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Weekly IRS Roundup November 27 – December 1, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 27, 2023 – December 1, 2023.

November 27, 2023: The IRS released Internal Revenue Bulletin 2023-48, which includes Revenue Procedure 2023-34 and sets forth the annual inflation adjustments for various Internal Revenue Code provisions for tax year 2024. Also included are the tax rate schedules and other tax changes.

November 27, 2023: The IRS and Security Summit partners launched the eighth National Tax Security Awareness Week along with tips for taxpayers and tax professionals to avoid scams and protect sensitive personal information ahead of the upcoming 2024 filing season and throughout the year.

November 27, 2023: The IRS published Tax Tip 2023-124, which reminds taxpayers that the IRS has newsletters for a variety of tax topics and audiences.

November 27, 2023: The IRS published proposed regulations that would amend the rules applicable to plans that include cash or deferred arrangements under § 401(k) to provide guidance for long-term, part-time employees. Comments and requests for a public hearing must be received by January 26, 2024.

November 27, 2023: The IRS published proposed regulations that would update current regulations regarding whether certain persons are treated as related persons who are subject to certain special rules pertaining to transactions with partnerships. The proposed regulations would affect partnerships that enter into transactions with related persons that result in a gain or loss on a sale or exchange of property or result in a difference in the timing recognition of income and deductions on account of the persons’ different methods of accounting. Comments and requests for a public hearing must be received by February 26, 2024.

November 28, 2023: The IRS reminded tax professionals to protect themselves and their clients’ sensitive information, including by putting written security plans in place and by following new requirements to use multifactor authentication.

November 28, 2023: The IRS highlighted its continued support of international efforts to fight fraud and charity scams in light of Charity Fraud Awareness Week.

November 28, 2023: The IRS published Tax Tip 2023-125, which reminds paid tax return preparers to renew their Preparer Tax Identification Number via the online renewal process before it expires on December 31, 2023.

November 29, 2023: The IRS reminded taxpayers that they can get extra protection against identity theft during the 2024 tax season by joining the Identity Protection Personal Identification Number program.

November 30, 2023: The IRS urged businesses to remain vigilant against cyberattacks aimed at stealing their customers’ personal information and other business data.

December 1, 2023: The US Department of the Treasury and the IRS issued two guidances on the § 30D clean vehicle credit excluded entity restriction, as amended by the Inflation Reduction Act [...]

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Weekly IRS Roundup November 28 – December 2, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 28, 2022 – December 2, 2022.

November 28, 2022: The IRS released Internal Revenue Bulletin 2022-48, which highlights the following:

Notice 2022-59: This notice provides the adjusted applicable dollar amount to be multiplied by the average number of covered lives for purposes of calculating the fee imposed by Sections 4375 and 4376 for policy years and plan years that end on or after October 1, 2022, and before October 1, 2023. The amount is $3.00, up from $2.79.

Announcement 2022-23: This announcement notifies taxpayers of new credit amounts for calendar year 2022 for the renewable electricity production credit under Section 45, in the case of any qualified facility placed in service after December 31, 2021.

November 28, 2022: The IRS and Security Summit partners announced the kick-off date for the 7th National Tax Security Awareness Week. The group also urged people to be aware of holiday scams and to protect their personal information.

November 28, 2022: The IRS released Tax Tip 2022-181, reminding taxpayers to be aware of gift card scammers during the holidays. One of the common scams used this time of year is con artists asking taxpayers to pay fake tax bills with gift cards. Scammers also sometimes use a compromised email account to request gift card purchases for family and friends.

November 29, 2022: The IRS warned taxpayers to be on alert for scammers using fake charities as a way to make money during the holiday season. The message came on Giving Tuesday as part of Nationwide Tax Security Awareness Week. Tips for avoiding fake charity scams include not giving into pressure, being wary of how donations are requested and not giving more than is needed.

November 29, 2022: The IRS released Tax Tip 2022-182, reminding people that they may be eligible for more than one filing status. The IRS suggests that taxpayers review their options and pick the one that makes the most sense for them.

November 29, 2022: The IRS announced that interest rates will increase for the first quarter of 2023. The new interest rates, published in Revenue Ruling 2022-23, begin January 1, 2023, and are as follows:

Overpayments: 7%
Overpayments for corporations: 6%
Corporate overpayments for portion exceeding $10,000: 4.5%
Underpayments: 7%
Large corporate underpayments: 9%

November 29, 2022: The IRS announced that the IRS Office of Chief Counsel, along with the American Bar Association, held its first centralized National Virtual Settlement Event in October. Over the course of four days, 44 cases were settled and at least 59 meetings took place with taxpayers, pro bono attorneys and representatives from the IRS Office of Chief Counsel.

November 29, 2022: The IRS
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