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Tax & AccountingJanuary 23, 2023

2022 tax year-in-review

By: CCH AnswerConnect Editorial

This article is an excerpt from a Tax Briefing initially published in CCH® AnswerConnect. Download a PDF of the full Tax Briefing below, or sign up for complimentary access to CCH AnswerConnect.

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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CCH AnswerConnect Editorial

Comprising of industry’s most trusted experts, the Wolters Kluwer CCH AnswerConnect Editorial Staff are knowledgeable and highly qualified to analyze and offer guidance on the latest, important tax topics. They ensure every topic is thoroughly researched and meticulously broken down so you receive the most up to date and accurate information available. Read more of their insights on CCH AnswerConnect.

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