e-News for Tax Professionals 2022-31

With identity thieves continuing to target the tax community, the IRS Security Summit partners urge tax professionals to learn the signs of data theft so they can react quickly to protect clients. This news release is also available in Spanish and Simplified Chinese.

2.??A Closer Look: Don?t wait to file your 2021 tax return

In a recent issue of the executive column, A Closer Look, Doug O?Donnell, IRS Deputy Commissioner, Services & Enforcement, encourages taxpayers not to wait to file their tax returns. ?Every year, millions of people need more time to file their taxes, and many focus their attention on the mid-October filing extension deadline,? said O?Donnell. ?This year, there are special factors at play that make it even more important for people to make sure they don?t wait to file until the last minute before the Oct. 17 deadline and that, to the extent possible, they file electronically.? This feature is also available in Spanish.

3.??Week four at the 2022 IRS Nationwide Tax Forum

Join the IRS Nationwide Tax Forum for week four of the program, beginning Tuesday, Aug. 9. Registered attendees still have opportunities to share their experiences during IRS focus groups, visit with IRS staff and industry exhibitors in the virtual expo and have access to the following livestreamed webinars:

Promoter Issues
Representing Taxpayers that Disagree with Information Reports (i.e., Forms W-2, 1099, K-1)
Retirement Plans: Avoid These Pitfalls When Managing Your Small Employer Plan
A Simple Approach and Overview to Virtual Currency
Tax Credits for Individuals Residing Outside the United States
Tax Professional Data Breaches and How Tax Pros Can Protect Themselves (also presented in Spanish)
Filtraci?n de informaci?n de profesionales de impuestos y c?mo los profesionales de impuestos pueden protegerse a s? mismos (Tax Professional Data Breaches and How Tax Pros Can Protect Themselves

Register now to be eligible to earn up to 10 continuing education credits. For the complete?webinar schedule, descriptions of the webinar topics and to register, visit the tax forum website.

4.??Tax relief for Kentucky and island of St. Croix, U.S. Virgin Island disaster victims

Storm victims in parts of Kentucky now have until Nov. 15 to file various individual and business tax returns and make tax payments. Currently, individuals and households that reside or have a business in Breathitt, Clay, Floyd, Johnson, Knott, Leslie, Letcher, Magoffin, Martin, Owsley, Perry, Pike and Wolfe counties in Kentucky qualify for tax relief. The same relief will be available to any other locality added later by FEMA.

Also, victims of a water shortage and health impact from unprecedented sargassum seagrass influx on the island of St. Croix, U.S. Virgin Islands beginning July 15, now have until Nov. 15 to file various individual and business tax returns and make tax payments.

5.??Worker classification 101: Employee or independent contractor

A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. Visit IRS.gov for information to help business owners avoid problems that can result from misclassifying workers. This IRS tax tip is also available in Spanish.

6.??IRS webinar now available for on-demand viewing

The IRS webinar, Accessing the IRS ? Understanding the Identity Verification Process, is now available for viewing on the IRS video portal. Please note: You will not receive certificates of completion or continuing education credits when viewing this archived webinar.

7.??Technical Guidance

Notice 2022-33 extends the deadlines for amending a retirement plan or individual retirement arrangement to reflect certain provisions of Division O of the Further Consolidated Appropriations Act, 2020, Pub. L. 116-94, 133 Stat. 2534 (2019), known as the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and section 104 of Division M of the Further Consolidated Appropriations Act, 2020, known as the Bipartisan American Miners Act of 2019 (Miners Act), by modifying Notice 2020-68, 2020-38 IRB 567, and Notice 2020-86, 2020-53 IRB 1786.

Revenue Procedure 2022-29 modifies and supersedes Revenue Procedure 2006-36, 2006-38 I.R.B 498. It sets forth the procedures for other Government agencies and members of the public to request the creation of special statistical studies and compilations involving return information pursuant to section 6108(b) of the Internal Revenue Code.

Revenue Procedure 2022-34 provides indexing adjustments required by statute for certain provisions under section 36B. Specifically, this revenue procedure updates the applicable percentage table used to calculate an individual?s premium tax credit for taxable years beginning in calendar year 2023 and updates the required contribution percentage for plan years beginning after calendar year 2022.

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