Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 10, 2024 – June 14, 2024.
June 10, 2024: The IRS released Internal Revenue Bulletin 2024-24, which includes the following:
- Revenue Ruling 2024-11, which provides the interest rates under 6621 of the Internal Revenue Code (Code) for tax underpayments and overpayments for the calendar quarter beginning July 1, 2024. The underpayment and overpayment interest rates will remain the same for the third calendar quarter of 2024.
- Notice 2024-36, which provides the timeline for the second 2024 allocation round of the Qualifying Advanced Energy Project Credit program under Code 48C(e) and supersedes Appendices A, B and C of Notice 2023-44.
- Notice 2024-39, which provides the inflation adjustment factor for the carbon oxide sequestration credit under Code § 45Q for taxpayers who make an election under § 45Q(b)(3) for calendar year 2024.
- Notice 2024-40, which updates the corporate bond weighted average interest rate for plan years beginning May 2024, the 24-month average segment rates, the funding transitional segment rates applicable for May 2024 and the minimum present value transitional rates for April 2024.
- Notice 2024-41, which provides a new elective safe harbor for taxpayers seeking to qualify their energy projects for the 10% Domestic Content Bonus Credit. The notice also modifies Notice 2023-38 by expanding the list of Applicable Projects to include hydropower and pumped hydropower storage facilities, among other changes.
- Proposed Regulations, which provide guidance on information reporting requirements for transactions with foreign trusts and the receipt of large foreign gifts under Code § 643(i), 679, 6039F, 6048 and 6677 (the foreign trust and gift provisions). The proposed regulations would also provide that certain loans from a foreign trust and the use of trust property are reportable events.
- Announcement 2024-22 and Announcement 2024-23, which revoke the Code § 501(c)(3) determination for specified organizations and stipulate that contributions made to said organizations by individual donors are no longer deductible under Code § 170(b)(1)(A).
- Announcement 2024-24, which notifies taxpayers of the applicable Reference Standard 90.1 required under Code § 179D(c)(2) as part of the definition of energy efficient commercial building property, effective May 17, 2024.
June 10, 2024: The IRS highlighted options for taxpayers who missed the April filing deadline to file their 2023 federal income tax returns and reminded those taxpayers to pay the amounts owed as soon as possible to limit penalties and interest charges.
June 10, 2024: The IRS reminded taxpayers that the second quarter estimated tax payment deadline is June 17, 2024.
June 10, 2024: The IRS advised that most individual and business taxpayers can use the Online Payment Agreement service to set up a payment plan, including an installment agreement, to pay off an outstanding balance over time.
June 10, 2024: The IRS reminded newly married individuals to update their names, addresses, and filings status, among other items, to facilitate their filings for the upcoming tax season.
June 11, 2024: The IRS encouraged business taxpayers to review their eligibility for the Employer-Provided Childcare Credit, which offers employers a tax credit of up to $150,000 per year to offset 25% of qualified childcare facility expenditures and 10% of qualified childcare resource and referral expenditures.
June 12, 2024: The IRS announced that it is aware of the issuance of CP14 Notices (Balance Due, No Math Error) to taxpayers who properly submitted payment with their 2023 tax returns, indicating a balance due. Taxpayers who received the notices but timely paid the taxes they owed should not respond until the IRS provides further guidance.
June 12, 2024: The IRS announced the continuing education agenda for the 2024 Nationwide Tax Forum, which covers topics on tax security, scams, practice management and beneficial ownership information. The event will be hosted in Chicago, Orlando, Baltimore, Dallas and San Diego from July 2024 until September of 2024.
June 12, 2024: The IRS warned taxpayers about scams targeting older adults where impersonators pose as government officials to steal sensitive personal information and money.
June 13, 2024: The IRS updated its careers website to show upcoming hiring events, key job descriptions, an overview of the IRS and employee benefits, and special emphasis hiring paths.
June 13, 2024: The IRS released Notice 2024-47, which provides a limited waiver of the addition to tax under Code § 6655 for the underpayment of estimated income tax by a corporation to the extent such underpaid tax amount is attributable to the corporation’s alternative minimum tax liability under Code § 55 for a tax year that began in 2024 and is due on or before August 15, 2024.
June 14, 2024: The IRS issued technical corrections to Treasury Decision 9945, which included final regulations for Code § 1061.
June 14, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
