MEDIA ALERT — 2022 Tax Year-In-Review

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

--(BUSINESS WIRE)--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
[e-mail]