property Archives - TAX CONTROVERSY 360

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.

On January 3, 2018, Chief Judge Marvel of the US Tax Court (Tax Court) announced that Senior Judge Robert A. Wherry, Jr. fully retired as of January 1, 2018, and would no longer be recalled for judicial service.

Judge Wherry was appointed on April 23, 2003, by President George W. Bush. In 2014, Judge Wherry took senior status and continued to try cases. By statute, the Tax Court is composed of 19 presidentially appointed judges. Judges are appointed for a term of 15 years and after an appointed term has expired, or they reach a specified age, may serve as a “senior judge” if recalled by the Tax Court. The Tax Court also has several special trial judges, who generally preside over small tax cases. (more…)