The IRS and Treasury announced e file for businesses. The IRS reminded taxpayers to gather the necessary information and visit IRS.gov for updated resource for their 2022 tax return and announced an extension for disaster area taxpayers in California, Alabama and Georgia.
Significant Internal Revenue Service IRS guidance and relevant tax matters for the week of January 9, 2023 – January 13, 2023. IRS released Internal Revenue Bulletin 2023-2, which highlights transitional guidance with respect to reporting of information on digital assets.
On December 9, 2022, Treasury and the IRS released proposed regulations that are intended to stop certain U.S. shareholder tax planning under section 951(a)(2)(B).
December 12, 2022: The IRS released Internal Revenue Bulletin 2022-50, which highlights Revenue Procedure 2022-41 guidance specifies when information shown on income tax return will be adequate disclosure for reducing an understatement of income tax under Section 6662.
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022.