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Weekly IRS Roundup July 8 – July 12, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 8, 2024 – July 12, 2024.

July 8, 2024: The IRS released Internal Revenue Bulletin 2024-28, which includes, among other things:

Announcement 2024-28, which revokes the Internal Revenue Code (Code) 501(c)(3) determination for specified organizations and stipulates that contributions made to said organizations by individual donors are no longer deductible under Code § 170(b)(1)(A).

July 9, 2024: The IRS warned tax professionals about new and evolving scams targeting business and taxpayer information where identity thieves pose as new clients, use phishing emails and employ elaborate schemes involving calls and texts.

July 10, 2024: The IRS issued general guidelines for the registration process for the Code § 45Z Clean Fuel Production Credit, as outlined in Notice 2024-29. These guidelines cover the application process and how claim procedures will operate when the clean fuel producer is a disregarded entity.

July 11, 2024: The IRS announced it has collected more than $1 billion in past-due taxes from high-net-worth individuals and will continue to monitor activities involving large corporations and partnerships and aircraft use.

July 11, 2024: The IRS warned car dealers and sellers about evolving phishing and smishing scams involving fraudulent attempts to trick recipients into clicking suspicious links, providing personal information or downloading malware. Dealerships are advised to remain vigilant and avoid unsolicited messages or links in emails and texts.

July 12, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Weekly IRS Roundup March 25 – March 29, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 25, 2024 – March 29, 2024.

March 25, 2024: The IRS released Internal Revenue Bulletin 2024-13, which includes the following:

Notice 2024-28, which invites the public to submit items they want included in the 2024-2025 Priority Guidance Plan. The Priority Guidance Plan identifies and prioritizes the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance.
Revenue Procedure 2024-11, which provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941) and Form 8974.
Proposed regulations, which would modify existing regulations to allow certain unincorporated organizations that are organized exclusively to produce electricity from certain property to be excluded from the application of partnership tax rules.

March 25, 2024: The IRS announced that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 and face a May 17 deadline to submit their tax returns.

March 25, 2024: The IRS released the transcript of Commissioner Danny Wefel’s one-year anniversary speech.

March 25, 2024: The IRS reminded taxpayers they can access a free recording of the 2023 Form 1099-K webinar, which provides important info for tax professionals and anyone who receives a Form 1099-K, including people who use popular payment apps and online marketplaces.

March 25, 2024: The IRS announced that individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides and mudslides that began on November 20, 2023, now have until July 15, 2024, to file various federal individual and business tax returns and make tax payments.

March 25, 2024: The IRS released Notice 2024-32, which provides guidance on the eligibility of loan borrowers through State Supplemental Loan programs and the loan size limitation for State Supplemental Loans. The notice also provides guidance on whether an issue of state or local bonds, the proceeds of which are used to finance or refinance qualified student loans (as defined in § 1.150-1(b)) or to finance qualified mortgage loans (as defined in § 1.150-1(b)), is a refunding issue.

March 26, 2024: The IRS released Announcement 2024-16, which provides general information on advance pricing agreements and the Advance Pricing and Mutual Agreement Program.

March 26, 2024: The IRS reminded taxpayers filing 2023 tax returns that they must check a box indicating whether they received digital assets as a reward, award, or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.

March 27, 2024: The IRS announced that the previous February 15, 2024, [...]

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