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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