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Weekly IRS Roundup July 24 – July 28, 2023

by | Aug 1, 2023 | , , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 24, 2023 – July 28, 2023.

July 24, 2023: The IRS released Internal Revenue Bulletin 2023-30, which includes proposed regulations that specify the methodology for constructing the corporate bond yield curve used to calculate present value under a defined benefit plan. The Internal Revenue Bulletin also highlights the following:

  • Announcement 2023-18 relieves taxpayers from reporting the new stock repurchase excise tax under § 4501.
  • Announcements 2023-19 and 2023-20 revoke the tax-exempt status of certain organizations.
  • Notice 2023-37 modifies prior guidance regarding benefits related to testing and treating COVID-19.
  • Notice 2023-50 announces that the applicable percentage for purposes of determining percentage depletion on marginal properties for 2023 is 15%.
  • Notice 2023-51 publishes the inflation adjustment factor and the reference price for 2023 for the renewable electricity production credit under § 45.
  • T.D. 9976 provides final regulations that facilitate the transition from the London Interbank Offered Rate (LIBOR) to other interbank offered rates (IBORs).

July 24, 2023: The IRS released Tax Tip 2023-93, warning businesses and tax-exempt organizations about misleading employee retention credit claims. Scammers and unscrupulous promoters have been running aggressive broadcast advertising, direct mail solicitations and online promotions for the credit, many of which misrepresent and exaggerate who can qualify for the credit.

July 24, 2023: The IRS announced that revenue officers will no longer make unannounced visits to taxpayers’ residences in all but a few narrow circumstances. Instead, they will schedule visits via mailed letters.

July 25, 2023: The IRS released Tax Tip 2023-94, advising that applicable entities, including tax-exempt and governmental entities that would otherwise be unable to claim certain credits because they do not owe federal income tax, can benefit from some clean energy tax credits. If an entity opts to receive an elective payment, the amount of such credits is treated as a payment of tax, and overpayments will result in a refund.

July 25, 2023: The IRS released Notice 2023-53, which provides guidance on the corporate bond monthly yield curve, spot segment rates used under § 417(e)(3) and the 12-month average segment rates under § 430(h)(2).

July 25, 2023: The IRS published a special summer series discussing the Identity Protection PIN Opt-In Program, which can provide an extra layer of security for taxpayers filing their tax returns.

July 26, 2023: The IRS released Tax Tip 2023-95, reminding taxpayers that IRS Free File remains available until October 16 for those who still need to file a 2022 tax return.

July 26, 2023: The IRS released Revenue Procedure 2023-26, which provides a program for the fast-track processing of private letter ruling requests, replacing the pilot program described in
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Weekly IRS Roundup January 30 – February 3, 2023

by | Feb 6, 2023 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023.

January 30, 2023: The IRS released Internal Revenue Bulletin 2023-5, which highlights the following:

  • Announcement 2023-5: This announcement provides notice that there were no articles submitted for this week’s publication.

January 30, 2023: The IRS released Tax Tip 2023-10, reminding employers and businesses that the due date to file 2022 Form W-2, Form W-3 and Form 1099-NEC is January 31, 2023.

January 31, 2023: The IRS offered a checklist of reminders for people as they navigate tax season and prepare to file their 2022 tax returns. The list includes gathering all tax paperwork, remembering all types of income and choosing a tax professional carefully.

January 31, 2023: The IRS released Tax Tip 2023-11, urging people to bookmark IRS.gov tools to help reduce the stress of filing season. The Let Us Help You page has information and resources on a wide range of topics for both individual taxpayers and businesses.

February 1, 2023: The IRS released Tax Tip 2023-12, highlighting IRS Free File for first-time filers. The program provides free tax preparation, free electronic filing and free direct deposit for eligible taxpayers.

February 2, 2023: The IRS released Tax Tip 2023-13, urging taxpayers to have their tax refund direct deposited. The IRS says that direct deposit is fast, secure, easy and provides options for splitting a refund.

February 2, 2023: The IRS issued proposed regulations, which would rescind the moral objection to the coverage of contraceptive services under the Affordable Care Act. The proposed rules also would establish a new individual contraceptive arrangement that individuals enrolled in plans or coverage provided by objecting entities may use to obtain contraceptive services at no cost directly from a provider or facility that furnishes contraceptive services. Comments should be received by April 3, 2023.

February 3, 2023: The IRS announced that it has released new guidance related to new, previously owned and qualified commercial clean vehicle credits and updated related FAQs in Fact Sheet 2023-4. Notice 2023-16 modifies the definition of certain vehicle classifications for the clean vehicle credits.

February 3, 2023: The IRS released a statement regarding the taxability of state payments made in 2022. The IRS is working with state tax officials to provide additional information and hopes to provide additional clarity by next week. The IRS recommends waiting until additional guidance is available if taxpayers are uncertain about the taxability of their state payments. The IRS does not recommend calling the IRS or amending a previously filed 2022 return.

February 3, 2023: The IRS released a report entitled, IRS Progress Update for Fiscal Year 2022. The publication [...]

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Weekly IRS Roundup August 1 – August 5, 2022

by | Aug 8, 2022 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 1, 2022 – August 5, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

August 1, 2022: The IRS released Internal Revenue Bulletin 2022-31, which highlights the following:

  • Administrative: Revenue Procedure 2022-30 provides specifications for the private printing of red ink substitutes for the 2022 Forms W-2 and W-3.
  • Income Tax: Revenue Ruling 2022-14 provides the applicable federal rates for federal income tax purposes for August 2022.

August 1, 2022: The IRS released Tax Tip 2022-116, explaining the basics of excise tax and what businesses should know.

August 1, 2022: The IRS announced Revenue Procedure 2022-29, which modifies and supersedes Revenue Procedure 2006-36, 2006-38 I.R.B 498. The Procedure updates how government agencies and members of the public should request the creation of special statistical studies and compilations involving return information. It also sets forth the criteria for determining reasonable fees for the costs associated with the creation of the special statistical studies and compilations.

August 2, 2022: The IRS released IR-2022-144, urging tax professionals to learn the signs of data theft so that they can react quickly to protect clients. This topic is the third of a five-part series from the Security Summit, including the IRS, state tax agencies and others from the tax community. Tax professionals or firms that are the victim of data theft should immediately report it to the local IRS Stakeholder Liaison.

August 2, 2022: The IRS announced that Kentucky storm and flooding victims now have until November 15, 2022, to file individual and business tax returns and make tax payments if they had a valid extension to file their 2021 returns. The relief is available to anyone in an area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. The current list of eligible localities is available here.

August 2, 2022: The IRS released Tax Tip 2022-117, providing the legal distinctions between an employee and an independent contractor.

August 3, 2022: The IRS released Notice 2022-33, extending the deadlines for amending a retirement plan or individual retirement arrangement to reflect certain provisions of Division O of the Further Consolidated Appropriations Act, also known as the Setting Every Community Up for Retirement Enhancement Act of 2019, and section 104 of Division M of the Further Consolidated Appropriations Act, 2020, also known as the Bipartisan American Miners Act of 2019.

August 3, 2022: The IRS released COVID Tax Tip 2022-118, explaining the educator expense deduction, which allows eligible teachers and administrators to deduct part of their cost for technology, supplies and training from their personal taxes. This applies only to expenses [...]

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