No Surprises Act Archives - TAX CONTROVERSY 360

Weekly IRS Roundup December 18 – December 22, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 18, 2023 – December 22, 2023.

December 18, 2023: The IRS released Internal Revenue Bulletin 2023-51, which includes the following:

Notice 2023-74, which delays the new $600 Form 1099-K reporting threshold requirement for third-party settlement organizations for calendar year 2023 and plans to phase in the reporting requirement in 2024, starting with a threshold of $5,000.
Revenue Procedure 2023-40, which provides guidance in specific circumstances on the adequacy of disclosure on a federal tax return for purposes of reducing the understatement of income tax accuracy-related penalty pursuant to § 6662(d) of the Internal Revenue Code (Code) and avoiding the Code § 6694(a) tax return preparer penalty.
Proposed regulations that would amend the rules applicable to plans that include cash or deferred arrangements pursuant to § 401(k) to provide guidance with respect to long-term, part-time employees. Comments must be received by January 26, 2024. A public hearing is scheduled for March 15, 2024, at 10 am EDT.
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.
Revenue Procedure 2023-38, which provides procedural rules for qualified manufacturers of new clean vehicles to comply with the reporting, certification and attestation requirements regarding the excluded entity restriction.
Revenue Ruling 2023-23, which publishes the base period T-bill rate for the period ending September 30, 2023, under § 995(f).
Revenue Procedure 2023-36, which updates the list of jurisdictions with which the United States has in effect a relevant information exchange agreement or an automatic exchange relationship under Treasury Regulation § 1.6049-4(b)(5) and Treasury Regulation § 1.6049-8(a).

December 18, 2023: The IRS announced the launch of the second phase of a new online self-service tool for businesses that expands the business tax account capabilities and eligible entity types. Individual partners of partnerships and individual shareholders of S Corporation businesses are also now eligible for a business tax account.

December 18, 2023: The IRS issued Revenue Ruling 2024-1, which provides tables of covered compensation under § 401(l)(5)(E) for the 2024 plan year.

December 19, 2023: The IRS announced new penalty relief for certain individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. Notice 2024-7 and Fact Sheet 2023-28 provide additional details.

December 19, 2023: The IRS issued Notice 2024-1, which provides the percentage increase for calculating the qualifying payment amounts for items and services furnished during 2024 for purposes of § 9816 and § 9817 of the Code, section 716 and section 717 of the Employee Retirement Income Security Act of [...]

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Weekly IRS Roundup July 5 – July 9, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 5, 2021 – July 9, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 6, 2021: The IRS—in conjunction with the US Department of Labor and the US Department of Health and Human Services—released temporary regulations implementing provisions of the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 and designed to protect persons with health insurance from “surprise” medical bills for certain medical services. The IRS separately released proposed regulations with respect to a subset of the temporary regulations, containing the same text.

July 6, 2021: The IRS issued a set of FAQs and an associated news release, answering questions regarding COVID-related grants provided to certain transportation companies under the Coronavirus Economic Relief for Transportation Services (CERTS) Act.

July 7, 2021: The IRS issued a news release reminding taxpayers that, in partnership with local civic organizations, special events will be held in 12 cities on July 9 – 10, 2021, to assist eligible families in registering for advance payments of the Child Tax Credit.

July 9, 2021: The IRS issued Notice 2021-38 and an accompanying news release, providing guidance regarding the requirements (as enacted under section 432(k) of the Code as part of the American Rescue Plan Act of 2021) for certain multiemployer pension plans to obtain special financial assistance under section 4262 of the Employee Retirement Income Security Act of 1974 (ERISA), as enacted by the same Act.

July 9, 2021: The IRS issued a news release announcing that July 13, 2021, is the final day to register for the 2021 IRS Nationwide Tax Forum, an annual series of continuing education seminars for tax professionals to be held virtually from July 20, 2021 through August 19, 2021.

July 9, 2021: The IRS issued a news release reminding taxpayers of the resources available on irs.gov to assist with answering tax questions.

July 9, 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 Le Chen in our Washington, DC, office for this week’s roundup.