Form W-4 Archives - TAX CONTROVERSY 360

Weekly IRS Roundup June 12 – June 16, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 12, 2023 – June 16, 2023.

June 12, 2023: The IRS released Internal Revenue Bulletin 2023-24, which highlights the following:

Notice 2023-43: This notice provides guidance with respect to Section 305 of the SECURE 2.0 Act of 2022. Section 305 provides for the expansion of the Employee Plans Compliance Resolution System currently set forth in Revenue Procedure 2021-30. This notice provides interim guidance in advance of any updates to Revenue Procedure 2021-31 and is not intended to be comprehensive.

June 12, 2023: The IRS announced a new series of special events at this year’s IRS Nationwide Tax Forums, including sessions focused on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate.

June 12, 2023: The IRS released Tax Tip 2023-79, reminding taxpayers that when they disagree with an IRS decision, they can submit a written request to have the IRS Independent Office of Appeals (IRS Appeals) review the decision.

June 13, 2023: The IRS announced that IRS Commissioner Danny Werfel will deliver the keynote speech at the Nationwide Tax Forum in Atlanta on July 25 to July 27. The three-day session will provide tax professionals with multiple opportunities to learn more about tax law changes and IRS transformation efforts.

June 13, 2023: The IRS released Tax Tip 2023-80, reminding taxpayers that they may be able to avoid the time and expense of a court trial by asking IRS Appeals to review their case if they disagree with an IRS decision. When IRS Appeals officers review cases submitted by taxpayers, they meet informally and consider both the taxpayers’ and the IRS’s position.

June 14, 2023: The IRS announced proposed regulations and frequently asked questions that describe rules for entities that earn certain clean energy credits and choose to make an elective payment election and rules for eligible taxpayers who elect to transfer certain credits to unrelated parties. For tax years beginning after December 31, 2022, certain eligible taxpayers can elect to transfer all or a portion of eligible tax credits to unrelated taxpayers in exchange for cash payments.

June 14, 2023: The IRS issued proposed regulations that provide guidance on the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, which was established by the Creating Helpful Incentives to Produce Semiconductors Act of 2022. This credit incentivizes the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.

June 14, 2023: The IRS released Tax Tip 2023-81, reminding taxpayers to think about various tax considerations when selling their home. For example, they may qualify to exclude all or part of any capital gain from the sale of their home, [...]

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Weekly IRS Round-up: June 4 – 8

In order to continue to keep our readers informed on tax matters, we will be rolling out weekly posts on significant Internal Revenue Service (IRS) guidance and relevant tax cases. This post marks our first round-up of IRS guidance for the week June 4 – 8, 2018.

June 4, 2018: The IRS issued 3 new FAQs (supplementing the original 14 tax reform FAQs) which announce that it will waive certain late-payment penalties relating to the section 965 transition tax.

June 4, 2018: The IRS issued Internal Revenue Bulletin No. 2018-23 including: Rev. Proc. 2018-32 (combining guidance for grantors and contributors to tax-exempt organizations); Rev. Proc. 2018-34 (providing indexing adjustments for certain provisions under section 36B); Rev. Rul. 2018-14 (obsoleting Rev. Rul. 68-59, 1968-1 C.B. 273); Rev. Rul 2018-15 (obsoleting Rev. Rul. 74-487, 1974-2 C.B. 82; Rev. Rul. 75-211, 1975-1 C.B. 86; Rev. Rul. 77-115, 1977-1 C.B. 154; Rev. Rul. 77-407, 1977-2 C.B. 77; and, Rev. Rul. 80-11, 1980-1 C.B. 58); and Rev. Rul. 2018-16 (providing the prescribed federal interest rates for June 2018).

June 7, 2018: The IRS issued an early release draft of Form W-4, Employee’s Withholding Allowance Certificate seeking comments from industry.

June 7, 2018: With hurricane season underway, the IRS warns taxpayers that scammers often try to take advantage of the generosity of taxpayers who want to help victims of major disasters.

June 8, 2018: The IRS issued final regulations under sections 337 and 732 that: (1) prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities, (2) allow consolidated group members that are partners in the same partnership to aggregate their bases in stock for certain purposes and (3) that may require certain corporations that engage in gain elimination transactions to reduce the basis of corporate assets or to recognize gain.

June 8, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Christy Vouri-Misso in our DC office for this week’s round-up.