Required Amendments List Archives

Weekly IRS Roundup December 25 – December 29, 2023

by Kevin Spencer and Evan Walters | Jan 2, 2024 | IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 25, 2023 – December 29, 2023.

December 26, 2023: The IRS released Internal Revenue Bulletin 2023-52, which includes the following:

Revenue Procedure 2023-39, which provides specifications for the private printing of red ink and black-and-white substitutes for the August 2023 revisions of Forms W-2c and W-3c. This revenue procedure supersedes Revenue Procedure 2016-20.
Notice 2023-79, which sets forth the 2023 Required Amendments List. The list applies to both individually designed plans under § 401(a) of the Internal Revenue Code and individually designed plans that satisfy the requirements of § 403(b).
Announcement 2023-35, which revokes § 501(c)(3) determinations for certain organization(s) and stipulates that contributions made to the organization(s) by individual donors are no longer deductible under § 170(b)(1)(A).
Notice 2023-80, which announces the intention to issue proposed regulations that address the application of the foreign tax credit (FTC) and dual consolidated losses in relation to the Global Anti-Base Erosion (GloBE) Model Rules. The notice also (i) extends the temporary relief period described in Notice 2023-55 for determining whether a foreign tax is eligible for an FTC pursuant to §§ 901 and 903 and (ii) addresses the application of the temporary relief with respect to partnerships and their partners.
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 § 48. The proposed regulations also withdraw and repropose portions of previously proposed regulations regarding the increased energy credit amount available if prevailing wage and registered apprenticeship requirements are met. Comments must be received by January 22, 2024.
Revenue Procedure 2023-41, which sets forth the unpaid loss discount factors for the 2023 accident year pursuant to § 846 and prescribes the salvage discount factors for the 2023 accident year pursuant to § 832.

December 26, 2023: The IRS updated the Frequently Asked Questions (FAQs) in Fact Sheet 2023-29 to provide guidance on the critical mineral and battery component requirements with respect to the New, Previously Owned and Qualified Commercial Clean Vehicle Credits. The updates supersede the FAQs previously posted in Fact Sheet 2023-22.

December 28, 2023: The IRS issued Notice 2024-9, which provides how applicable entities can claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 and fail to satisfy the domestic content requirement.

December 28, 2023: The IRS issued proposed regulations that would provide guidance on whether a debt instrument is worthless for US federal income tax purposes pursuant to § 166. Comments must be received by February 26, 2024.

December 28, 2023: The IRS issued Notice 2024-11, [...]

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Weekly IRS Roundup December 4 – December 8, 2023

by Kevin Spencer and Evan Walters | Dec 12, 2023 | IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 4, 2023 – December 8, 2023.

December 4, 2023: The IRS released Internal Revenue Bulletin 2023-49, which includes the following:

Revenue Ruling 2023-22, which establishes certain interest rates pursuant to § 6621 of the Internal Revenue Code (Code) for the calendar quarter beginning January 1, 2024.
Notice 2023-76, which updates the corporate bond monthly yield curve and corresponding spot segment rates for November 2023 used under § 417(e)(3)(D), the 24-month average segment rates for November 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
Proposed regulations regarding excise taxes on taxable distributions made by a sponsoring organization from a donor advised fund. Comments and requests for a public hearing must be received by January 16, 2024.
Announcement 2023-34, which 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).
Proposed regulations that provide guidance on the statutory disallowance of qualified conservation contributions made by partnerships and S corporations if the amount of the charitable contribution exceeds 2.5 times the sum of each partner’s or S corporation shareholder’s relevant basis. Comments must be received by December 20, 2023.
A Notice of Proposed Rulemaking that reopens the comment period for proposed regulations relating to the determination and recognition of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit pursuant to § 987. Comments and requests for a public hearing must be received by February 12, 2024.
Revenue Ruling 2023-21, which provides the applicable federal rates for December 2023.

December 6, 2023: The IRS announced that it sent more than 20,000 letters to taxpayers disallowing Employee Retention Credit (ERC) claims. These letters are part of the ongoing IRS initiative against dubious ERC claims involving entities that did not exist or did not pay wages during the eligibility period.

December 7, 2023: The IRS requested applications for nomination to the Electronic Tax Administration Advisory Committee through January 31, 2024.

December 7, 2023: The IRS released Revenue Procedure 2023-41, which prescribes discount factors for the 2023 accident year for use by insurance companies in computing discounted unpaid losses pursuant to § 846 and discounted estimated salvage recoverable pursuant to § 832.

December 8, 2023: The IRS released Notice 2023-79, which sets forth the 2023 Required Amendments List that applies to § 401(a) and § 403(b) individually designated plans.

December 8, 2023: The IRS released Revenue Procedure 2024-8, which provides a list of qualified census tracts for each state, the District of Columbia and Puerto Rico for issuers of qualified mortgage bonds [...]

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Weekly IRS Roundup November 16 – November 20, 2020

by McDermott Will & Emery | Nov 23, 2020 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 16, 2020 – November 20, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

November 16, 2020: The IRS released Notice 2020-82 related to the due date for certain contributions to defined benefit plans.

November 16, 2020: The IRS released Revenue Ruling 2020-26 updating the applicable federal rate and various other prescribed rates for December 2020.

November 16, 2020: The IRS released Notice 2020-81 updating weighted average interest rates, yield curves, and segment rates.

November 18, 2020: The IRS released Revenue Ruling 2020-27 related to deductions for expenses paid with Paycheck Protection Program (PPP) loans.

November 18, 2020: The IRS released Revenue Procedure 2020-51 providing a safe harbor for deductions for expenses paid with PPP loans when loan forgiveness is denied or the taxpayer forgoes forgiveness.

November 19, 2020: The IRS released TD 9933 containing final regulations to provide guidance regarding unrelated business taxable income of exempt organization.

November 20, 2020: The IRS released Notice 2020-83 announcing the Required Amendments List for qualified retirement plans and section 403(b) retirement plans.

November 20, 2020: The IRS released TD 9934 containing final regulations to coordinate the extraordinary disposition rule under section 245A with the disqualified basis and disqualified payment rules under section 951A.

November 20, 2020: The IRS released Internal Revenue Bulletin 2020-47, dated November 23, 2020, containing the following highlights: Rev. Proc. 2020-49 (Administrative); REG-122462-20 (Employee Plans); Rev. Proc. 2020-47 (Employee Tax); Rev. Rule. 2020-25 (Income Tax); Rev. Proc. 2020-50 (Income Tax); T.D. 9919 (Income Tax); and T.D. 9931 (Temporary Regulation).

November 20, 2020: The IRS released an audit technique guide for conservation easements.

November 20, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Brian Moore in our Washington, D.C. office for this week’s roundup.