No Suprises Act Archives - TAX CONTROVERSY 360

Weekly IRS Roundup November 20 – November 24, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 20, 2023 – November 24, 2023.

November 20, 2023: The IRS released Internal Revenue Bulletin 2023-47, which includes the following:

Announcement 2023-32 announces the Office of Professional Responsibility’s recent disciplinary sanctions on certain lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, appraisers and unenrolled/unlicensed return preparers.
Announcement 2023-33 revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).
Notice 2023-75 provides adjusted 2024 limitations on benefits and contributions under § 415(d) qualified retirement plans.
Proposed regulations that address the fees established by the No Surprises Act for the Federal Independent Dispute Resolution process.
Proposed regulations that notate the extended commentary period from October 2, 2023, to October 17, 2023, for the proposed rules entitled, “Requirements Related to the Mental Health Parity and Addiction Equity Act,” which were published in the Federal Register on August 3, 2023.

November 21, 2023: The IRS released Notice 2023-74, announcing that the new $600 Form 1099-K reporting threshold requirement for third-party settlement organizations for calendar year 2023 is delayed. The IRS is also planning a threshold of $5,000 for 2024 to phase in implementation. Fact Sheet 2023-27 provides additional details.

November 21, 2023: The IRS released Revenue Procedure 2023-37, which sets forth rules for Qualified Pre-approved Plans and § 403(b) Pre-approved Plans. The rules consolidate and conform prior revenue procedures with respect to the pre-approved plans.

November 22, 2023: The IRS reminded low- and moderate-income taxpayers that they can save for retirement now and potentially earn the Retirement Savings Contributions Credit, also known as the Saver’s Credit, in 2024 and the years ahead.

November 22, 2023: The IRS published proposed regulations that would amend existing regulations related to the energy credit for the taxable year in which eligible energy property is placed in service pursuant to Internal Revenue Code § 48. Comments must be received by January 22, 2024.

November 24, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to John Zhang in our New York office for this week’s roundup.

Weekly IRS Roundup October 30 – November 3, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023.

October 30, 2023: The IRS released Internal Revenue Bulletin 2023-44, which includes the following:

Proposed regulations that would update the rules governing the IRS’s sale of taxpayer property that was seized by levy.
Proposed regulations addressing so-called “Killer B” transactions. These transactions, at a high level, are structured to repatriate foreign subsidiary earnings through triangular reorganizations. The proposed regulations would formalize and modify guidance set forth in Notices 2014-32 and 2016-73.
Final regulations that provide rules for prohibitions on certain contributions to Type I and Type III supporting organizations, as well as rules for qualifying as functionally integrated and non-functionally integrated Type III supporting organizations.
Notice 2023-71, which extends all tax filing and payment deadlines from October 7, 2023, to October 7, 2024, for taxpayers affected by the recent terrorist attacks in Israel.

October 30, 2023: The IRS extended its policy for accepting digital signatures for certain tax forms until October 31, 2025. The IRS updated the Internal Revenue Manual to be consistent with this extension.

October 31, 2023: The IRS reminded taxpayers to remain vigilant against potential online threats and highlighted certain practices to help protect against cybersecurity attacks.

November 1, 2023: The IRS announced that clean vehicle sellers can now register for time-of-sale reporting and dealer advance payments for the clean vehicle credit using the new Energy Credits Online tool.

November 1, 2023: The IRS announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 in 2023. Notice 2023-75, which was released the same day, provides adjusted 2024 limitations on benefits and contributions under qualified retirement plans as under § 415(d).

November 2, 2023: The IRS rescheduled the hearing on proposed regulations regarding digital asset transactions from November 7, 2023, to November 13, 2023.

November 2, 2023: The IRS published Tax Tip 2023-119, which notes that individuals may now review 18 new Nationwide Tax Forums Online seminars.

November 3, 2023: The IRS reminded taxpayers to review their tax withholding obligations ahead of the upcoming tax filing season to avoid having a large refund or balance due.

November 3, 2023: The IRS issued proposed regulations that would add new requirements relating to the disclosure of information that group health plans and health insurance issuers must include subject to the No Surprises Act. The proposed regulations consider requiring plans and issuers to register via the Federal IDR portal. Comments must be received by January 2, 2024.

November 3, 2023: The IRS released its weekly list [...]

Continue Reading