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Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS continues to share updated information for people preparing to file their 2022 tax returns as well as anyone who has previous year tax returns awaiting processing by the IRS.

IR-2022-44, February 24, 2022 — The Internal Revenue Service today updated its frequently asked questions (FAQs) on the Premium Tax Credit.

IR-2022-34, February 15, 2022 — The Internal Revenue Service today updated its frequently asked questions (FAQs) on Higher Education Emergency Grants.

FS-2023-26, Nov. 2023 — These FAQs update question 9 to provide that a United States military service member who is a wrongfully incarcerated individual and who receives back pay following the reversal of a court martial conviction may not exclude the payments under section 139F if the payments are merely the restoration of pay and allowances to which the service member is entitled under the law.

During the Frozen Plan Amendments project, the Employee Plans Compliance Unit looked at whether sponsors of frozen defined benefit plans had amended their plans for the Economic Growth and Tax Relief Reconciliation Act of 2001.

SARSEP Fix-It Guide - You haven’t updated your SARSEP plan document for current law

SEP Plan Fix-It Guide - You haven't updated your SEP plan document for current law

The laws governing retirement plans change frequently. Some new laws require changes in a plan's terms and operations; others may offer plan sponsors a new option or increase benefits allowable under a plan. Plans must be operated according to each new required provision as of that provision's statutory effective date (established by Congress), and any necessary changes to the plan's language must be made by a separate date set by the IRS. If a plan sponsor decides to take advantage of a new optional rule, the sponsor must adopt an appropriate amendment to the plan language before the end of the year in which the new rule is put in place. At least once a year you should confirm that your plan language and operations are up-to-date. In addition, Revenue Procedure 2002-10 required SIMPLE IRA plans to be updated for law changes after January 1, 2002, and that IRS model adopters must have had an updated plan in place by December 31, 2002.

401(k) Plan Fix-It Guide - You haven't updated your plan document within the past few years to reflect recent law changes.

Information for Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, including recent updates and related forms. Publication 515 is used by withholding agents who pay income to foreign persons.