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IRS Warns Taxpayers of Dirty Dozen Tax Scams for 2022, IR-2022-113

The IRS began its “Dirty Dozen” list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement […]

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IRS Urges Business Owners to Take Advantage of Tax Benefits for 2022, IR-2022-100; IR-2022-101; IR-2022-103; IR-2022-104

During the National Small Business Week, May 1 to 7, the IRS highlighted tax benefits and resources tied to the theme for this year’s celebration: ” Building a Better America through Entrepreneurship.”.The IRS urged business taxpayers to take advantage of tax benefits for 2022, make estimated tax payments electronically, e-file payroll tax returns, and check […]

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President Biden Signs Inflation Reduction Act Into Law

President Biden, on August 16, 2022, signed the Inflation Reduction Act ( P.L. 117-169) into law following its passage along party lines in both chambers of Congress. The law is a slimmed down version of the Build Back Better Act that passed the House in 2021 but failed to even come up for a vote […]

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Simplified Portability Election Relief Procedure Updated, Rev. Proc. 2022-32

The IRS has updated its simplified procedure for estates requesting an extension of time to make a portability election under Code Sec. 2010(c)(5)(A). The updated procedure replaces that provided in Rev. Proc. 2017-34. If the portability election is made, a decedent’s unused exclusion amount (the deceased spousal unused exclusion (DSUE) amount) is available to a […]

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Qualified Derivative Payment Reporting Under BEAT Rules Deferred Until 2025, Notice 2022-30

The IRS intends to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Secs. 59A and 6038A to defer the applicability date of the reporting of qualified derivative payments (QDPs) until tax years beginning on or after January 1, 2025. Background Final BEAT regulations adopted with T.D. 9885 include rules under Code Secs. […]

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