IRS Advice and Relevant Tax Issues

Below is our summary of important Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 through March 12, 2022.

March 6, 2022: The IRS has issued a press release reminding taxpayers that Individual Retirement Account (IRA) contributions for 2021 can be made through April 18, 2022.

March 6, 2022: The IRS has issued a press release, providing an updated fact sheet with answers to frequently asked questions regarding the Child Tax Credit under Section 24 of the Code, such as expanded by the American Rescue Plan Act of 2021 (ARPA).

March 6, 2022: The IRS has issued a press release reminding taxpayers of the benefits available under the Child and Dependent Care Credit under Section 21 of the Code, as expanded by ARPA.

March 10, 2022: The IRS issued a press release, announcing that it was hiring more than 5,000 positions at its service processing centers in Austin, Texas, Kansas City, Missouri and Ogden, Utah.

March 10, 2022: The IRS issued a press release announcing the introduction of voice and chat robots on select phone lines and on IRS.gov to reduce long wait times for taxpayers seeking assistance with simple questions payment and collection.

March 11, 2022: The IRS has issued a correction to amendments issued on February 22, 2022 to the final rule issued on January 25, 2022 regarding the treatment of domestic partnerships that own shares in foreign corporations.

March 11, 2022: The IRS issued Announcement 2022-5, announcing disciplinary action taken against certain individuals licensed to practice before the IRS.

March 11, 2022: The IRS issued a press release, announcing that it is hiring customer service representatives for a call center in Mississippi as part of an IRS-wide effort to help communities underserved.

March 11, 2022: The IRS has released its weekly list of written determinations (for examplePrivate Letter Rules, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen from our Washington, DC office for this week’s roundup.

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