PIN ID and Income Tax Refunds
Below is our summary of important Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2022 through April 16, 2022.
April 11, 2022: The IRS issued a press release, reminding taxpayers of the option to obtain an Identity Protection PIN to guard against tax-related identity theft.
April 12, 2022: The IRS has issued a press release announcing the sending of letters to certain taxpayers advising them of additional steps that must be taken to comply with the administrative requirements applicable to Qualified Opportunity Funds (QOFs).
April 12, 2022: The IRS has issued a press release addressing some common misconceptions about income tax refunds.
April 13, 2022: The IRS has issued a press release, urging taxpayers who have filed their 2021 personal income tax returns to use the IRS withholding tax estimator to ensure they are subject to a level appropriate payroll deduction for 2022.
April 13, 2022: The IRS has issued a press release, providing an update to a fact sheet containing answers to frequently asked questions regarding the 2020 Recovery Rebate Credit, enacted under the CARES Act (Coronavirus Aid, Relief and Economic Security).
April 13, 2022: The IRS has issued a press release, providing an update to a fact sheet containing answers to frequently asked questions regarding the 2021 Salvage Rebate Credit, enacted under the American Rescue Plan Act of 2021 (ARPA).
April 14, 2022: The IRS has issued a press release urging low and middle income taxpayers to use IRS Free File to electronically prepare and file their tax returns.
April 14, 2022: The IRS issued a press release, reminding taxpayers of the resources available on irs.gov that can answer their tax questions.
April 15, 2022: The IRS has issued Notice 2022-15, providing relief (from Q3 2022 to Q1 2023) with respect to penalties under Code Section 6656 for failure to file chemical taxes “Superfund” under sections 4661 and 4671 of the Code, as reinstated by the Infrastructure Investment and Employment Act (IIJA). The notice also provides that, from the first quarter of 2023 to the third quarter of 2023, and subject to certain conditions, the IRS will not prohibit a taxpayer from using the Treas. Reg. § 40.6302(c)-1(b)(2)(v) “safe deposit” if taxpayer fails to make Superfund chemical tax deposits.
April 15, 2022: The IRS issued a press release informing taxpayers that notices CP2100 and CP2100A, which are sent semi-annually to inform taxpayers who have filed certain information returns that information on the returns do not match IRS records, will be sent from mid-April 2022.
April 15, 2022: The IRS issued a press release, reminding taxpayers of the April 18, 2022, deadline for filing personal income tax returns and certain other filing requirements and noting some related resources.
April 15, 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.