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e-News for Tax Professionals August 26, 2022

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Issue Number:? 2022-34

Inside This Issue


* COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers [ #First ]
* ICYMI: Op-ed by IRS Commissioner Chuck Rettig [ #Second ]
* Encourage your clients to have all their tax information, documentation ready [ #Third ]
* News from the Justice Department?s Tax Division [ #Fourth ]
* Technical Guidance [ #Fifth ]
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*1.? COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers*________________________________________________________________________

To help struggling taxpayers [ [link removed] ] affected by the COVID-19 pandemic, the IRS issued Notice 2022-36 [ [link removed] ], which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September.

Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.

"Throughout the pandemic, the IRS has worked hard to support the nation and provide relief to people in many different ways," said IRS Commissioner Chuck Rettig. "The penalty relief issued today is yet another way the agency is supporting people during this unprecedented time. This penalty relief will be automatic for people or businesses who qualify; there's no need to call."

"Penalty relief is a complex issue for the IRS to administer," Rettig said. "We've been working on this initiative for months following concerns we've heard from taxpayers, the tax community and others, including Congress. This is another major step to help taxpayers, and we encourage those affected by this to review the guidelines."

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*2.? ICYMI: Op-ed by IRS Commissioner Chuck Rettig*________________________________________________________________________

In case you missed it, IRS Commissioner Chuck Rettig published an op-ed on Yahoo Finance: IRS sets the record straight: We?re going after tax-evaders, not honest Americans (yahoo.com) [ [link removed] ].

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*3.? Encourage your clients to have all their tax information, documentation ready*________________________________________________________________________

It?s important for taxpayers to have all their information readily available before meeting with a tax professional. To ensure your clients are prepared, the IRS has developed a list of tax information and documents [ [link removed] ] taxpayers may need, as well as tips on what to do if they?re missing important documents. This information is also available in Spanish [ [link removed] ]. In addition, the IRS has created an e-poster outlining where to find the necessary information [ [link removed] ] to file a 2021 tax return.

The IRS also recently issued a special edition [ [link removed] ] of A Closer Look by IRS Deputy Commissioner for Services and Enforcement Doug O?Donnell that encourages people to file as soon as possible and not wait for the October extension deadline."

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

A Florida tax preparer [ [link removed] ] was sentenced to one year and one day in prison for criminal contempt for continuing to prepare and file tax returns with the IRS in violation of a federal court order barring him from doing so. In addition to the term of imprisonment, the court ordered Guy Telfort to serve three years of supervised release and pay $762,338.88 in restitution to the United States.

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*5.? Technical Guidance*________________________________________________________________________

Notice 2022-35 [ [link removed] ] specifies the current values for the corporate bond monthly yield curve and other interest rates that are used to determine minimum required contributions and minimum present values for qualified defined benefit pension plans.

Notice 2022-37 [ [link removed] ] announces that Treasury and the IRS intend to amend the section 871(m) regulations to delay the effective/applicability date of certain rules in those final regulations and extends the phase-in period provided in Notice 2020-2, 2020-3 I.R.B. 327, for certain provisions of the section 871(m) regulations.

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