The following is a rundown of the most important guidance issued by the Internal Revenue Service (IRS) and other pertinent tax issues for the week beginning August 8, 2022, and ending August 12, 2022.
The Internal Revenue Service (IRS) published Internal Revenue Bulletin 2022-32 on the 8th of August 2022. This bulletin highlighted Notice 2022-32, which offers direction on the corporate bond monthly yield curve as well as the associated spot segment rates and the 24-month average segment rates.
In addition, the notification offers direction regarding interest rates on 30-year Treasury securities as well as the 30-year Treasury weighted average interest rates.
The Internal Revenue Service (IRS) published notice IR-2022-146 on August 8, 2022, reminding truck drivers that the deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return, is August 31, 2022, or later.
The tax return and payment are obligations placed on truck owners who operate a highway motor vehicle with a gross weight of 55,000 pounds or more.
Vehicles with a total mileage of 5,000 miles or less (or 7,500 miles for farm vehicles) are required to file the form but are exempt from having to pay the tax.
The Internal Revenue Service (IRS) on the 8th of August 2022 published Tax Tip 2022-120, which explains that some of the money that is raised through crowdfunding may be considered a gift and so be excluded from gross income.
Websites that facilitate crowdsourcing campaigns are obligated to submit Form 1099-K, Transactions Conducted Through Payment Cards and Third-Party Networks.
On August 9, 2022, the partners of The Security Summit announced a new sample security strategy to assist tax professionals in protecting their data, particularly those who operate smaller practices.
Along with the Internal Revenue Service (IRS), tax experts, software and industry partners, and representatives from state tax groups collaborated on the development of the strategy, which was given the name the Written Information Security Plan (WIS Plan).
A data security plan must be developed and implemented by all professional tax preparers by federal law.
The Internal Revenue Service (IRS) on the 9th of August 2022 issued COVID Tax Tip 2022-121, which served to remind taxpayers of the resources that are available on IRS.gov to assist them in electronically filing their tax returns, obtaining information regarding their tax accounts, and determining the status of their refunds.
The Internal Revenue Service (IRS) issued reminder notice IR-2022-148 on August 10, 2022, reminding teachers and educators that they are eligible to deduct up to $300 of qualified out-of-pocket classroom expenditures when they submit their tax returns for 2022.
This is the first time that the deduction has been increased since it was established in 2002. The maximum allowed per year was $250 from the years 2002 through 2021.
If they had a valid extension to file their 2021 reports, storm victims in sections of Missouri now have until November 15, 2022, to file individual and corporate tax returns and make tax payments, according to an announcement made by the Internal Revenue Service on August 10, 2022.
Anyone living in an area that has been identified by the Federal Emergency Management Agency as being eligible for individual or public assistance can apply for the help that is being offered. The most up-to-date list of communities that are qualified to participate can be seen here.
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The Internal Revenue Service (IRS) on the 10th of August 2022 issued Tax Tip 2022-122, which outlined the procedures that business owners are required to follow while winding down their operations.
The Internal Revenue Service (IRS) on August 11, 2022, released Tax Tip 2022-123, which provided information regarding two educational tax credits that could be claimed by taxpayers who had paid higher school costs for themselves, their spouses, or their dependents.
The American Opportunity Tax Credit and the Lifetime Learning Credit are the two credits that can be claimed.
On August 12, 2022, the Internal Revenue Service (IRS) published its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
