Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29, 2024 – May 3, 2024.
April 29, 2024: The IRS released Internal Revenue Bulletin 2024-18, which includes the following:
- Notice 2024-33, which provides a limited waiver of the addition to tax under Section 6655 of the Internal Revenue Code (Code) to the extent the addition to tax would be attributable to an underpayment of estimated corporate alternative minimum tax under Section 55 due April 15, 2024.
- Notice 2024-34, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3) of the Code, the 24-month average segment rates under Section 430(h)(2), the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I).
April 29, 2024: The IRS issued Notice 2024-36, which provides guidance on the procedures for allocating credits under Section 48C and announces a second round of credits under Section 48C(e) for participation in the Qualifying Advanced Energy Project Credit program.
April 29, 2024: The IRS reminded small businesses to take advantage of the many tax resources available to them through the Small Business and Self-Employed Tax Center on IRS.gov.
April 30, 2024: The IRS announced that it is accepting applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants, which allows eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.
April 30, 2024: The IRS issued Notice 2024-37, which provides additional guidance and safe harbors regarding sustainable aviation fuel credits under Sections 40B and 6426(k) of the Code.
May 1, 2024: The IRS warned taxpayers and tax professionals about common scams and schemes, including online account help from third-party scammers, phishing, unscrupulous tax return preparers, offer in compromise mills and employee retention credit scams.
May 1, 2024: The IRS encouraged entrepreneurs to put data security safeguards in place to protect their financial, personal and employee information from scams and cybercriminals.
May 1, 2024: The IRS reminded taxpayers that it provides relief when an emergency measures declaration is issued, supplementing governmental efforts to provide emergency services. The IRS also provides relief when a major disaster declaration offering “individual assistance” is issued, which allows individuals and households to apply to the Federal Emergency Management Agency for financial and direct services.
May 1, 2024: The IRS issued Revenue Procedure 2024-24, which outlines procedures for requesting private letter rulings involving “spin-off” transactions subject to Section 355. Notice 2024-38, issued in conjunction with Revenue Procedure 2024-24, requests feedback on these procedures.
May 1, 2024: The IRS reminded taxpayers to safeguard information in case of natural disasters and that it may postpone certain tax filing and payment deadlines for taxpayers who reside or have a business in certain counties affected by a natural disaster.
May 1, 2024: The IRS reminded businesses that, starting in tax year 2023, changes under the SECURE 2.0 Act may affect the amounts they need to report on Forms W-2.
May 2, 2024: The IRS released an update to the Strategic Operating Plan, which provides an outline of the major projects and outcomes the IRS expects to deliver over the next 12 to 18 months, including progress on the Simple Notice Initiative, enforcement activities, and efforts to modernize foundational technology and improve IRS employee tools to help taxpayers.
May 2, 2024: The IRS announced that registration for the 2024 IRS Nationwide Tax Forum is open, with the forums being held in five cities across the nation throughout the summer. The first event will take place in Chicago from July 9 to July 11.
May 3, 2024: The IRS issued final regulations, providing guidance on the transfer of new and previously owned clean vehicle credits to dealers who are eligible to receive advance payments. The final regulations also explain how dealers can become eligible entities to receive advance payments of the transferred credits and maintains a “vehicle identification number requirement” that was set forth in previously proposed regulations.
May 3, 2024: The IRS released frequently asked questions related to rules for distributions from retirement plans and individual retirement accounts and for retirement plan loans for certain individuals impacted by federally declared major disasters.
May 3, 2024: The IRS reminded business owners that when they put together an emergency preparedness plan they should include copies of vital records and financial information.
May 3, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
