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Weekly IRS Roundup September 18 – September 22, 2023

by | Sep 25, 2023 | , ,

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

September 18, 2023: The IRS released Internal Revenue Bulletin 2023-38, which includes the following:

September 18, 2023: The IRS published Tax Tip 2023-111, describing different types of third-party representatives.

September 19, 2023: The IRS published Tax Tip 2023-112, describing how taxpayers can be certain they are communicating with the IRS as opposed to scammers purporting to represent the IRS.

September 19, 2023: The IRS reminded individuals and businesses in parts of Alabama, California and Georgia that their 2022 federal income tax returns and tax payments are due October 16, 2023. The original due date for these returns was postponed because of natural disasters.

September 19, 2023: The IRS has selected eight new members for the Electronic Tax Administration Advisory Committee (ETAAC), which is a public forum for the discussion of electronic tax administration issues. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the nation’s tax industry to fight identity theft and refund fraud.

September 20, 2023: The IRS published Tax Tip 2023-113, discussing the expanded tax credit for contractors who build energy-efficient homes.

September 20, 2023: The IRS announced plans to establish a special area that will focus on large or complex pass-through entities. The new work unit will be housed in the IRS Large Business and International (LB&I) division.

September 22, 2023: The IRS is requesting comments on Revenue Procedure 2004-47, which permits taxpayers who failed to make a reverse qualified terminable interest property (QTIP) election on an estate tax return to file certain documents with the Cincinnati Service Center directly to request relief in lieu of requesting a private letter ruling. Comments are invited on:

  • Whether the collection of information is necessary for the proper performance of the agency’s functions, including whether the information has practical utility
  • The accuracy of the agency’s estimate for the burden of the information collection
  • Ways to enhance the quality, utility and clarity of the information to be collected
  • Ways to minimize the burden of the information collection on other forms of information technology
  • Estimates for capital or startup costs and costs of operation, maintenance and purchase of services to provide information.

September 22, 2023: The IRS released its weekly list of written [...]

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Weekly IRS Roundup December 5 – December 9, 2022

by | Dec 12, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 5, 2022 – December 9, 2022.

December 5, 2022: The IRS released Internal Revenue Bulletin 2022-49, which highlights the following:

  • Revenue Procedure 2022-39: This revenue procedure obsoletes Revenue Procedure 94-69, 1994-2 C.B. 804, and sets out the procedures for eligible taxpayers to file an amended return under Section 1.6664-2(c)(4)(ii) of the regulations. This revenue procedure also sets out the procedures for eligible taxpayers to avoid Sections 6662(b)(1) and 6662(b)(2) accuracy-related penalties to the extent that the taxpayers report errors resulting in additional tax or adequately discloses the tax treatment of an item that has a reasonable basis.
  • Notice 2022-60: This notice sets forth the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates for November 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.
  • Notice 2022-62: This notice contains the 2022 Required Retirement Plan Amendments List. The list establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements and Section 403(b) requirements for qualified individually designed plans and Section 403(b) individually designed plans, respectively.
  • Proposed Regulations 112096-22: This document contains 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 attribution rule for withholding tax on royalty payments. Written comments should be received by January 23, 2023, for consideration.
  • Revenue Rule 2022-22: This revenue ruling provides the applicable federal rates for federal income tax purposes for December 2022. The short-term federal interest rate will increase to 4.55%, the mid-term rate will rise to 4.27% and the long-term rate will rise to 4.34%.

December 5, 2022: The IRS released Tax Tip 2022-185, promoting IRS social media accounts and e-News services. The IRS utilizes several social media platforms, including YouTube, Facebook, Instagram, Twitter and LinkedIn.

December 6, 2022: The IRS and the US Department of the Treasury (Treasury) issued proposed regulations that identify certain syndicated conservation easement (SCE) transactions as “listed transactions,” which means they must be reported to the IRS. The IRS previously identified certain SCE transactions in Notice 2017-10, however, courts have recently held that Notice 2017-10 is invalid because it did not follow notice and public comment procedures. The IRS also released Announcement 2022-28, which provides additional background information related to Notice 2017-10 and notes the IRS and the Treasury’s disagreement with the courts.

December 6, 2022: The IRS encouraged taxpayers to take important steps in December in preparation of filing their 2022 federal [...]

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Weekly IRS Roundup October 24 – October 28, 2022

by | Oct 31, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022.

October 24, 2022: The IRS released Internal Revenue Bulletin 2022-43, which highlights the following:

  • Revenue Procedure 2022-31: This procedure provides guidance on the development, printing and approval of 2022 substitute tax forms.
  • Revenue Procedure 2022-37: This procedure provides the amounts of unused housing credit carryovers allocated to qualified states under Section 42(h)(3)(D) of the Internal Revenue Code for calendar year 2022.
  • Notice 2022-41: This notice expands the application of permitted change-in-status rules for health coverage under a Section 125 cafeteria plan. Specifically, this notice addresses when a plan participant may want to revoke an employee’s election under the cafeteria plan for family coverage under a group health plan (other than a flexible spending arrangement) in order to allow one or more family members to enroll in a Qualified Health Plan through a Health Insurance Exchange in the individual market.
  • Notice 2022-46: This notice requests comments on tax credits for clean vehicles.
  • Notice 2022-47: This notice requests comments on energy security tax credits for manufacturing.
  • Notice 2022-48: This notice requests comments on incentive provisions for improving the energy efficiency of residential and commercial buildings.
  • Notice 2022-49: This notice requests comments on certain energy generation incentives.
  • Notice 2022-50: This notice requests comments on the elective payment of applicable credits and the transfer of certain credits.
  • Notice 2022-51: This notice requests comments on prevailing wage, apprenticeship, domestic content and energy community requirements under the Inflation Reduction Act of 2022.
  • Notice 2022-52: This notice provides additional temporary relief from certain requirements under Section 42 by extending the placed-in-service deadlines for qualified low-income housing projects. The notice is a result of numerous inquiries received related to labor and supply chain disruptions delaying the construction, rehabilitation and restoration of properties.

October 24, 2022: The IRS reminded taxpayers who sell goods and provide services that they may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for transactions that amount to more than $600 for the year. Income from part-time work and side jobs is taxable, and taxpayers must report all their income unless it is excluded by law. Money received from friends and relatives as personal gifts or reimbursements for expenses is not taxable.

October 24, 2022: The IRS released COVID Tax Tip 2022-162, providing information related to early withdrawals from retirement funds.

October 25, 2022: The IRS reminded farmers, ranchers and farm workers that they can find ag-related tax information on IRS.gov.

October 26, 2022: The IRS released Tax Tip 2022-164, advising [...]

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Weekly IRS Roundup June 27 – July 1, 2022

by | Jul 6, 2022 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 27, 2022 – July 1, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

June 27, 2022: The IRS issued Bulletin 2022-26, announcing that it is revising the optional standard mileage rates for business, medical and moving expenses. This modification stems from increased fuel prices. The revised standard mileage rates are 62.5 cents per mile for business expenses and 22 cents per mile for medical and moving expenses.

June 27, 2022: The IRS issued Notice 2022-30, announcing that it intends to amend regulations under sections 59A and 6038A to defer the applicability date of certain provisions related to qualified derivative payments (QDPs) until 2025.

June 28, 2022: The IRS issued Rev. Proc. 2022-26, which provides the exclusive procedures for requesting a determination under § 4672(a)(2) of the Internal Revenue Code (Code) that a substance be added to or removed from the list of taxable substances.

June 28, 2022: The IRS proposed amendments to regulations under section 2053, which provide guidance on determining: (1) the amount deductible by an estate for funeral expenses, administration expenses and certain claims against the estate; (2) the deductibility of interest expenses accruing on tax and penalties owed by an estate and interest expenses accruing on certain loan obligations incurred by an estate; (3) the requirements for substantiating the value of a claim against an estate that is deductible; and (4) the deductibility of amounts paid under a decedent’s personal guarantee.

June 29, 2022: The Electronic Tax Administration Advisory Committee (ETAAC) released its annual report to US Congress. The featured recommendations include a focus on budget support for the IRS as well as enhancements to e-filing. The IRS issued a subsequent news release discussing the report.

June 29, 2022: The IRS issued Notice 2022-31, providing guidance on changes made by section 9707 of the American Rescue Plan Act of 2021 (ARPA) to the election of alternative minimum funding standards under section 430(m) of the Code for a defined benefit pension plan that is a community newspaper or any other plan that is sponsored by an eligible newspaper plan sponsor.

June 29, 2022: The IRS announced that beginning September 25, 2022, it will implement a new electronic fingerprinting process, which will require users to schedule an appointment with an IRS authorized vendor for fingerprinting. The deadline to mail in fingerprint cards (Form FD-258) to the IRS is August 15, 2022.

July 1, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Sarah Raben in our Chicago office for this week’s roundup.



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