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Issue Number: 2022-42

Inside This Issue

1. IRS to initiate new pilot for PPS line
2. Beware of third parties promoting improper Employee Retention Credit claims
3. Tax inflation adjustments for tax year 2023
4. 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
5. Deadline postponed to file 2019, 2020 tax returns to get COVID penalty relief in declared disaster areas
6. IRS, Security Summit partners offer tips during National Cybersecurity Month
7. Relatives with eligible dependents can qualify for 2021 Child Tax Credit
8. IRS joins effort to fight charity fraud during international recognition week
9. Electronically file payroll tax returns by Oct. 31
10. Adjust withholding now to pay the proper amount of tax
11. Webinars for tax practitioners
12. News from the Justice Department?s Tax Division
13. Technical Guidance

The IRS has initiated a pilot program that now requires Practitioner Priority Service 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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Warn your employer clients to be wary of third parties who are advising them to claim the Employee Retention Credit (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.

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The IRS announced the tax year 2023 annual inflation adjustments 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 and Simplified Chinese.

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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 and other retirement-related items for tax year 2023 (see Notice 2022-55 below). This news release is also available in Spanish.

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Taxpayers in areas covered by certain FEMA disaster declarations may have more time to file their returns 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 and Simplified Chinese.

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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, 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 and Simplified Chinese.

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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 (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 and Simplified Chinese.

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The IRS joins international efforts to fight fraud during Charity 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 and Simplified Chinese.

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

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Urge your clients to check their tax withholding while there?s time left in 2022 to benefit from any necessary changes. The Tax Withholding Estimator, 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 and Simplified Chinese.

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

• 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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The United States Attorney?s Office for the Eastern District of Oklahoma announced today that Pamela Kathryn Conley, 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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Notice 2022-54 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 provides dollar limitations on benefits and contributions under qualified retirement plans.

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

Revenue Ruling 2022-20 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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