Tax extension filer benefits; combat ID theft risks; Form 8821 instructions now in traditional Chinese; and more

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e-News for Tax Professionals August 19, 2022

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Issue Number:? 2022-33

Inside This Issue

* 2021 tax extension filers shouldn?t overlook these important tax benefits [ #First ]
* Tax pros: Take these steps to help clients battle identity theft risk [ #Second ]
* IRS adds new information in traditional Chinese to help with tax authorizations [ #Third ]
* Interest rate increase for the fourth quarter of 2022 [ #Fourth ]
* IRS Appeals invites input on enhancing video conference options for taxpayers, tax professionals [ #Fifth ]
* IRS webinar: Foreign Tax Credit - Individuals [ #Sixth ]
* Technical Guidance [ #Seventh ]
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*1.??2021 tax extension filers shouldn?t overlook these important tax benefits*________________________________________________________________________

If you have clients who have yet to file their 2021 federal income tax return, make sure they take advantage of the deductions and credits [ [link removed] ] they?re entitled and to file electronically as soon as possible. Visit IRS.gov for tax benefits information, helpful reminders and more. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??Tax pros: Take these steps to help clients battle identity theft risk*________________________________________________________________________

The Security Summit partners conclude a special summer education campaign by outlining steps tax professionals can take [ [link removed] ] to help clients from becoming statistics in identity-theft related tax fraud scams. Visit IRS.gov for additional considerations and resources. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*3.??IRS adds new information in traditional Chinese to help with tax authorizations*________________________________________________________________________

As part of a larger effort to expand tax resources in more languages [ [link removed] ], the IRS has added the translation of the instructions for Form 8821, Tax Information Authorization (in traditional Chinese) [ [link removed] ]. Form 8821 is a taxpayer's written authorization designating one or more third parties, including an entity, to receive and view the taxpayer's information. Visit IRS.gov for an overview of the agency?s multilingual resources and alternative media resources for blind and sight-impaired individuals. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*4.??Interest rate increase for the fourth quarter of 2022*________________________________________________________________________

The IRS announced that interest rates will increase [ [link removed] ] for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. See more information in the Technical Guidance section below.

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*5.??IRS Appeals invites input on enhancing video conference options for taxpayers, tax professionals*________________________________________________________________________

As the IRS Independent Office of Appeals prepares to update the Internal Revenue Manual with permanent guidelines for conducting video conferences and updates to the video conferencing platform technology (Microsoft Teams), they welcome input from taxpayers and tax professionals [ [link removed] ] on how video conference technology can best be used in a taxpayer's Appeals hearing. Visit IRS.gov to learn more about these efforts and how to submit your comments.

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*6.??IRS webinar: Foreign Tax Credit - Individuals*________________________________________________________________________

The IRS hosts the webinar, Foreign Tax Credit ? Individuals, on Aug. 23, at 2 p.m. EDT. This course is eligible for one continuing education (CE) credit. For more information and to register, visit the Webinars for Tax Practitioners [ [link removed] ] page on IRS.gov.

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*7.??Technical Guidance*________________________________________________________________________

Notice 2022-34 [ [link removed] ] announces that the Department of the Treasury and the Internal Revenue Service intend to amend the regulations under section 987 to defer the applicability date of the final regulations under section 987, as well as certain related final regulations, by one additional year.

Revenue Ruling 2022-15 [ [link removed] ] provides interest rates, underpayments and overpayments, for the quarter beginning Oct. 1, 2022.

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