Tax Alerts

GAO Examines Federal COVID-19 Response, GAO-22-105397

The Government Accountability Office (GAO) has issued a report examining the federal government’s continued efforts to respond to and recover from the COVID-19 pandemic. In conducting its examination, the GAO reviewed federal data and documents and interviewed federal and state officials and other stakeholders.

Report Findings

The GAO reviewed IRS and Treasury as part of its overall government examination. The GAO found that during 2021, the IRS and Treasury issued advance payments of the Child Tax Credit (CTC) and a third round of Economic Impact Payments (EIPs) to eligible individuals, totaling over $500 billion. The Treasury and the IRS took several steps to reach out to individuals that received the advance CTC payments and third round EIPs to help them file accurate returns for tax year 2021. However, the Treasury and the IRS missed opportunities to collaborate on these outreach efforts. Further, the GAO found that the IRS is missing information it could use to develop performance metrics and to assess which aspects of their communications and outreach strategy were effective in reaching different audiences.

The GAO made three recommendations for the Treasury and the IRS to enhance communication and outreach efforts concerning the refundable tax credit. The Treasury and the IRS neither agreed nor disagreed with the recommendations.

Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued […]

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Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

IRS Unintentionally Releases Form 990-T Data

The Internal Revenue Service announced that it has unintentionally made certain data collected from Form 990-T available for bulk download […]

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IRS Unintentionally Releases Form 990-T Data

IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

The IRS has clarified that qualified opportunity zone businesses should not file Form 8996. Form 8996 is filed only by […]

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IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of […]

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List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

Tuition Debt Relief Will Not Be Taxable Income

The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to […]

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Tuition Debt Relief Will Not Be Taxable Income

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]

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IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

IRS Issues Statement on CP-14 Notices

The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]

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IRS Issues Statement on CP-14 Notices

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

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IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]

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Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]

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IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act