09 May 2023
Give it to Me Straight: IRS Releases 2022 Tax Collection Data
The IRS has released the Internal Revenue Service Data Book, 2022 which details its activities during fiscal year 2022 (October 1, 2021 – September 30, 2022). A release on the IRS website reveals that more than 262.8 million tax returns were processed and approximately $4.9 trillion in federal taxes was collected during fiscal year 2022. This includes approximately $1.4 trillion in employment taxes (other than income tax withholding). While individual and estate and trust collections aggregated roughly $3 trillion, business taxes were about $476 billion.
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Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Tax Key Legal Developments Tracker (Federal)—keep up to date with key legal developments!
- Individual Income Tax. IRS sets forth safe harbor deed language for extinguishment and boundary line adjustment clauses required by § 605(d)(1) of the SECURE 2.0 Act of 2022, enacted as Division T of the Consolidated Appropriations Act, 2023, Law No. 117-328(Dec. 29, 2022).
- Practice, Procedure, and Controversy. IRS and Treasury Department issue proposed regulations regarding supervisory approval of certain penalties assessed by the IRS.Rules for Supervisory Approval of Penalties, 88 Fed. Reg. 21564, (Apr. 11, 2023) (Action: Notice of proposed rulemaking).
- International Tax. Treasury proposes regulations under I.R.C. Section 367(d), regarding intangibles transferred to foreign corporations by U.S. companies. Proposed rules would eliminate Section 367(d) applying for certain situations where the underlying intangibles are repatriated to the United States. REG-124064-19.
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- The Practical Guidance Journal Second Edition 2023 includes legal developments on generative AI, bank failure impacts, and the risks created by crypto-assets.
- Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content.
- Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, ChatGPT, Cannabis, Mass Torts, and more. One of our newest podcasts, On the Fringe of Infringement with AI and ChatGPT Podcast, discusses artificial intelligence (AI), ChatGPT, and practical issues to consider when creating and using AI in creative work. You can read more about the use of AI by referring to our Generative Artificial Intelligence (AI) Resource Kit.
- Check out the new Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 23 practice areas and find out how you can Become a Practical Guidance Author.
- New and Recently Updated Practical Guidance Content
- International Tax Resource Kit
- Transfer Pricing Safe Harbors
- IRS Form 1120 (U.S. Corporation Tax Return): Guidance for Completing, Filing, and Amending
- IRS Form 2290: Heavy Highway Vehicle Use Tax Return – Guidance for Completing, Filing, and Amending
- Partnerships and Related Party Transactions
- Qualified Business Income Deduction: IRS Forms 8995 and 8995-A
- Tax Free Restructuring Reorganization: Type E
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