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e-News for Tax Professionals July 8, 2022

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Issue Number: 2022-27

Inside This Issue

  1. Register for the IRS Nationwide Tax Forum; share your experiences, ideas in focus groups
  2. Upcoming IRS webinars for tax practitioners
  3. Tax relief for severe weather victims in Oklahoma, Montana
  4. News from the Justice Department?s Tax Division
  5. Technical Guidance

1.??Register for the IRS Nationwide Tax Forum; share your experiences, ideas in focus groups

The 2022 IRS Nationwide Tax Forum begins on Tuesday, July 19. In addition to 32 educational webinars and access to the IRS virtual Expo Hall, registered participants have the opportunity to share their experiences and discuss innovative ideas in IRS focus groups. Check out the tax forum focus group form for a summary of this year?s topics, session dates and times, and qualifying criteria.

Important: Be sure to register by Thursday, July 14 to have access to all of the 2022 webinars and be eligible to earn up to 28 continuing education credits. For more information, visit www.irstaxforum.com.

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2.??Upcoming IRS webinars for tax practitioners

The IRS hosts the following webinars:

  • Sale of Partnership Interest: Comprehensive Case Study on July 14 at 2 p.m. EDT. This course is eligible for one continuing education (CE) credit.
  • Accessing the IRS: Understanding the Identity Verification Process on July 19 at 2 p.m. EDT. This course is eligible for up to one CE credit.
  • Internal Revenue Service and Federal Trade Commission Presents: Scams, Tax Related Identity Theft and Identity Protection PIN on July 20 at 2 p.m. EDT. CE credit will not be offered.
  • Understanding Form 1042 ? Annual Withholding Tax Return for U.S. Source Income of Foreign Persons on Aug. 4 at 2 pm. EDT. This course is eligible for two CE credits.

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

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3.??Tax relief for severe weather victims in Oklahoma, Montana

Oklahoma victims of severe storms, tornadoes and flooding beginning May 2, 2022, now have until Sept. 1 to file various individual and business tax returns and make tax payments. Individuals and households affected by severe storms, tornadoes and flooding that reside or have a business in Adair, Cherokee, Muskogee, Okmulgee, Pottawatomie, Seminole and Tulsa counties qualify for tax relief.

Also, Montana victims of a severe storm and flooding beginning June 10 now have until Oct. 17 to file various individual and business tax returns and make tax payments. Individuals and households affected by severe storms and flooding that reside or have a business in Carbon, Park and Stillwater counties qualify for tax relief.

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4.??News from the Justice Department?s Tax Division

North Carolina tax preparer Thy Muhammad was sentenced to 15 months in prison for preparing false trust tax returns on behalf of his clients. In addition to the term of imprisonment, Muhammad was also ordered to serve three years of supervised release and pay $669,000 in restitution.

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5.??Technical Guidance

Revenue Procedure 2022-32 provides a simplified method for certain estates to obtain an extension of time under section 301.9100-3 to file a return on or before the fifth anniversary of the decedent's death to elect portability of the deceased spousal unused exclusion (DSUE) amount pursuant to section 2010(c)(5)(A).

Revenue Ruling 2022-13 describes the determination of deemed critical status under section 432(b)(7) with respect to the merger of a multiemployer defined benefit pension plan that receives special financial assistance (SFA) pursuant to section 432(k) (section 4262 of the Employee Retirement Income Security Act of 1974) from the Pension Benefit Guaranty Corporation into a multiemployer defined benefit pension plan that does not receive SFA.

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