Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 6, 2023 – November 10, 2023.
November 6, 2023: The IRS released Internal Revenue Bulletin 2023-45, which includes the following:
- Final regulations that increase the user fees for new and renewal enrollment of enrolled actuaries to $680, up from $250.
- Notice 2023-70 provides that $3.22 is the adjusted applicable dollar amount for determining the Patient-Centered Outcomes Research Trust Fund fee for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024.
- Notice 2023-72 updates the corporate bond monthly yield curve and the corresponding spot segment rates for October 2023 used under § 417(e)(3)(D), the 24-month average segment rates for October 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
- Notice 2023-73 specifies a mortality table for determining the minimum present value under § 417(e)(3) of the Internal Revenue Code and Section 205(g)(3) of the Employee Retirement Income Security Act of 1974 for distributions with annuity starting dates that occur during stability periods beginning in the 2024 calendar year.
- Announcement 2023-30 revokes § 501(c)(3) determination(s) for certain organization(s) and stipulates that contributions made to the organization(s) by individual donors are no longer deductible under § 170(b)(1)(A).
- Revenue Ruling 2023-20 provides the November 2023 applicable federal rates.
November 6, 2023: The IRS published Tax Tip 2023-120, which notes that volunteers are needed to fill a variety of roles in two IRS volunteer programs.
November 7, 2023: The IRS released FS-2023-25, announcing that taxpayers are now able to digitally submit all correspondence and responses to notices. New updates to the “Where’s My Refund?” tool will launch during the 2024 filing season.
November 7, 2023: The IRS announced that the telephonic-only public hearing on digital asset transactions has been rescheduled for November 13, 2023.
November 8, 2023: The IRS reminded dealers and sellers of clean vehicles to register their organizations immediately via the Energy Credits Online tool. The IRS urges registration by December 1, 2023, to ensure benefits are available by January 1, 2024.
November 9, 2023: The IRS Advisory Council issued its annual report for 2023, which includes recommendations for the IRS regarding new and continuing issues in tax administration.
November 9, 2023: The IRS announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Further annual adjustment details may be found in Revenue Procedure 2023-34.
November 9, 2023: The IRS issued its fiscal year 2023 Financial Report.
November 9, 2023: The IRS published Tax Tip 2023-121, which reminds employers to certify employees before claiming the Work Opportunity Tax Credit.
November 10, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Special thanks to John Zhang in our New York office for this week’s roundup.
