MEDIA ALERT — 2022 Tax Year-In-Review

Rhea-AI Summary

Wolters Kluwer Tax & Accounting has released its 2022 Tax Year-In-Review that outlines key federal tax law developments. Major highlights include the enactment of the Inflation Reduction Act and SECURE 2.0, which significantly impact clean energy and tax-favored retirement provisions. Additionally, the IRS is set to enhance taxpayer services and technology due to increased funding. The report also notes ongoing developments at the OECD regarding global taxation shifts. For a comprehensive overview, refer to the tax briefing.

Positive

• Enactment of the Inflation Reduction Act improves clean energy tax provisions.
• SECURE 2.0 introduces significant changes benefiting retirement tax plans.
• IRS is expanding services and technology due to increased funding.

Negative

• None.

Wolters Kluwer Tax & Accounting Highlights Federal Tax Law Developments During 2022

Wolters Kluwer Tax & Accounting:

What: Several significant pieces of tax legislation managed to get enacted in 2022. In addition, the IRS is gearing up expand taxpayer services, upgrade technology, and improve enforcement thanks to significantly increased IRS funding. The year also saw the regular assortment of developments from IRS guidance and judicial decisions.

Why: Wolters Kluwer has prepared a tax briefing summarizing some of the key tax developments for the year. The following is a link to Wolters Kluwer’s 2022 Tax Year-In-Review tax briefing: https://www.wolterskluwer.com/en/expert-insights/2022-year-end-tax-planning-briefing

Some of the significant 2022 tax developments include:

• Enactment of the Inflation Reduction Act with significant tax provisions related to clean energy and a significant increase in IRS funding
• Enactment of SECURE 2.0 as part of the Consolidated Appropriations Act, 2023 making a large number of changes to tax-favored retirement provisions
• The IRS expanding its hiring to improve taxpayer services and clean-up its processing back-log in the short term and upgrade its technology and enforcement activities in the longer term
• The IRS issued frequent guidance related to enacted legislation and other tax developments, with some increased focus on proposed and final regulations as the IRS faces judicial pressures to increase compliance with the notice and comment requirements of the Administrative Procedures Act
• A variety of other legislation and Administration developments impacting taxes
• Developments continued at the Organization for Economic Cooperation and Development (OECD) on a global minimum tax and global taxation based on where customers are located rather than where corporate facilities are located

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst, for Wolters Kluwer Tax & Accounting, can help discuss these 2022 tax developments.

PLEASE NOTE: These materials are designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering tax advice or accounting, legal, tax or other professional service.

Contact: To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
KELLY DE CASTRO
614-288-5640
Kelly.deCastro@wolterskluwer.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207006179/en/

KELLY DE CASTRO

614-288-5640

Kelly.deCastro@wolterskluwer.com

Source: Wolters Kluwer Tax & Accounting

FAQ

What are the main tax developments highlighted by Wolters Kluwer in 2022?

Wolters Kluwer highlights the enactment of the Inflation Reduction Act, SECURE 2.0, and changes in IRS taxpayer services.

How does the Inflation Reduction Act impact taxes according to Wolters Kluwer's report?

The Inflation Reduction Act includes significant tax provisions related to clean energy.

What is SECURE 2.0 and how does it affect retirement tax provisions?

SECURE 2.0 introduces a variety of changes to tax-favored retirement provisions as part of the Consolidated Appropriations Act, 2023.

How is the IRS improving taxpayer services according to the 2022 tax report?

The IRS plans to expand hiring, upgrade technology, and enhance enforcement, supported by increased funding.

What global tax issues are being discussed by the OECD mentioned in the report?

The OECD is working on a proposal for a global minimum tax and changes in taxation based on customer location.