Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 13, 2023 – November 17, 2023.
November 13, 2023: The IRS released Internal Revenue Bulletin 2023-46, which includes the following:
- Proposed regulations that would update the requirements a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan when calculating the present value for minimum funding purposes (as a substitute for the generally applicable mortality tables). Comments and requests for a public hearing must be received by December 19, 2023.
- Final regulations that prescribe mortality tables for certain defined benefit pension plans.
- Announcement 2023-31, which revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).
November 13, 2023: The IRS reminded taxpayers of the important steps they can take now to help them “get ready” to file their 2023 federal tax return for the 2024 filing season.
November 13, 2023: The IRS released FS-2023-26, updating question nine to reflect that wrongfully incarcerated US service members cannot exclude certain payments from gross income.
November 13, 2023: The IRS reminded people to stay vigilant in protecting personal and financial information from scam artists and tax schemes in light of International Fraud Awareness Week.
November 13, 2023: The IRS provided instructions for tax professionals to become an authorized e-file provider, which is mandatory for tax professionals to be able to file their clients’ federal tax returns electronically.
November 14, 2023: The IRS announced that it will hold a free webinar on November 16, 2023, to update employers, tax professionals and others on the most recent developments concerning e-file requirements for information returns that take effect on January 1, 2024.
November 14, 2023: The IRS released Notice 2023-76, which updates the corporate bond monthly yield curve and corresponding spot segment rates for November 2023 used under § 417(e)(3)(D), the 24-month average segment rates for November 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
November 15, 2023: The IRS announced that Rajiv Uppal has been selected as the next Chief Information Officer.
November 15, 2023: The IRS announced that taxpayers can now claim tax credits for new and used clean vehicles they buy during the tax year, and starting January 1, 2024, they can transfer those tax credits to the dealer in exchange for a financial benefit.
November 15, 2023: The IRS released Revenue Ruling 2023-21, which provides various prescribed rates for federal income tax purposes for December 2023.
November 16, 2023: The IRS reminded individual retirement arrangement owners age 70½ or over that they can transfer up to $100,000 to charity tax-free each year.
November 17, 2023: The US Department of the Treasury (Treasury) and the IRS issued proposed regulations that provide guidance under the SECURE 2.0 Act of 2022 that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities. Comments must be received by December 20, 2023.
November 17, 2023: The IRS reminded eligible persons who may be entitled to the Recovery Rebate Credit to file a tax return to claim the credit before the deadline(s).
November 17, 2023: The IRS announced that the eighth annual National Tax Security Awareness Week will begin November 27, 2023. National Tax Security Awareness Week promotes taxpayer and tax professional awareness on protecting sensitive financial information against identity thieves and scams.
November 17, 2023: The IRS announced that interest rates will remain the same for the calendar quarter beginning on January 1, 2024. The interest rates can be found in Revenue Ruling 2023-22.
November 17, 2023: The Treasury and the IRS issued proposed regulations that would update rules for the investment tax credit under § 48. The proposed regulations are set to be published on November 22, 2023.
November 17, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Special thanks to John Zhang in our New York office for this week’s roundup.
