Clean vehicle procedures; Nationwide Tax Forums Online; deferred social security tax due; and more?
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Issue Number: 2022-22Inside This Issue
1.??Treasury, IRS set out procedures for manufacturers, sellers of clean vehicles The Treasury Department and the IRS issued a Revenue Procedure setting out key processes for manufacturers and sellers of clean vehicles. These processes are required for vehicles to be eligible for one or more clean vehicle tax incentives, including tax credits for new and previously owned clean vehicles, as well as for commercial clean vehicles. 2.??Visit Nationwide Tax Forums Online for latest seminars in continuing education Tax pros: If you?re in need of continuing education (CE) credits before the end of the year, visit the IRS Nationwide Tax Forums Online (NTFO) webpage. NTFO features 18 new self-study seminars that offer options for Ethics, Federal Tax Law and Federal Tax Law Update CE credits. Some of the available seminars include:
The 18 self-study seminars, four of which are available in both English and Spanish, were recorded during the 2022 IRS Nationwide Tax Forum. Please note: If you take both the Spanish and English versions of a seminar, you will be eligible to receive only one CE credit. For a complete list of seminars, how to register and more, visit the Nationwide Tax Forums Online webpage. 3.??Reminder: Deferred Social Security tax payment due Dec. 31 for many employers, self-employed people For employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax liability, their second annual installment of the deferred amount is due on Dec. 31, 2022. As part of the COVID relief provided during 2020, employers could choose to put off paying the employer's share of their Social Security tax liability. Self-employed individuals could also choose to defer a similar amount of their self-employment tax. Generally, half of that deferral was due on Dec. 31, 2021. The other half is due on Dec.31, 2022. This news release is also available in Spanish and Simplified Chinese. 4.? IRS reminds those older than 72 to start withdrawals from IRAs, retirement plans to avoid penalties If you have clients who were born in 1950 or earlier, funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Visit IRS.gov for more information about required minimum distribution rules. This news release is also available in Spanish and Simplified Chinese. 5.??IRS presents its fiscal year 2022 agency financial report The IRS published its most recent financial report, which provides a glimpse at IRS operations during the recently completed fiscal year 2022. This update highlights the agency?s fiscal actions and financial management activities. During FY2022, the IRS received more than $4.9 trillion in tax revenue and distributed $642 billion in federal tax refunds and other outlays. 6.??New deputy chiefs of Taxpayer Experience Office, IRS Independent Office of Appeals selected The IRS announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer. Under the leadership of Chief Taxpayer Experience Officer Ken Corbin, Kay-Decker will lead IRS efforts to improve the taxpayer experience including driving the strategy for taxpayer interactions, monitoring and prioritizing the taxpayer experience, coordinating identification of taxpayer trends and best practices, and collaborating on the implementation of Servicewide taxpayer experience improvements. Also, the IRS Independent Office of Appeals has selected Elizabeth (Liz) Askey as its new Deputy Chief. In this role, Askey will provide leadership and direction over nationwide programs designed to resolve tax controversies fairly and impartially without litigation on behalf of the federal government and taxpayers. 7.??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.
Tax professionals are also encouraged to visit the IRS Nationwide Tax Forums Online for additional continuing education opportunities. 8.??News from the Justice Department?s Tax Division The United States filed a complaint in the U.S. District Court for the Northern District of Texas seeking to bar Kevin Murphy, a Dallas-area licensor of tax preparation businesses, and his business, from franchising or licensing the tax preparation business and from assisting in the preparing of federal income tax returns for others. Jonas Purisch of Baltimore was sentenced to three years in prison for not paying employment taxes to the IRS on behalf of his company?s employees. In addition to the term of imprisonment, Purisch has been ordered to serve three years of supervised release and to pay approximately $3.4 million in restitution to the United States. 9.??Technical Guidance Notice 2023-05 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for December 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for December 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv). Revenue Procedure 2022-42 sets forth the procedures under section 30D(d)(3) of the Internal Revenue Code (Code) for qualified manufacturers to enter into a written agreement with the Secretary of the Treasury or her delegate under which such manufacturer agrees to make periodic written reports to the Secretary providing vehicle identification numbers and such other information related to each vehicle that is eligible for a clean vehicle credit manufactured by such manufacturer as the Secretary may require. Revenue Procedure 2022-43 sets forth the final qualified intermediary (QI) withholding agreement (QI agreement) entered into by the Internal Revenue Service and certain foreign persons under Treas. Reg. section 1.1441-1(e)(5) and (6). The QI agreement currently in effect in Rev. Proc. 2017-15, 2017-3 I.R.B. 437, expires on Dec. 31, 2022 (the 2017 QI Agreement). Revenue Ruling 2023-01 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.
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