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2022 tax year-in-review
Pandemic recovery continues as IRS begins transition in leadership
While the world has been steadily returning to something resembling “normal,” the Internal Revenue Service spent 2022 working through issues created by the COVID-19 pandemic, namely clearing out the backlog of unprocessed returns.
And as the year drew to a close, the Biden Administration began the transition of leadership from the now retired Charles Rettig with the naming of an acting commissioner, Douglas O’Donnell, and the nomination of Danny Werfel to serve as permanent Commissioner. As of yet, the Senate has not taken any action on the nomination.
The year saw a number of legislative actions, although tax implications were narrowly applicable across the board. Given 2022 was an election year, it was expected that there would be no significant tax changes coming from Congress, and the legislative body met that expectation, with only a few pieces of legislation that had tax implications, including the CHIPS Act, the Inflation Reduction Act and omnibus spending law that will keep the government funded through the end of Fiscal Year 2023. It also issued guidance and other regulatory action across a number of different areas.
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