Business tax account Archives - TAX CONTROVERSY 360

Weekly IRS Roundup August 12 – August 16, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 12, 2024 – August 16, 2024.

August 12, 2024: The IRS released Internal Revenue Bulletin 2024-33, which includes final regulations on the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving foreign corporations under Section 367 of the Internal Revenue Code. These regulations, effective July 17, 2024, also cover the consequences for recipients of such stock or securities and subsequent inbound nonrecognition transactions.

August 12, 2024: The IRS reminded taxpayers of the option to electronically request relief for certain late-filed international documents, such as gain recognition agreements and dual consolidated losses, using eFax. This digital option, introduced in August 2023, aims to streamline the process and reduce the burden of paper documentation.

August 12, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Minnesota that were affected by severe weather that began on June 16, 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 Blue Earth County or one of the other 24 specified Minnesota counties.

August 13, 2024: The IRS released an updated Written Information Security Plan (WISP) to help tax professionals protect against identity theft and data breaches. As part of the Protect Your Clients; Protect Yourself campaign, WISP highlights best practices like multifactor authentication and mandatory reporting of security incidents affecting more than 500 individuals.

August 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 Vermont that were affected by Hurricane Debby. 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 of the 14 Vermont counties.

August 14, 2024: The IRS encouraged qualifying businesses, tax-exempt organizations and government entities to complete pre-filing registration for elective pay related to 2023 projects at least 120 days before they file their tax returns. By registering, taxpayers can earn certain tax credits under the Inflation Reduction Act of 2022 and the CHIPS and Science Act.

August 15, 2024: The IRS announced the opening of the application period for the 2025 Compliance Assurance Process program, which will run from September 4, 2024, to October 31, 2024. This program is available to certain privately held C corporations and publicly traded corporations with at least $10 million in assets.

August 15, 2024: The IRS reminded truckers that the deadline to file IRS Form 2290, Heavy Highway [...]

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Weekly IRS Roundup December 18 – December 22, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 18, 2023 – December 22, 2023.

December 18, 2023: The IRS released Internal Revenue Bulletin 2023-51, which includes the following:

Notice 2023-74, which delays the new $600 Form 1099-K reporting threshold requirement for third-party settlement organizations for calendar year 2023 and plans to phase in the reporting requirement in 2024, starting with a threshold of $5,000.
Revenue Procedure 2023-40, which provides guidance in specific circumstances on the adequacy of disclosure on a federal tax return for purposes of reducing the understatement of income tax accuracy-related penalty pursuant to § 6662(d) of the Internal Revenue Code (Code) and avoiding the Code § 6694(a) tax return preparer penalty.
Proposed regulations that would amend the rules applicable to plans that include cash or deferred arrangements pursuant to § 401(k) to provide guidance with respect to long-term, part-time employees. Comments must be received by January 26, 2024. A public hearing is scheduled for March 15, 2024, at 10 am EDT.
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.
Revenue Procedure 2023-38, which provides procedural rules for qualified manufacturers of new clean vehicles to comply with the reporting, certification and attestation requirements regarding the excluded entity restriction.
Revenue Ruling 2023-23, which publishes the base period T-bill rate for the period ending September 30, 2023, under § 995(f).
Revenue Procedure 2023-36, which updates the list of jurisdictions with which the United States has in effect a relevant information exchange agreement or an automatic exchange relationship under Treasury Regulation § 1.6049-4(b)(5) and Treasury Regulation § 1.6049-8(a).

December 18, 2023: The IRS announced the launch of the second phase of a new online self-service tool for businesses that expands the business tax account capabilities and eligible entity types. Individual partners of partnerships and individual shareholders of S Corporation businesses are also now eligible for a business tax account.

December 18, 2023: The IRS issued Revenue Ruling 2024-1, which provides tables of covered compensation under § 401(l)(5)(E) for the 2024 plan year.

December 19, 2023: The IRS announced new penalty relief for certain individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. Notice 2024-7 and Fact Sheet 2023-28 provide additional details.

December 19, 2023: The IRS issued Notice 2024-1, which provides the percentage increase for calculating the qualifying payment amounts for items and services furnished during 2024 for purposes of § 9816 and § 9817 of the Code, section 716 and section 717 of the Employee Retirement Income Security Act of [...]

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Weekly IRS Roundup August 12 – August 16, 2024

Weekly IRS Roundup December 18 – December 22, 2023

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