SECURE 2.0 Act of 2022 Archives - TAX CONTROVERSY 360

Weekly IRS Roundup December 16 – December 20, 2024

by Kevin Spencer, Evan Walters and Samuel F. Hamer | Dec 31, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 16 – 20, 2024.

December 16, 2024: The IRS released Internal Revenue Bulletin 2024-51, which includes the following:

Treasury Decision 10009, which provides guidance regarding the advanced manufacturing investment credit under § 48D of the Internal Revenue Code (Code). The guidance reflects changes made by the CHIPS Act of 2022. The § 48D credit may be claimed for qualified investments in an advanced manufacturing facility that engages in the manufacturing of semiconductors or semiconductor manufacturing equipment.
Treasury Decision 10010, which provides the rules for claiming the Advanced Manufacturing Production Credit under Code § 45X. The regulations describe the requirements for the production of eligible components, including the domestic production requirement. The regulations also provide rules regarding the sale of eligible components to unrelated persons, as well as rules that apply to sales between related persons. They include definitions of eligible components, rules related to calculating the credit, and specific recordkeeping and reporting requirements.
Treasury Decision 10014, which finalizes 2013 proposed regulations under Code § 752, which relates to a partner’s share of a partnership recourse liability. The final regulations adopt a proportionality rule in instances where more than one partner bears the economic risk of loss of the partnership recourse debt. The regulations also provide guidance regarding how partnership recourse debt should be allocated in tiered partnership structures, as well as guidance on the related-party rules. Interestingly, no new notice of proposed rulemaking or opportunity for public comment was provided regarding these regulations in the 11 years since the 2013 proposed regulations were issued.
Revenue Ruling 2024-27, which publishes the base period T-bill rate for the period ending September 30, 2024, pursuant to Code § 995(f). The rate for this period is 4.93%.

The IRS also released Notice 2025-1, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), the 24-month average segment rates used under § 430(h)(2), the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I) of the Code.

The IRS also issued Revenue Ruling 2025-1, which provides the January 2025 applicable federal rates for purposes of Code § 1274(d) and relates to the determination of issue price in the case of certain instruments issued for property.

December 17, 2024: The IRS issued Revenue Procedure 2025-8, which modifies the procedures under Code § 446 and Treasury Regulation § 1.446-1(e) for obtaining automatic consent of the Commissioner of Internal Revenue (Commissioner) to change methods of accounting for expenditures paid or incurred in taxable years beginning after December 31, 2021, to comply with § 174 or to rely on interim guidance provided in Notice 2023-63, 2023-39 I.R.B. 919, as modified by Notice 2024-12, 2024-5 I.R.B. 616.

December 18, 2024: In Notice 2025-4 the [...]

Continue Reading

Weekly IRS Roundup June 12 – June 16, 2023

by Sarah M. Raben | Jun 20, 2023 | IRS Appeals, IRS Guidance, Tax Reform

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, [...]

Continue Reading

Weekly IRS Roundup April 10 – April 14, 2023

by Sarah M. Raben | Apr 17, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 2023.

April 10, 2023: The IRS released Internal Revenue Bulletin 2023-15, which highlights the following:

Revenue Procedure 2023-20: This revenue procedure modifies the effective date of additions to the taxable substances or chemicals list under Section 4672(a). Specifically, this revenue procedure changes the date on which substances are added to the list for purposes of refund claims under Section 4662(e).

Notice 2023-27: This notice announces that the US Department of the Treasury and the IRS intend to issue guidance related to the tax treatment of certain non-fungible tokens (NFTs). The guidance requests comments on the treatment of NFTs as collectibles and describes how the IRS intends to determine whether an NFT is a collectible until further guidance is issued.

Notice 2023-28: This notice extends temporary relief regarding deposits of the excise tax imposed on certain chemicals under Section 4661 and the excise tax imposed on certain imported chemical substances under Section 4671 (collectively, Superfund chemical taxes). The extended relief is available in connection with deposits of the Superfund chemical taxes for semimonthly periods in the second, third and fourth calendar quarters of 2023.

REG-120653-22: These proposed regulations implement the advanced manufacturing investment credit, a new current-year business tax credit under Section 48D to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. The regulations address the credit’s eligibility requirements, an election that eligible taxpayers may make to be treated as making a payment of tax (including an overpayment of tax) or for an eligible partnership or S corporation to receive an elective payment instead of claiming a credit, and a special 10-year credit recapture rule that applies if there is a significant transaction involving the material expansion of semiconductor manufacturing capacity in a foreign country of concern.

Revenue Ruling 2023-7: This revenue ruling provides the fringe benefits aircraft valuation formula. For purposes of Section 1.61-21(g) of the regulations, relating to the rule for valuing non-commercial flights on employer-provided aircrafts, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2023 are as follows:

April 10, 2023: The IRS released Tax Tip 2023-47, providing guidance on when to file an amended income tax return.

April 10, 2023: The IRS and the Treasury issued Notice 2023-30, providing safe harbor deed language for extinguishment and boundary line adjustment clauses as required by the SECURE 2.0 Act of 2022. Section 605(d)(2) provides donors with the opportunity to amend certain conservation easement deeds to substitute the [...]

Continue Reading

Weekly IRS Roundup December 16 – December 20, 2024

Weekly IRS Roundup June 12 – June 16, 2023

Weekly IRS Roundup April 10 – April 14, 2023

BLOG EDITORS

STAY CONNECTED

TOPICS

ARCHIVES

RECENT POSTS