Monthly Archives: January 2022

2022-01-28 A substantail number of members of Congress sent a January 26, 2022 letter to Treasury regarding the IRS processing backlog and problems taxpayers are having with processing returns and amended returns, and dealing with IRS collections. The letter notes that: "As of December 23, 2021, the IRS continued to have a backlog of 6 million Forms 1040 (Individual Income Tax Returns) and 2.3 million amended individual tax returns. In…

2022-01-21 The IRS issued a memorandum January 14, 2020 providing guidance and notification to Appeals employees that because third-party contacts are deemed investigative actions, and Appeals employees do not perform investigative actions, third-party contacts by Appeals are prohibited and should no longer be made in connection with the determination or collection of a tax liability of a taxpayer. The interim guidance supersedes IRM 8.1.6.2, Third Party Contacts, IRM 8.1.6.2.1, Third…

2022-01-14 IR-2022-11, January 12, 2022 The report credits the IRS for performing well under difficult circumstances including COVID. The IRS implemented significant addition programs, including 478 million stimulus payments (Economic Impact Payments or "EIPs") and Advance Child Tax Credit (AdvCTC), but "[t]he imbalance between the IRS's workload and its resources has never been greater." Since fiscal year (FY) 2010, the IRS's workforce has shrunk by 17%, while its workload –…

2022-01-06 in 2021, Congress passing the Corporate Transparency Act, which requires every corporation, LLC or similar entity that meets the definition of a “Reporting Company” to make a filing with the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) identifying its beneficial owners or owners. FinCEN issued proposed regulations on this rule December 7, 2021, Notice of Proposed Rulemaking to give the public an opportunity to review and comment on…