Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 12, 2023 – June 16, 2023.
June 12, 2023: The IRS released Internal Revenue Bulletin 2023-24, which highlights the following:
- Notice 2023-43: This notice provides guidance with respect to Section 305 of the SECURE 2.0 Act of 2022. Section 305 provides for the expansion of the Employee Plans Compliance Resolution System currently set forth in Revenue Procedure 2021-30. This notice provides interim guidance in advance of any updates to Revenue Procedure 2021-31 and is not intended to be comprehensive.
June 12, 2023: The IRS announced a new series of special events at this year’s IRS Nationwide Tax Forums, including sessions focused on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate.
June 12, 2023: The IRS released Tax Tip 2023-79, reminding taxpayers that when they disagree with an IRS decision, they can submit a written request to have the IRS Independent Office of Appeals (IRS Appeals) review the decision.
June 13, 2023: The IRS announced that IRS Commissioner Danny Werfel will deliver the keynote speech at the Nationwide Tax Forum in Atlanta on July 25 to July 27. The three-day session will provide tax professionals with multiple opportunities to learn more about tax law changes and IRS transformation efforts.
June 13, 2023: The IRS released Tax Tip 2023-80, reminding taxpayers that they may be able to avoid the time and expense of a court trial by asking IRS Appeals to review their case if they disagree with an IRS decision. When IRS Appeals officers review cases submitted by taxpayers, they meet informally and consider both the taxpayers’ and the IRS’s position.
June 14, 2023: The IRS announced proposed regulations and frequently asked questions that describe rules for entities that earn certain clean energy credits and choose to make an elective payment election and rules for eligible taxpayers who elect to transfer certain credits to unrelated parties. For tax years beginning after December 31, 2022, certain eligible taxpayers can elect to transfer all or a portion of eligible tax credits to unrelated taxpayers in exchange for cash payments.
June 14, 2023: The IRS issued proposed regulations that provide guidance on the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, which was established by the Creating Helpful Incentives to Produce Semiconductors Act of 2022. This credit incentivizes the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.
June 14, 2023: The IRS released Tax Tip 2023-81, reminding taxpayers to think about various tax considerations when selling their home. For example, they may qualify to exclude all or part of any capital gain from the sale of their home, however, a loss from the sale is not deductible.
June 14, 2023: The IRS released Notice 2023-47, which provides information that taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category for purposes of qualifying for energy community bonus credit amounts or rates under Sections 45, 45Y, 48 and 48E. The lists include:
- Appendix 1: Additional MSAs and non‐MSAs that meet the Fossil Fuel Employment threshold that were not included in Appendix B to Notice 2023‐29
- Appendix 2: MSAs and non‐MSAs that qualify as energy communities in 2023 by meeting the Fossil Fuel Employment threshold and the unemployment rate requirement for calendar year 2022
- Appendix 3: Additional census tracts that have ever had, since December 31, 1999, a closed coal mine or have ever had, since December 31, 2009, a retired coal‐fired electric generating unit, and directly adjoining tracts that were not included in Appendix C to Notice 2023‐29.
June 15, 2023: The IRS issued Notice 2023-45, which clarifies the requirements set forth in Notice 2023-29 for a brownfield site safe harbor for projects with a nameplate capacity of no greater than five megawatts in alternating current. The notice also describes a prior modification pertaining to a special rule for the beginning of construction.
June 15, 2023: The IRS released Revenue Procedure 2023-24, which provides the List of Automatic Changes related to changes in account periods and methods of accounting.
June 15, 2023: The IRS released Tax Tip 2023-82, explaining income tax withholding and Form W-4, Employee’s Withholding Certificate, for employees entering the workforce or changing jobs.
June 15, 2023: The IRS released Revenue Ruling 2023-12, which provides various prescribed rates for federal income tax purposes for July 2023.
June 15, 2023: The IRS released Notice 2023-48, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. This notice also provides guidance as to the interest rate on 30-year Treasury securities as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate.
June 16, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Upcoming Events: Registration for the 2023 IRS Nationwide Tax Forums is now open, and the events are returning to an in-person format for the first time since 2019. The IRS Nationwide Tax Forums are designed specifically for tax professionals (e.g., enrolled agents, certified public accountants, certified financial planners and Annual Filing Season Program participants) as well as uncredentialed tax professionals. The dates and locations are as follows:
- July 11-13: New Orleans, LA
- July 25-27: Atlanta, GA
- August 8-10: National Harbor, MD (Washington, DC area)
- August 22-24: San Diego, CA
- August 29-31: Orlando, FL
Special thanks to Jenna Ray, a summer associate in our Chicago office, for this week’s roundup.
