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Weekly IRS Roundup July 17 – July 21, 2023

by | Jul 24, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 17, 2023 – July 21, 2023.

July 17, 2023: The IRS released Internal Revenue Bulletin 2023-29, which includes Notices 2023-29, 2023-45 and 2023-47. These notices provide guidance to taxpayers seeking to qualify for the energy community bonus credit under §§ 45, 45Y, 48 and 48E.

July 17, 2023: The IRS released Revenue Ruling 2023-13, providing the applicable federal rates for federal income tax purposes for August 2023. The short-term federal interest rate is 5.07%, the mid-term rate is 4.09% and the long-term rate is 4.03%.

July 17, 2023: The IRS released Tax Tip 2023-90, identifying summer activities that can affect individuals’ tax returns. For example, the cost of sending a child to summer camp may count toward the Child and Dependent Care Credit.

July 19, 2023: The IRS released Tax Tip 2023-91, reminding newlywed couples to report any name or address changes to the Social Security Administration, the US Postal Service and the IRS to update their withholding allowances. The Tax Tip also clarifies that a couple married as of December 31 is treated as married for the whole year for tax purposes.

July 20, 2023: The IRS released Tax Tip 2023-92, providing guidance to taxpayers filing returns on extension and reminding them that they may be eligible to use IRS Free File. Taxpayers getting a refund can expect to receive it faster by requesting that the refund be paid electronically via direct deposit.

July 21, 2023: The IRS released Notice 2023-55, which provides relief for taxpayers in determining which foreign taxes are creditable for tax years beginning on or after December 28, 2021, and ending on or before December 31, 2023.

July 21, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Upcoming Events: Registration for the 2023 IRS Nationwide Tax Forums is now open, and the events are returning to an in-person format for the first time since 2019. The IRS Nationwide Tax Forums are designed specifically for tax professionals (e.g., enrolled agents, certified public accountants, certified financial planners and Annual Filing Season Program participants) as well as uncredentialed tax professionals. The dates and locations are as follows:

  • July 25-27: Atlanta, GA
  • August 8-10: National Harbor, MD (Washington, DC area)
  • August 22-24: San Diego, CA
  • August 29-31: Orlando, FL


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Weekly IRS Roundup November 21 – November 25, 2022

by | Nov 28, 2022 | , ,

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 September 27 – October 1, 2021

by | Oct 4, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 27, 2021 – October 1, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

September 28, 2021: The IRS released a revenue procedure, adding Chile to the list of jurisdictions with which the United States has a relevant information exchange agreement in effect for reporting payments of deposit interest. The IRS also added two countries—the Dominican Republic and Singapore—to the list of jurisdictions with which the US Department of the Treasury (Treasury) and the IRS have determined it is appropriate to have an automatic exchange relationship with.

September 29, 2021: The IRS released draft instructions for supplemental income and loss (Schedule E of Form 1040) concerning the reporting of income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts and residual interests in real estate mortgage investment conduits (REMICs).

October 1, 2021: The Treasury and the IRS published corrections to final regulations (Treasury Decision 9922) that were published in the Federal Register on November 12, 2020. Treasury Decision 9922 provided guidance relating to the allocation and apportionment of deductions and creditable foreign taxes, the definition of financial services income, foreign tax redeterminations, availability of foreign tax credits under the transition tax, the application of the foreign tax credit limitation to consolidated groups, adjustments to hybrid deduction accounts to consider regarding certain inclusions in income by a US shareholder, conduit financing arrangements involving hybrid instruments and the treatment of certain payments under the global intangible low-taxed income provisions.

October 1, 2021: The Treasury and the IRS published a notice and request for comments concerning all forms used by tax-exempt organizations to determine that such organizations fulfill the operating conditions within the limitations of their tax exemption. The IRS provided a list of the relevant forms. Written comments are due on or before November 30, 2021.

October 1, 2021: The Treasury and the IRS published a notice and request for comments concerning the burden associated with US income tax return forms for individual taxpayers. The request covers Form 1040 and affiliated return forms that are used by individuals to report their income subject to tax and compute their correct tax liability. Written comments are due on or before December 3, 2021.

October 1, 2021: The IRS published a news release reminding US citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15, 2021.

October 1, 2021: 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.



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