ARTICLE · 12 OCTOBER 2022

Weekly IRS Roundup October 3 – October 7, 2022

McDermott Will & Emery

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022.

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McDermott Will & Emery

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022.

October 3, 2022: The IRS released Internal Revenue Bulletin 2022-40, which highlights the following:

Notice 2022-40: This notice provides updates on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for September 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

Notice 2022-39: This notice provides rules related to the Inflation Reduction Act of 2022. Claimants must follow this guidance in order to make a one-time claim for the credit and payment allowable for alternative fuels sold or used during the first, second and third calendar quarters of 2022.

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