of the Code.

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