Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 1, 2024 – April 5, 2024.
April 1, 2024: The IRS released Internal Revenue Bulletin 2024-14, which includes the following:
- Notice 2024-29, which provides updates on the corporate bond monthly yield curve, the corresponding spot segment rates for February 2024 used under § 417(e)(3)(D) of the Internal Revenue Code (Code), the 24-month average segment rates applicable for March 2024, and the 30-year Treasury rates as reflected by the application of § 430(h)(2)(C)(iv).
- Revenue Ruling 2024-7, which provides the April 2024 applicable federal rates.
- Proposed regulations, which provide guidance on the Section 45V production tax credit added by the Inflation Reduction Act of 2022 (IRA) and on the election to treat qualified property that is part of a specified clean hydrogen production facility as energy property under Section 48.
April 1, 2024: The IRS warned taxpayers to beware of scammers attempting to sell or offer help setting up an online account on IRS.gov. Their goal is to get personal tax and financial information that can be used to commit identity theft.
April 2, 2024: The IRS reminded taxpayers there is still time to file federal income tax returns electronically and request direct deposit before the April 15 deadline.
April 2, 2024: The IRS warned taxpayers to beware of promotors who push improper Fuel Tax Credit claims by misleading taxpayers as it relates to fuel use and creating fictitious documents or receipts for fuel.
April 2, 2024: The IRS reminded taxpayers that the credit for other dependents is a $500 nonrefundable credit available to those with dependents who are not eligible for the Child Tax Credit. Taxpayers can claim this credit in addition to the child and dependent care credit and the Earned Income Credit.
April 3, 2024: The IRS reminded taxpayers affected by the terrorist attacks in Israel that they have until October 7, 2024, to file various federal individual and business tax returns that were originally due March 15 or April 15, make tax payments and perform other time-sensitive tax-related actions.
April 3, 2024: The IRS warned taxpayers to avoid offer in compromise (OIC) “mills” that aggressively mislead by raising false expectations and exploiting vulnerable individuals with promises that tax debt can magically disappear. OIC mills are on the IRS’s “Dirty Dozen” list.
April 3, 2024: The IRS reminded taxpayers who adopted or started the adoption process in 2023 that they may qualify for the adoption credit.
April 4, 2024: The IRS warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors and gather sensitive personal and financial information that can be exploited for tax-related identity fraud.
April 4, 2024: The IRS announced that individuals and businesses in parts of Maine affected by severe storms and flooding that began in January 2024 now have until July 15, 2024, to file various federal individual and business tax returns and make payments.
April 4, 2024: The IRS announced that individuals and businesses in parts of Rhode Island that were affected by severe storms and flooding that occurred in December 2023 and January 2024 now have until July 15, 2024, to file various federal individual and business tax returns and make tax payments.
April 4, 2024: The IRS reminded taxpayers with families that they have several options that offer free online tax preparation, electronic filing and direct deposit of refunds.
April 5, 2024: The IRS reminded taxpayers, including self-employed individuals, retirees, investors, businesses and corporations, about the April 15 deadline for first quarter estimated tax payments for tax year 2024.
April 5, 2024: The IRS warned taxpayers about “ghost preparers” who encourage individuals to take advantage of tax credits and benefits for which they don’t qualify and then charge a large percentage fee of the refund or steal the entire tax refund. After the tax return is prepared, these “ghost preparers” often disappear, leaving well-meaning taxpayers to deal with the consequences.
April 5, 2024: The IRS issued Announcement 2024-19, which provides that amounts received from the US Department of Energy’s home energy rebate programs will be treated as a reduction in the purchase price or cost of property for eligible upgrades and projects. Therefore, the consumer who receives an IRA rebate will not be required to report the value of the rebate as income.
April 5, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
