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501(c)(3)

Weekly IRS Roundup January 8 – January 12, 2024

by Kevin Spencer, Evan Walters and John Zhang | Jan 16, 2024 | 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 January 8, 2024 – January 12, 2024.

January 8, 2024: The IRS released Internal Revenue Bulletin 2024-2, which includes the following:

Notice 2024-7, which provides eligible taxpayers with automatic relief from additions to tax for failure to pay with respect to certain income tax returns for 2020 and 2021.
Announcement 2024-3, which explains Voluntary Disclosure Program eligibility criteria, terms and procedures for taxpayers to resolve refunds or credits for erroneous Employee Retention Credit (ERC) claims.
Notice 2024-2, which provides guidance on certain SECURE 2.0 Act of 2022 provisions.
Notice 2024-3, which sets forth the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-approved Plans.
Notice 2024-4, which updates the corporate bond monthly yield curve and corresponding spot segment rates for December 2023 used under Internal Revenue Code (Code) § 417(e)(3)(D), the 24-month average segment rates for December 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
Revenue Ruling 2024-1, which provides covered compensation tables under § 401(1)(5)(E) for the 2024 plan year.
Notice 2024-1, which provides the percentage increase for calculating the qualifying payment amounts for items and services furnished in 2024 for purposes of Code §§ 9816 and 9817, §§ 716 and 717 of the Employee Retirement Income Security Act of 1974, and §§ 2799A-1 and 2799A-2 of the Public Health Service Act.
Notice 2024-6, which provides additional guidance on the sustainable aviation fuel (SAF) credit, including methods and Renewable Fuel Standard program safe harbors used to qualify for and calculate the SAF credit.
Announcement 2024-1, which revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).
Notice 2024-5, which provides a safe harbor for the incremental cost of certain qualified commercial clean vehicles placed in service in calendar year 2024 for purposes of the credit pursuant to § 45W.
Notice 2024-8, which provides the optional 2024 standard mileage rates that taxpayers can use when computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.
Notice 2024-9, which notes the IRS’s intent to propose regulations concerning statutorily required exceptions to the elective payment phaseout for entities that do not satisfy the domestic content requirements of §§ 45, 45Y, 48 and 48E. The notice also provides the transitional process for how applicable entities can claim the statutory exception for elective payment projects that begin construction during calendar year 2024 and fail to satisfy the domestic content requirement.
Notice 2024-11, which updates the list of treaties that meet the requirements of § 1(h)(11)(C)(i)(II) as it relates to [...]

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Weekly IRS Roundup November 20 – November 24, 2023

by Kevin Spencer | Nov 29, 2023 | IRS Guidance, Tax Reform

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

November 20, 2023: The IRS released Internal Revenue Bulletin 2023-47, which includes the following:

Announcement 2023-32 announces the Office of Professional Responsibility’s recent disciplinary sanctions on certain lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, appraisers and unenrolled/unlicensed return preparers.
Announcement 2023-33 revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).
Notice 2023-75 provides adjusted 2024 limitations on benefits and contributions under § 415(d) qualified retirement plans.
Proposed regulations that address the fees established by the No Surprises Act for the Federal Independent Dispute Resolution process.
Proposed regulations that notate the extended commentary period from October 2, 2023, to October 17, 2023, for the proposed rules entitled, “Requirements Related to the Mental Health Parity and Addiction Equity Act,” which were published in the Federal Register on August 3, 2023.

November 21, 2023: The IRS released Notice 2023-74, announcing that the new $600 Form 1099-K reporting threshold requirement for third-party settlement organizations for calendar year 2023 is delayed. The IRS is also planning a threshold of $5,000 for 2024 to phase in implementation. Fact Sheet 2023-27 provides additional details.

November 21, 2023: The IRS released Revenue Procedure 2023-37, which sets forth rules for Qualified Pre-approved Plans and § 403(b) Pre-approved Plans. The rules consolidate and conform prior revenue procedures with respect to the pre-approved plans.

November 22, 2023: The IRS reminded low- and moderate-income taxpayers that they can save for retirement now and potentially earn the Retirement Savings Contributions Credit, also known as the Saver’s Credit, in 2024 and the years ahead.

November 22, 2023: The IRS published proposed regulations that would amend existing regulations related to the energy credit for the taxable year in which eligible energy property is placed in service pursuant to Internal Revenue Code § 48. Comments must be received by January 22, 2024.

November 24, 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.

Weekly IRS Roundup November 13 – November 17, 2023

by Kevin Spencer | Nov 21, 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 November 13, 2023 – November 17, 2023.

November 13, 2023: The IRS released Internal Revenue Bulletin 2023-46, which includes the following:

Proposed regulations that would update the requirements a plan sponsor of a single-employer defined benefit plan must meet to obtain IRS approval to use mortality tables specific to the plan when calculating the present value for minimum funding purposes (as a substitute for the generally applicable mortality tables). Comments and requests for a public hearing must be received by December 19, 2023.
Final regulations that prescribe mortality tables for certain defined benefit pension plans.
Announcement 2023-31, which revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).

November 13, 2023: The IRS reminded taxpayers of the important steps they can take now to help them “get ready” to file their 2023 federal tax return for the 2024 filing season.

November 13, 2023: The IRS released FS-2023-26, updating question nine to reflect that wrongfully incarcerated US service members cannot exclude certain payments from gross income.

November 13, 2023: The IRS reminded people to stay vigilant in protecting personal and financial information from scam artists and tax schemes in light of International Fraud Awareness Week.

November 13, 2023: The IRS provided instructions for tax professionals to become an authorized e-file provider, which is mandatory for tax professionals to be able to file their clients’ federal tax returns electronically.

November 14, 2023: The IRS announced that it will hold a free webinar on November 16, 2023, to update employers, tax professionals and others on the most recent developments concerning e-file requirements for information returns that take effect on January 1, 2024.

November 14, 2023: The IRS released Notice 2023-76, which updates the corporate bond monthly yield curve and corresponding spot segment rates for November 2023 used under § 417(e)(3)(D), the 24-month average segment rates for November 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

November 15, 2023: The IRS announced that Rajiv Uppal has been selected as the next Chief Information Officer.

November 15, 2023: The IRS announced that taxpayers can now claim tax credits for new and used clean vehicles they buy during the tax year, and starting January 1, 2024, they can transfer those tax credits to the dealer in exchange for a financial benefit.

November 15, 2023: The IRS released Revenue Ruling 2023-21, which provides various prescribed rates for federal income tax purposes for December 2023.

November 16, 2023: The IRS reminded individual retirement arrangement owners age 70½ or [...]

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Weekly IRS Roundup November 6 – November 10, 2023

by Kevin Spencer | Nov 13, 2023 | IRS Guidance, Tax Reform

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 [...]

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