Federal Emergency Management Agency Archives

Weekly IRS Roundup June 24 – June 28, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 24, 2024 – June 28, 2024.

June 24, 2024: The IRS released Internal Revenue Bulletin 2024-26, which includes the following:

Notice 2024-45, which provides the inflation adjustment factors and applicable amounts for the credit for Clean Hydrogen Production Tax Credit under § 45V of the Internal Revenue Code (Code) for calendar years 2023 and 2024.
Notice 2024-46, which provides that payments made by Norfolk Southern to individuals affected by the 2023 train derailment incident in East Palestine, Ohio, are considered “qualified disaster relief payments” under Code § 139, which should be excluded from gross income if they are not otherwise covered by insurance.
Notice 2024-50, which adds polyoxymethylene to the list of “taxable substances” subject to an excise tax under Code § 4672(a). The effective date of this modification for purposes of Code § 4662(e) refund claims is July 1, 2022.
Notice 2024-51, which provides the 2023 reference price under Code § 45K(d)(2)(C), applicable in determining the credit amounts provided under Code § 43 and § 45I and that percentage depletion for oil and natural gas produced from marginal properties and oil credits under Code § 613A.

June 25, 2024: The IRS apologized to hedge fund manager Ken Griffith and other taxpayers affected by the tax data leak perpetrated by former IRS contractor Charles Littlejohn.

June 26, 2024: The IRS highlighted challenges it encountered during the 2024 filing season and objectives for the upcoming fiscal year in a semi-annual report to Congress. Among other issues, the IRS identified delays in issuing refunds to identity theft victims, misleading telephone measures that lead to poor resource allocation decisions, and delays in processing Employee Retention Credit claims as key taxpayer challenges.

June 26, 2024: The IRS announced it will mail time-limited settlement offers in July 2024 to eligible taxpayers who participated in Syndicated Conservation Easements and substantially similar transactions that are under audit. The settlement offer will require substantial concession of income tax benefits and the application of penalties.

June 26, 2024: The IRS, through its Electronic Tax Administration Advisory Committee, released its 2024 annual report, which contains a total of 12 recommendations for Congress and the IRS to help improve tax administration.

June 27, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Mississippi that were affected by severe weather since April 8, 2024. The new deadline is November 1, 2024. 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 Hancock, Hinds, Humphreys, Madison, Neshoba and Scott counties.

June 28, 2024: The [...]

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Weekly IRS Roundup May 15 – May 19, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 15, 2023 – May 19, 2023.

May 15, 2023: The IRS released Internal Revenue Bulletin 2023-20, which highlights the following:

Announcement 2023-16: The IRS announced that it will no longer conduct public hearings on notices of proposed rulemaking solely by telephone for proposed regulations that are published in the Federal Register after May 11, 2023. The change comes with the end of the COVID-19 pandemic. A telephonic option will remain available for those who prefer to attend or testify at a public hearing by telephone.

May 15, 2023: The IRS released a letter from Commissioner Daniel Werfel to the US Senate regarding the request for information about racial disparity in the selection of tax returns for audit and the IRS’s plan to address the issue.

May 15, 2023: The IRS released Tax Tip 2023-67, announcing that tax relief is available for people living in areas that are declared disasters by the Federal Emergency Management Agency. Click here to find out which areas qualify for federal disaster relief.

May 15, 2023: The IRS released Notice 2023-40, which provides the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for May 2023. This notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

May 15, 2023: The IRS released Revenue Ruling 2023-10, providing the applicable federal rates for federal income tax purposes for June 2023. The short-term federal interest rate is 4.43%, the mid-term rate will drop to 3.56% and the long-term rate is 3.79%.

May 16, 2023: The IRS released Tax Tip 2023-68, reminding taxpayers that installing solar panels or making other home improvements may qualify them for the home energy credit.

May 16, 2023: The IRS released Revenue Procedure 2023-23, which provides the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under Section 223 and the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements (HRAs) provided under Section 54.9831-1(c)(3)(viii) of the Pension Excise Tax Regulations.

May 16, 2023: The IRS announced the release of the IRS’s report from Commissioner Werfel evaluating the feasibility of providing taxpayers with a free Direct File option. The evaluation of the system focused on three areas: taxpayer opinions, cost and feasibility. The report also includes an analysis conducted by an independent third party. The IRS plans to pilot the project for the 2024 filing season.

May 17, 2023: The IRS released Tax Tip 2023-69, reminding taxpayers that emergency preparedness plans should include financial records and tax information.

May 19, 2023: The IRS released its weekly list of written determinations (e.g., Private [...]

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