Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 11, 2024 – March 15, 2024.
March 11, 2024: In Internal Revenue Bulletin 2024-11, the IRS released Announcement 2024-10, which provides that replacement of lead service lines by government entities does not result in income for taxpayers.
March 11, 2024: The IRS highlighted seven suspicious signs that an Employee Retention Credit (ERC) claim is incorrect and urged businesses to seek a trusted tax professional to resolve an incorrect claim while they still can without penalties or interest. Fraudulent ERC claims have been added to the IRS’s “Dirty Dozen” list.
March 12, 2024: The IRS announced the full-scale launch of the Direct File pilot and encouraged eligible taxpayers in Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Wyoming, Arizona, California, Massachusetts, New York and Washington to file their tax returns online for free directly with the IRS using the new service.
March 13, 2024: The IRS announced that, effective April 1, Guy Ficco will become the new IRS Criminal Investigation Chief.
March 13, 2024: The IRS announced that the Joint Board for the Enrollment of Actuaries is retroactively extending the temporary waiver of its physical presence requirement for continuing professional education programs and is proposing regulations to eliminate the in-person requirement altogether.
March 13, 2024: The IRS reminded auto dealers and sellers that to submit time-of-sale reports and receive advance payments of the clean vehicle tax credit they must register their business with IRS Energy Credits Online.
March 14, 2024: The IRS reminded taxpayers who struggle to gather the necessary documents they need to file or pay the taxes they owe to consider several options offered on IRS.gov to avoid late filing and interest penalties. These include, among other things, requesting an extension to file tax returns and requesting a payment plan online.
March 14, 2024: The IRS reminded businesses that file 10 or more information returns that they must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.
March 15, 2024: The IRS reminded businesses to review the ERC guidelines and consider the ERC Voluntary Disclosure Program or the claim withdrawal process to avoid penalties and interest. The deadline to apply for the ERC Voluntary Disclosure Program is March 2022.
March 15, 2024: The IRS reminded individuals and businesses that it is increasing the amount of information available in multiple languages. Much of the information on the IRS website has now been translated into seven different languages other than English. The IRS website’s Languages page includes an overview of key topics related to information about federal taxes in 21 languages.
March 15, 2024: The IRS released Revenue Ruling 2024-07, which provides the April 2024 applicable federal rates.
March 15, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
