Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 5, 2024 – February 9, 2024.
February 5, 2024: The IRS released Internal Revenue Bulletin 2024-5, which includes the following:
- Announcement 2024-4, which clarifies that until the IRS issues new final regulations under Internal Revenue Code (Code) Section 6050I implementing the Infrastructure Investment and Jobs Act, at this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) has a value exceeding the $10,000 reporting threshold.
- Notice 2024-21, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Code Section 430(h)(2).
- Notice 2024-22, which provides initial guidance on the anti-abuse rules under Code Section 402A(e)(12) to assist in the implementation of the SECURE 2.0 Act of 2022’s Section 127 provisions.
- Final regulations, which provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules for the treatment of preretirement mortality discounts and Social Security-level income options.
- Revenue Ruling 2024-3, which provides the February 2024 applicable federal rates.
February 5, 2024: The IRS announced that individuals and businesses in parts of Maine affected by severe storms and flooding that began on December 17, 2023, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.
February 6, 2024: The IRS revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, providing more general information for taxpayers, including common situations, along with clarity as to which organizations should submit Forms 1099-K.
February 6, 2024: The IRS issued Revenue Procedure 2024-13, which provides two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024 and a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.
February 6, 2024: The IRS reminded taxpayers that through new elective payment and transfer options, applicable businesses; tax-exempt organizations; or entities such as state, local, and tribal governments can take advantage of certain tax credits and apply these options to certain clean energy and manufacturing credits. Eligible taxpayers can register using the IRA/CHIPS Pre-Filing Registration Tool.
February 7, 2024: The IRS issued Revenue Procedure 2024-12, which offers a temporary extension for providing certain seller reports under Code Sections 25E and 30D.
February 7, 2024: The IRS launched a new page on IRS.gov that explains 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.
February 7, 2024: The IRS announced that individuals and businesses in parts of West Virginia affected by severe storms, flooding, landslides and mudslides that began on August 28, 2023, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.
February 8, 2024: The IRS alerted tax professionals of an email scam that attempts to steal Electronic Filing Identification Numbers (EFINs) by posing as tax software providers and requesting EFIN documents under the guise of a required verification to transmit tax returns. To help protect tax professionals against this emerging scam, the IRS is hosting a special series of educational webinars aimed at the tax community beginning February 12.
February 9, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
