adjusted financial statement income Archives

Weekly IRS Roundup September 9 – September 13, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 9, 2024 – September 13, 2024.

September 10, 2024: The IRS extended the deadline to file individual and business tax returns and make tax payments for certain individuals and businesses in Connecticut and New York that were affected by severe weather that began on August 18, 2024. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA), including individuals and households that reside or have a business in Suffolk County in New York and in Fairfield, Litchfield, and New Haven Counties in Connecticut.

September 11, 2024: The IRS released an updated version of IRS Form 1099-DA and draft instructions for digital asset brokers to report sales and exchanges of digital assets beginning in 2025.

September 11, 2024: The IRS reminded taxpayers of their right to finality under the Taxpayer Bill of Rights and to know the deadlines for challenging IRS decisions and the time limits for the IRS to audit or collect taxes. This right ensures that taxpayers are aware when an audit is concluded and understand the specific timeframes for various tax-related actions.

September 12, 2024: The IRS released Notice 2024-66, which provides relief from the penalty under Internal Revenue Code (Code) § 6655 for underpayments of estimated corporate alternative minimum tax (CAMT) installments by corporations for taxable years beginning after December 31, 2023, and before January 1, 2025. This notice extends and incorporates relief from previous notices, offering additional time for corporations to meet their estimated tax obligations.

September 12, 2024: The IRS reminded taxpayers that the Taxpayer Advocate Service, an independent organization within the IRS, provides free assistance to individuals, businesses, and exempt organizations experiencing financial difficulties or systemic issues that cannot be resolved through standard IRS procedures.

September 13, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Louisiana that were affected by Tropical Storm Francine. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by FEMA, including individuals and households that reside or have a business in any Louisiana county.

September 13, 2024: The IRS released proposed regulations that outline the rules for calculating adjusted financial statement income and determining applicable corporation status under the CAMT for tax years starting after 2022. The proposed regulations provide additional guidance on partnership investments, corporate transactions, and foreign tax credits and extend penalty relief for corporations failing to pay estimated CAMT for tax years beginning after December 31, 2023, and before January 1, 2025.

September 13, 2024: The IRS released proposed regulations that exclude Tribal general welfare benefits from gross income under [...]

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Weekly IRS Roundup March 6 – March 10, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2023 – March 10, 2023.

March 6, 2023: The IRS released Internal Revenue Bulletin 2023-10, which highlights the following:

Action on Decision 2023-1: The IRS announced that although it disagrees with the holding that Section 4611(b)(1)(A) imposes a tax on exports in violation of the Export Clause of the US Constitution (US Const. art. I, § 9, cl. 5), in the interest of sound tax administration, it will follow the decision in all circuits.

Notice 2023-17: This notice establishes a program to allocate amounts of environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified facilities eligible for the energy investment credit as determined under Section 48. This notice also provides initial program guidance for potential applicants for allocations of calendar year 2023 Capacity Limitation.

Notice 2023-18: This notice establishes the Section 48C(e)(1) program to allocate $10 billion in credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts) and provides initial guidance. The goal of the program is to expand US manufacturing capacity and quality jobs for clean energy technologies (including production and recycling), reduce greenhouse gas emissions in the US industrial sector and secure domestic supply chains for critical materials (including specified critical minerals) that serve as inputs for clean energy technology production.

Notice 2023-20: This notice provides interim guidance for the determination of adjusted financial statement income as it relates to (1) variable contracts and similar contracts, (2) funds withheld from reinsurance and modified coinsurance agreements and (3) the basis of certain assets held by certain previously tax-exempt entities that received a “fresh start” basis adjustment.

Revenue Ruling 2023-5: This revenue ruling provides the applicable federal rates for federal income tax purposes for March 2023. The short-term federal interest rate is 4.5%, the mid-term rate is 3.7% and the long-term rate is 3.74%.

March 6, 2023: The IRS announced that it will be open for special Saturday hours throughout tax season, during which taxpayers can receive face-to-face help from IRS employees without an appointment. The next Saturday openings will be April 8 and May 13.

March 6, 2023: The IRS released Tax Tip 2023-28, which offers easy and convenient options for making federal tax payments.

March 7, 2023: The IRS released Notice 2023-23, which 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. If an individual retirement account (IRA) owner has an RMD due for 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 [...]

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Weekly IRS Roundup September 9 – September 13, 2024

Weekly IRS Roundup March 6 – March 10, 2023

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