PPS line pilot; improper ERC claims warning; tax inflation adjustments; pension plan limit increases; and more

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e-News for Tax Professionals October 21, 2022

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Issue Number: 2022-42

Inside This Issue

* IRS to initiate new pilot for PPS line [ #First ]
* Beware of third parties promoting improper Employee Retention Credit claims [ #Second ]
* Tax inflation adjustments for tax year 2023 [ #Third ]
* 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 [ #Fourth ]
* Deadline postponed to file 2019, 2020 tax returns to get COVID penalty relief in declared disaster areas [ #Fifth ]
* IRS, Security Summit partners offer tips during National Cybersecurity Month [ #Sixth ]
* Relatives with eligible dependents can qualify for 2021 Child Tax Credit [ #Seventh ]
* IRS joins effort to fight charity fraud during international recognition week [ #Eighth ]
* Electronically file payroll tax returns by Oct. 31 [ #Ninth ]
* Adjust withholding now to pay the proper amount of tax [ #Tenth ]
* Webinars for tax practitioners [ #Eleventh ]
* News from the Justice Department?s Tax Division [ #Twelfth ]
* Technical Guidance [ #Thirteenth ]
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*1.??IRS to initiate new pilot for PPS line*________________________________________________________________________

The IRS has initiated a pilot program that now requires Practitioner Priority Service [ [link removed] ] callers to repeat phrases before being transferred to an IRS assistor. This pilot uses speech recognition to help ensure a live person is calling and not a mechanical device. The new process is intended to improve customer service by reducing unnecessary wait times.

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*2.??Beware of third parties promoting improper Employee Retention Credit claims*________________________________________________________________________

Warn your employer clients to be wary of third parties who are advising them to claim the Employee Retention Credit [ [link removed] ] (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. This news release is also available in Simplified Chinese [ [link removed] ].

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*3.??Tax inflation adjustments for tax year 2023*________________________________________________________________________

The IRS announced the tax year 2023 annual inflation adjustments [ [link removed] ] for more than 60 tax provisions, including the tax rate schedules and other tax changes. For more information on what?s new for 2023 and highlights of changes in Revenue Procedure 2022-38, visit IRS.gov. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*4.??401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500*________________________________________________________________________

The amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued technical guidance regarding all of the cost-of-living adjustments affecting dollar limitations for pension plans [ [link removed] ] and other retirement-related items for tax year 2023 (see Notice 2022-55 below). This news release is also available in Spanish [ [link removed] ].

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*5.??Deadline postponed to file 2019, 2020 tax returns to get COVID penalty relief in declared disaster areas*________________________________________________________________________

Taxpayers in areas covered by certain FEMA disaster declarations may have more time to file their returns [ [link removed] ] to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*6.??IRS, Security Summit partners offer tips during National Cybersecurity Month*________________________________________________________________________

IRS and its Security Summit partners urge families to remain vigilant year-round and consider taking additional steps to protect personal information. Cybersecurity Awareness Month [ [link removed] ], conducted every October, is a collaboration between government and private industry to raise awareness about digital security and empower everyone to protect themselves against cybercrime. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*7.??Relatives with eligible dependents can qualify for 2021 Child Tax Credit*________________________________________________________________________

The IRS urges grandparents, foster parents or people caring for siblings or other relatives to check their eligibility to receive the 2021 Child Tax Credit [ [link removed] ] (CTC). Some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the CTC. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*8.??IRS joins effort to fight charity fraud during international recognition week*________________________________________________________________________

The IRS joins international efforts to fight fraud [ [link removed] ] during C*harity Fraud Awareness Week*. The IRS partners in this effort as part of its ongoing commitment to fight fraud against charities, businesses and individuals. Visit IRS.gov for information about how to verify a charity and additional resources. This news release is also available in in Spanish [ [link removed] ] and Simplified Chinese. [ [link removed] ]

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*9.??Electronically file payroll tax returns by Oct. 31*________________________________________________________________________

Remind your clients who are employers to e-file their next quarterly payroll tax return by the Oct. 31 deadline [ [link removed] ]. E-filing is the most secure, accurate method to file returns and saves taxpayers' time.

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*10.? Adjust withholding now to pay the proper amount of tax*________________________________________________________________________

Urge your clients to check their tax withholding [ [link removed] ] while there?s time left in 2022 to benefit from any necessary changes. The Tax Withholding Estimator [ [link removed] ], also available in Spanish, can help people determine if they have too much income tax withheld and how to make an adjustment to put more cash into their own pocket. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*11.??Webinars for tax practitioners*________________________________________________________________________

Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit IRS.gov [ [link removed] ].


* *28th Annual Tax Practitioner and IRS Fall Seminar* on Oct. 26 at 11 a.m. EDT. Earn up to eight hours of continuing education (CE) credit.
* *Florida Society of Enrolled Agents (FSEA) Suncoast Chapter CE Event* on Oct. 27 from 5:30 ? 8:30 p.m. EDT.
* *Circular 230: Practicing ?Inside the Lines? throughout the Tax Engagement Lifecycle* on Nov. 10 at 2 p.m. EST. Earn up to 2 CE credits.
* *Quarterly Update: Program & Policy Updates from SBA, DCEO, IRS, SBAC* on Dec. 15 from 10 ? 11:15 a.m. EST.

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

The United States Attorney?s Office for the Eastern District of Oklahoma announced today that Pamela Kathryn Conley [ [link removed] ], 60, of Catoosa, Okla., was indicted by the federal grand jury on 42 counts of Aiding and Assisting in the Preparation of False Income Tax Returns.

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*13.? Technical Guidance*________________________________________________________________________

Notice 2022-54 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for October 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for October 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Notice 2022-55 [ [link removed] ] provides dollar limitations on benefits and contributions under qualified retirement plans.

Revenue Procedure 2022-38 [ [link removed] ] sets forth inflation-adjusted items for 2023 for various Code provisions as in effect on Oct. 18, 2022.

Revenue Ruling 2022-20 [ [link removed] ] provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.

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