carbon oxide sequestration Archives

Weekly IRS Roundup November 21 – November 25, 2022

by McDermott Will & Emery | Nov 28, 2022 | 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 November 21, 2022 – November 25, 2022.

November 21, 2022: The IRS released Internal Revenue Bulletin 2022-47, which highlights the following:

Revenue Procedure 2022-40: This revenue procedure provides that a plan sponsor that maintains a Section 403(b) individually designed plan will be permitted to submit a determination letter application for an initial plan determination, for a determination upon plan termination and in certain other circumstances.

Announcement 2022-22: This announcement contains a correction to Notice 2022-41, which contained a typographical error in the first sentence of the “GUIDANCE” section. The sentence included a reference to a “non-calendar year” cafeteria plan but should instead refer to any cafeteria plan.

Revenue Ruling 2022-21: This revenue ruling provides that the base period T-bill rate for the period that ended September 30, 2022, is 1.71%.

Notice 2022-56: This notice requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property.

Notice 2022-57: This notice requests comments related to the tax credit for carbon oxide sequestration.

Notice 2022-58: This notice requests comments related to the tax credit for the production of clean hydrogen and the clean fuel production credit.

November 21, 2022: The IRS released Tax Tip 2022-178, reminding individuals that the amount they can contribute to their Section 401(k) plans in 2023 will increase to $22,500. All of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 are included in Notice 2022-55.

November 21, 2022: The IRS released Notice 2022-62, which contains the 2022 Required Retirement Plan Amendments List. This list establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements and Section 403(b) requirements set forth on the list for qualified individually designed plans and Section 403(b) individually designed plans, respectively.

November 22, 2022: The IRS released Tax Tip 2022-179, providing guidelines to help keep online personal information safe. The tips include the following:

Always protect personal data
Only shop at reputable retailers
Use security software
Choose strong passwords and two-factor authentication
Know the risk of public Wi-Fi
Learn to recognize and avoid scams
Be aware of compromised accounts.

November 22, 2022: The IRS encouraged taxpayers to get ready to file their 2022 federal income tax returns by gathering records, renewing expired tax ID numbers and bookmarking online tools at IRS.gov.

November 22, 2022: The IRS issued proposed regulations related to the foreign tax credit, which provide guidance with respect to the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement and the [...]

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Weekly IRS Roundup December 28, 2020 – January 8, 2021

by McDermott Will & Emery | Jan 14, 2021 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the weeks of December 28, 2020 – January 8, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 29, 2020: The IRS released Revenue Procedure 21-09 providing a procedure for a trade or business that manages or operates a qualified residential living facility to elect to be treated as a real property trade or business for purposes of section 163(j).

December 31, 2020: The IRS issued Notice 21-05 clarifying and modifying the beginning of construction requirement for qualified facility and energy property projects under sections 45 and 48.

December 31, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

December 31, 2020: The IRS released Internal Revenue Bulletin 2021-1, dated January 4, 2021, containing the following highlights: Rev. Proc. 2021-1 (Administrative); Rev. Proc. 2021-2 (Administrative); Rev. Proc. 2021-3 (Administrative); Rev. Proc. 2021-4 (Employee Plans); Rev. Proc. 2021-5 (Exempt Organizations); and Rev. Proc. 2021-7 (Income Tax).

January 4, 2021: The IRS issued Notice 21-07 providing temporary relief for employers and employees using the automobile lease valuation rule due to the COVID-19 pandemic.

January 5, 2021: The IRS issued Revenue Procedure 21-08 modifying Revenue Procedure 2021-5 to provide that the exclusive means of submitting Form 1024-A, after the 90-day transition relief period, is through the electronic submission process.

January 5, 2021: The IRS issued Revenue Procedure 21-10 providing procedures for issuers of tax-advantaged bonds who received adverse determinations by the Office of Tax Exempt Bonds to request an administrative appeal from the Independent Office of Appeals.

January 5, 2021: The IRS released TD 9943 containing the final regulations under section 163(j) related to the limitation on the deduction for business interest expense.

January 6, 2021: The IRS issued Revenue Ruling 21-02 declaring Notice 2020-32 and Rev. Rul. 2020-27, both of which provided that certain taxpayers could not deduct expenses related to loans forgiven under the Paycheck Protection Program, as obsolete.

January 6, 2021: The IRS released TD 9944 containing the final regulations under section 45Q related to the credit for carbon oxide sequestration.

January 7, 2021: The IRS released TD 9945 containing the final regulations under section 1061 related to the characterization of gains for taxpayers directly or indirectly holding applicable partnership interests in connection with the performance of substantial services.

January 8, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 8, 2021: The IRS released Internal Revenue Bulletin 2021-2, dated January 11, 2021, containing the following highlights: TD 9940 (Administrative); Notice 2021-03 (Employee Plans); Notice 2021-04 (Excise [...]

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Weekly IRS Roundup June 29 – July 3, 2020

by McDermott Will & Emery | Jul 8, 2020 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 29, 2020 – July 3, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 29, 2020: The IRS issued a news release announcing that the tax filing and payment deadline of July 15 will not be postponed. However, individual taxpayers may request an automatic extension of time to file until October 15. Individual taxpayers that file Form 1040 series returns must file Form 4868 by July 15 to obtain the automatic extension.

June 29, 2020: The IRS issued corrections to proposed regulations regarding the credit for carbon oxide sequestration under section 45Q. Among other changes, the IRS clarified that the applicable recapture period ends upon five years, and not three years, after the last taxable year in which the taxpayer claimed a tax code section 45Q credit.

June 29, 2020: The IRS published the 2019 IRS Data Book, which summarizes tax filings, revenue collections, taxpayer services, enforcement activities and agency operations. The IRS added new key information to the annual publication and addressed the agency’s response to COVID-19.

June 29, 2020: The IRS added new frequently asked questions regarding filing extension relief for Forms 1139 and 1045. The IRS clarified that Notice 2020-26, which grants a six-month extension to file Forms 1139 and 1045 for certain net operating losses (NOLs), applies to consolidated groups. The IRS also clarified that if Notice 2020-26 extended a taxpayer’s filing date to file Forms 1139 and 1045, and if the extended due date is a date on or after April 1, 2020, and before July 15, 2020, then the taxpayer will also receive relief under Notice 2020-23, which allows taxpayers to file Forms 1139 and 1045 until July 15, 2020.

July 1, 2020: The IRS issued a news release announcing that it added new retail partners that will accept cash payments for federal taxes owed by both individual and business taxpayers.

July 2, 2020: The IRS released proposed regulations and temporary regulations providing guidance regarding NOLs for consolidated groups. The temporary regulations permit consolidated groups that have acquired certain new members to elect to waive all or part of the pre-acquisition portion of certain losses where there is a retroactive statutory extension of the NOL carryback period. Public comments regarding the contemplated rules must be received by August 31, 2020.

July 3, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Robbie Alipour in our Chicago office for this week’s roundup.

Weekly IRS Roundup November 21 – November 25, 2022

Weekly IRS Roundup December 28, 2020 – January 8, 2021

Weekly IRS Roundup June 29 – July 3, 2020

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