Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 1, 2024 – January 5, 2024.
January 2, 2024: The IRS released Internal Revenue Bulletin 2024-1, which includes the following:
- Revenue Procedure 2024-1, which contains the revised procedures for letter rulings and information letters issued by the different offices of the associate chief counsel. This revenue procedure also contains the revised procedures for determination letters issued by the Large Business and International Division, the Small Business/Self-Employed Division, the Wage and Investment Division and the Tax Exempt and Government Entities (TE/GE) Division.
- Revenue Procedure 2024-2, which explains when and how associate chief counsel offices should provide advice in technical advice memoranda (TAM). The revenue procedure also explains taxpayers’ rights when a field office requests a TAM.
- Revenue Procedure 2024-3, which provides a revised list of areas of the Internal Revenue Code under the jurisdiction of the associate chief counsel’s offices of Corporate; Financial Institutions and Products; Income Tax and Accounting; Passthroughs and Special Industries; Procedure and Administration; and Employee Benefits, Exempt Organizations, and Employment Taxes. These relate to matters in which the IRS will not issue letter rulings or determination letters.
- Revenue Procedure 2024-4, which provides guidance on the types of advice the IRS offers to taxpayers on issues under the jurisdiction of the Commissioner, TE/GE Division and Employee Plans Rulings and Agreements. It also details the procedures that apply to requests for determination letters and private letter rulings. This revenue procedure updates Revenue Procedure 2023-4.
- Revenue Procedure 2024-5, which provides the procedures for issuing determination letters on issues under the jurisdiction of the Director, Exempt Organizations Rulings and Agreements.
- Revenue Procedure 2024-7, which provides the areas under the jurisdiction of the associate chief counsel (international) in which letter rulings and determination letters will not be issued.
January 4, 2024: The IRS encouraged taxpayers to check out IRS.gov for tips, tools and resources to help them prepare to file their 2023 federal income tax returns.
January 4, 2024: The IRS published Tax Tip 2024-01, which provides a brief overview of tax credits and deductions for individuals.
January 5, 2024: The IRS announced an extension for dealers and sellers of clean vehicles to submit time-of-sale reports. Dealers and sellers generally will now have until January 19, 2024, to submit a time-of-sale report for vehicles sold from January 1, 2024, through January 16, 2024.
January 5, 2024: The IRS announced the launch of a special Tax Professional Awareness Week that will commence January 8, 2024, and assist tax professionals on what to expect during the 2024 filing season.
January 5, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
