2023 IRS Nationwide Tax Forums Archives - Page 2 of 4

2023 IRS Nationwide Tax Forums

Weekly IRS Roundup May 8 – May 12, 2023

by Sarah M. Raben | May 15, 2023 | IRS Appeals, IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2023 – May 12, 2023.

May 8, 2023: The IRS released Internal Revenue Bulletin 2023-19, which highlights the following:

Revenue Procedure 2023-22: This revenue procedure provides qualified mortgage bond issuers and mortgage credit certificate issuers with (1) the nationwide average purchase price for residences located in the United States, and (2) the average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands and Guam.

Announcement 2023-14: This announcement provides the revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

Notice 2023-34: This notice provides that convertible virtual currency should be treated as property for federal tax purposes and general tax principles applicable to property transactions apply to transactions using convertible virtual currency. This notice modifies Notice 2014-21 by revising a sentence in the background section to remove the statement that virtual currency does not have legal tender status in any jurisdiction, among other changes.

Revenue Procedure 2023-21: This revenue procedure provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under Section 842(b) for taxable years beginning after December 31, 2021.

Revenue Ruling 2023-9: This revenue ruling provides the applicable federal rates for federal income tax purposes for May 2023. The short-term federal interest rate is 4.30%, the mid-term rate will drop to 3.57% and the long-term rate will fall to 3.72%

May 8, 2023: The IRS announced Saturday hours for May 13 in more than 40 locations across 25 states. The Saturday hours were to help taxpayers who may have a tax concern or questions about an IRS notice.

May 8, 2023: The IRS released Tax Tip 2023-63, providing IRS websites and other publications with tax-related disaster relief information that can help taxpayers.

May 9, 2023: The IRS announced that it will accept applications for Low Income Taxpayer Clinic (LITC) matching grants from May 8, 2023, to June 26, 2023. The funding will be for the 2023 calendar year. The IRS awards matching grants to qualifying organizations to develop, expand or maintain an LITC. An LITC must match every dollar of funding awarded by the IRS.

May 9, 2023: The IRS released Tax Tip 2023-64, highlighting the Taxpayer Bill of Rights and the right to challenge the IRS’s position.

May 10, 2023: The IRS released Notice 2023-39, which describes proposed amendments to [...]

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Weekly IRS Roundup May 1 – May 5, 2023

by Sarah M. Raben | May 8, 2023 | IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2023 – May 5, 2023.

May 1, 2023: The IRS released Internal Revenue Bulletin 2023-18, which highlights the following:

Announcement 2023-13: The Office of Professional Responsibility announced recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.

Revenue Procedure 2023-15: This revenue procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace or improve natural gas transmission and distribution property must be capitalized. This revenue procedure also provides procedures for obtaining automatic consent to change to the safe harbor method for linear property and non-linear property.

Notice 2023-33: This notice provides the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for April 2023. This notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

Revenue Ruling 2023-8: This revenue ruling obsoletes Revenue Ruling 58-74 relating to the deductibility of research or experimental expenditures for prior taxable years to which the expense method is applicable. There are insufficient facts in Revenue Ruling 58-74 to properly analyze whether a taxpayer’s failure to deduct certain research or experimental expenditures (when it deducted other research or experimental expenditures) constituted a method of accounting or an error.

May 1, 2023: The IRS released Tax Tip 2053-59, highlighting the Small Business Virtual Tax Workshop. This resource can help business owners learn how to navigate their federal tax responsibilities and is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their businesses.

May 2, 2023: The IRS announced that Florida storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments as a result of tornados, severe storms and flooding that occurred from April 12 to April 14, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. The current list of eligible localities is available here.

May 2, 2023: The IRS released Tax Tip 2023-60, suggesting tools and resources to help small businesses.

May 2, 2023: The IRS urged business taxpayers to begin planning now to take advantage of tax benefits and to prepare for reporting changes that take effect in 2023. This reminder comes as part of National Small Business Week, where the IRS is joining the Small Business Administration and others in both the public and private sector to celebrate the hard work, ingenuity and dedication of small businesses and their contributions to [...]

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Weekly IRS Roundup April 24 – April 28, 2023

by Sarah M. Raben | May 2, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2023 – April 28, 2023.

April 24, 2023: The IRS released Internal Revenue Bulletin 2023-17, which highlights the following:

REG 121709-19: This document provides proposed regulations regarding supervisory approval of penalties. The purpose is to address the uncertainty surrounding various aspects of supervisory approval of penalties due to recent judicial decisions.

Announcement 2023-12: This announcement informs taxpayers and practitioners that the IRS has revised Form 3115, Application for Change in Accounting Method, and its instructions. This announcement also provides guidance to allow for a reasonable period for taxpayers to transition to the December 2022 Form 3115.

Announcement 2023-11: This announcement notifies the public that a proposed regulation identifies certain micro-captive transactions as “listed transactions” and certain other micro-captive transactions as “transactions of interest.”

Revenue Procedure 2023-12: This revenue procedure modifies specific language in Revenue Procedure 2023-5 to allow for the new electronic submission process of Form 8940, Request for Miscellaneous Determination. This revenue procedure also provides a 90-day transition relief period, during which paper Forms 8940 and letter applications will be accepted and processed by EO Determinations.

Notice 2023-30: This notice publishes the safe harbor deed language for extinguishment and boundary line adjustment clauses required by Section 605(d)(1). This notice also clarifies the process certain donors may use to amend an easement deed to substitute the safe harbor language for the corresponding language in the original deed.

Announcement 2023-07: This announcement informs federal civilian employees and other civilians who received certain reimbursement payments in 2022 and 2023 from the US Department of Defense for lodging, meals, and personal property damage expenses after the release of petroleum from the Red Hill Bulk Fuel Storage Facility on O‘ahu, Hawaii, that such payments are excludable from gross income for federal income tax purposes under Section 139.

REG 109309-22: These proposed regulations identify transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions and certain other micro-captive transactions as transactions of interest. The proposed regulations also provide guidance as to the reporting requirements for participants and material advisors to the transactions.

April 24, 2023: The IRS released Notice 2023-34, which provides that convertible virtual currency is treated as property for federal tax purposes and that general tax principles applicable to property transactions apply to transactions using convertible virtual currency. This notice modifies Notice 2014-21 by revising a sentence in the background section to remove the statement that virtual currency does not have legal tender status in any jurisdiction.

April 24, 2023: The IRS released Tax Tip 2023-55, reminding taxpayers that they don’t need to panic when they get a letter [...]

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Weekly IRS Roundup April 17 – April 21, 2023

by Sarah M. Raben | Apr 24, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023.

April 17, 2023: The IRS released Internal Revenue Bulletin 2023-16, which highlights the following:

Announcement 2023-10: This announcement was issued pursuant to the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the US Secretary of the Treasury to annually report advance pricing agreements and the Advance Pricing and Mutual Agreement Program (APMA Program). This year’s report describes the experience, structure and activities of the APMA Program during 2022.

REG-105954-22: This notice provides guidance related to Sections 4661, 4662, 4671 and 4672, collectively referred to as the Superfund chemical taxes. Section 4661(a) imposes an excise tax on the sale or use of “taxable chemicals” by manufacturers, producers or importers. Section 4671(a) imposes an excise tax on the sale or use of “taxable substances” by importers. The Superfund chemical taxes previously expired on December 31, 1995, but were reinstated with certain modifications, effective July 1, 2022, by Section 80201 of the Infrastructure Investment and Jobs Act.

Notice 2023-31: This notice announces that when proposed regulations under Section 903 (REG-112096-22) are finalized, the US Department of the Treasury and the IRS intend to extend the transition period for the single-country exception’s documentation requirement from May 17, 2023, to 180 days after the final regulations are filed. The single-country exception provides relief from the source-based attribution requirement under Section 903 for foreign withholding taxes on royalties paid for the use of intellectual property within the withholding jurisdiction.

REG-120080-22: This document contains proposed regulations regarding the clean vehicles credit under Section 30D. These proposed regulations will affect persons seeking to claim the credit and qualified manufacturers of clean vehicles. The IRS also issued a reminder that the proposed regulations went into effect on April 18.

Revenue Ruling 2023-2: This revenue ruling confirms that the basis adjustment under Section 1014 generally does not apply to the assets of an irrevocable grantor trust not included in the deceased grantor’s gross estate for federal estate tax purposes.

April 17, 2023: The IRS released Revenue Ruling 2023-9, which provides the applicable federal rates for federal income tax purposes for May 2023. The short-term federal interest rate is 4.30%, the mid-term rate will drop to 3.57% and the long-term rate will fall to 3.72%.

April 17, 2023: The IRS reminded taxpayers who need additional time to file their taxes that they can get an extension via IRS Free File.

April 17, 2023: The IRS released Tax Tip 2023-51, providing information to taxpayers regarding how to file a final federal tax return for someone who has died.

April 17, 2023: The IRS reminded last-minute tax [...]

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Weekly IRS Roundup April 10 – April 14, 2023

by Sarah M. Raben | Apr 17, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 2023.

April 10, 2023: The IRS released Internal Revenue Bulletin 2023-15, which highlights the following:

Revenue Procedure 2023-20: This revenue procedure modifies the effective date of additions to the taxable substances or chemicals list under Section 4672(a). Specifically, this revenue procedure changes the date on which substances are added to the list for purposes of refund claims under Section 4662(e).

Notice 2023-27: This notice announces that the US Department of the Treasury and the IRS intend to issue guidance related to the tax treatment of certain non-fungible tokens (NFTs). The guidance requests comments on the treatment of NFTs as collectibles and describes how the IRS intends to determine whether an NFT is a collectible until further guidance is issued.

Notice 2023-28: This notice extends temporary relief regarding deposits of the excise tax imposed on certain chemicals under Section 4661 and the excise tax imposed on certain imported chemical substances under Section 4671 (collectively, Superfund chemical taxes). The extended relief is available in connection with deposits of the Superfund chemical taxes for semimonthly periods in the second, third and fourth calendar quarters of 2023.

REG-120653-22: These proposed regulations implement the advanced manufacturing investment credit, a new current-year business tax credit under Section 48D to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. The regulations address the credit’s eligibility requirements, an election that eligible taxpayers may make to be treated as making a payment of tax (including an overpayment of tax) or for an eligible partnership or S corporation to receive an elective payment instead of claiming a credit, and a special 10-year credit recapture rule that applies if there is a significant transaction involving the material expansion of semiconductor manufacturing capacity in a foreign country of concern.

Revenue Ruling 2023-7: This revenue ruling provides the fringe benefits aircraft valuation formula. For purposes of Section 1.61-21(g) of the regulations, relating to the rule for valuing non-commercial flights on employer-provided aircrafts, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2023 are as follows:

April 10, 2023: The IRS released Tax Tip 2023-47, providing guidance on when to file an amended income tax return.

April 10, 2023: The IRS and the Treasury issued Notice 2023-30, providing safe harbor deed language for extinguishment and boundary line adjustment clauses as required by the SECURE 2.0 Act of 2022. Section 605(d)(2) provides donors with the opportunity to amend certain conservation easement deeds to substitute the [...]

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Weekly IRS Roundup April 3 – April 7, 2023

by Sarah M. Raben | Apr 10, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 3, 2023 – April 7, 2023.

April 3, 2023: The IRS released Internal Revenue Bulletin 2023-14, which highlights the following:

Notice 2023-25: This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. It 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.

Revenue Ruling 23-6: This revenue ruling provides the applicable federal rates for federal income tax purposes for April 2023. The annual short-term rate is 3.67%, the mid-term rate is 3.14% and the long-term rate is 3.04%.

April 3, 2023: The IRS released Notice 2023-31, announcing an Extension of the Transition Period for the Single-Country Exception Under Section 903.

April 3, 2023: The IRS announced special Saturday hours at Taxpayer Assistance Centers. The final Saturday opening will be May 13, 2023, from 9:00 am to 4:00 pm.

April 3, 2023: The IRS released the last entry in its Dirty Dozen campaign, cautioning taxpayers to beware of promoters peddling bogus tax schemes aimed at reducing or avoiding taxes.

April 3, 2023: The IRS announced that Arkansas storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments as a result of storms that occurred on March 31, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. The current list of eligible localities is available here.

April 3, 2023: The IRS reminded taxpayers that tax credits are available for a portion of the qualifying expenses related to energy improvements to their homes. Taxpayers can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when qualifying improvements are made.

April 3, 2023: The IRS released Tax Tip 2023-43, reminding taxpayers that IRS.gov has tax information in seven languages: Spanish, Chinese Traditional, Chinese Simplified, Korean, Russian, Vietnamese and Haitian Creole.

April 4, 2023: The IRS released Revenue Procedure 2023-12, which updates the procedures for exempt organizations determination letters with respect to the electronically submitted Form 8940, Request for Miscellaneous Determination. This modification to Revenue Procedure 2023-5 provides that the electronic submission process is the exclusive means of submitting a completed Form 8940, except for submissions eligible for the 90-day transition relief.

April 4, 2023: The IRS announced guidance related to the eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Act of 2022 (IRA). Notice 2023-29 describes certain [...]

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Weekly IRS Roundup March 27 – March 31, 2023

by Sarah M. Raben | Apr 3, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2023 – March 31, 2023.

March 27, 2023: The IRS released Internal Revenue Bulletin 2023-13, which highlights the following:

Notice 2023-23: This notice provides guidance to financial institutions on reporting required minimum distributions (RMDs) for 2023 after the amendment to Section 401(a)(9) made by the Consolidated Appropriations Act, 2023. If an individual retirement account (IRA) owner has an RMD due in 2023, the financial institution that is the trustee, custodian, or issuer maintaining the IRA must file a 2022 Form 5498 (IRA Contribution Information) by May 31, 2023, and indicate by checking Box 11 that an RMD is required.

Revenue Procedure 2023-13: This procedure provides the general rules and specifications for paper and computer-generated substitutes for the following:

- Form 941, Employer’s QUARTERLY Federal Tax Return
- Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors
- Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations
- Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers
- Form 8974, Qualified Small Business Payroll Tax Credit for Increasing Research Activities.

Revenue Procedure 2023-18: This procedure addresses how to apply to be a certified professional employer organization (CPEO), the requirements for a CPEO to remain certified and the procedures relating to suspension and revocation of CPEO certification.

Notice 2023-24: This notice provides guidance under Section 45J relating to the credit for the production of electricity from advanced nuclear power facilities. The notice provides (1) guidance for computing the Section 45J credit; (2) the amount of the unutilized national megawatt capacity limitation; (3) the procedures for taxpayers to apply for allocations of—and that the IRS will use to allocate—the unutilized national megawatt capacity limitation solely with respect to facilities that the US Department of Energy previously certified as “advanced nuclear facilities” and (4) the procedures for a “qualified public entity” to elect to transfer the Section 45J credit to an “eligible project partner.”

Notice 2023-26: This notice provides adjustments to the limitation on housing expenses for purposes of Section 911 for specific locations for 2023. These adjustments are based on geographic differences in housing costs relative to housing costs in the United States.

Revenue Procedure 2023-17: This procedure provides indexing adjustments for the applicable dollar amounts under Sections 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer-shared responsibility payments under Section 4980H(a) and (b)(1), respectively.

Revenue Procedure 2023-19: This procedure provides information to any individual who failed to meet Section 911(d)(1) eligibility requirements for 2022 because of adverse conditions in a foreign country.

March 27, 2023: The IRS released a warning as part of the [...]

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Weekly IRS Roundup March 20 – March 24, 2023

by Sarah M. Raben | Mar 27, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2023 – March 24, 2023.

March 20, 2023: The IRS released Internal Revenue Bulletin 2023-12, which highlights the following:

Notice 2023-22: This notice advises state and local housing credit agencies that allocate low-income housing tax credits under Section 42, as well as states and other issuers of tax-exempt private activity bonds under Section 141, of the population figures to use in calculating the (1) state housing credit ceiling under Section 42(h), (2) private activity bond volume cap under Section 146 and (3) private activity bond volume limit under Section 142(k).

March 20, 2023: The IRS announced tips to avoid processing delays and refund adjustments as the April 18, filing deadline approaches. The tips include gathering all tax documents, filing electronically, using the correct filing status, double-checking names and social security numbers, answering the digital assets question and reporting all taxable income.

March 20, 2023: The IRS announced a new entry into the annual Dirty Dozen list of tax scams: promoter claims involving the Employee Retention Credit (ERC). Some third parties continue to widely advertise services that target taxpayers who may not be eligible for the ERC. The advertisements, along with the increased prevalence of websites touting how easy it is to qualify for the ERC, suggest that the abusive claims may be legitimate. The annual list of schemes is aimed at raising awareness of aggressive promoters and con artists. These schemes put people at financial risk and increase the chances of identity theft.

March 20, 2023: The IRS released Tax Tip 2023-35, providing options for taxpayers who cannot pay their tax bill by April 18. The IRS also reminded taxpayers to still file their tax returns even if they cannot pay to avoid a failure-to-file penalty.

March 21, 2023: The IRS announced that it is requesting feedback regarding the tax treatment of a non-fungible token (NFT) as a collectible under the tax law in Notice 2023-27. An NFT is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify the authenticity and ownership of an associated right or asset. The guidance also requests comments on the treatment of NFTs as collectibles and describes how the IRS intends to determine whether an NFT is a collectible until further guidance is issued.

March 21, 2023: The IRS issued proposed regulations that provide guidance on the implementation of the Advanced Manufacturing Investment Credit, established by the Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS Act). The credit incentivizes the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.

March 21, 2023: The IRS cautioned taxpayers to watch out for scammers using email and text messages to [...]

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Weekly IRS Roundup January 30 – February 3, 2023

by Sarah M. Raben | Feb 6, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023.

January 30, 2023: The IRS released Internal Revenue Bulletin 2023-5, which highlights the following:

Announcement 2023-5: This announcement provides notice that there were no articles submitted for this week’s publication.

January 30, 2023: The IRS released Tax Tip 2023-10, reminding employers and businesses that the due date to file 2022 Form W-2, Form W-3 and Form 1099-NEC is January 31, 2023.

January 31, 2023: The IRS offered a checklist of reminders for people as they navigate tax season and prepare to file their 2022 tax returns. The list includes gathering all tax paperwork, remembering all types of income and choosing a tax professional carefully.

January 31, 2023: The IRS released Tax Tip 2023-11, urging people to bookmark IRS.gov tools to help reduce the stress of filing season. The Let Us Help You page has information and resources on a wide range of topics for both individual taxpayers and businesses.

February 1, 2023: The IRS released Tax Tip 2023-12, highlighting IRS Free File for first-time filers. The program provides free tax preparation, free electronic filing and free direct deposit for eligible taxpayers.

February 2, 2023: The IRS released Tax Tip 2023-13, urging taxpayers to have their tax refund direct deposited. The IRS says that direct deposit is fast, secure, easy and provides options for splitting a refund.

February 2, 2023: The IRS issued proposed regulations, which would rescind the moral objection to the coverage of contraceptive services under the Affordable Care Act. The proposed rules also would establish a new individual contraceptive arrangement that individuals enrolled in plans or coverage provided by objecting entities may use to obtain contraceptive services at no cost directly from a provider or facility that furnishes contraceptive services. Comments should be received by April 3, 2023.

February 3, 2023: The IRS announced that it has released new guidance related to new, previously owned and qualified commercial clean vehicle credits and updated related FAQs in Fact Sheet 2023-4. Notice 2023-16 modifies the definition of certain vehicle classifications for the clean vehicle credits.

February 3, 2023: The IRS released a statement regarding the taxability of state payments made in 2022. The IRS is working with state tax officials to provide additional information and hopes to provide additional clarity by next week. The IRS recommends waiting until additional guidance is available if taxpayers are uncertain about the taxability of their state payments. The IRS does not recommend calling the IRS or amending a previously filed 2022 return.

February 3, 2023: The IRS released a report entitled, IRS Progress Update for Fiscal Year 2022. The publication [...]

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