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Weekly IRS Roundup September 16 – September 20, 2024

by , and | Sep 27, 2024 | ,

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

September 16, 2024: The IRS released Internal Revenue Bulletin 2024-38, which include proposed regulations that detail the clean electricity low-income communities bonus credit program under § 48E of the Internal Revenue Code (Code). The regulations outline definitions, requirements, and procedures for applicants seeking to increase their clean electricity investment credit for the taxable year in which the facility is placed in service.

September 16, 2024: The IRS released Revenue Ruling 2024-21, which provides the October 2024 applicable federal rates.

September 17, 2024: The IRS appointed 10 new members to the Electronic Tax Administration Advisory Committee, which serves as a public forum for discussing electronic tax administration issues. These new members, which include state tax officials, cybersecurity experts, and tax professionals, bring diverse expertise from various fields.

September 17, 2024: The IRS recognized its Taxpayer Services Chief for their leadership and efforts to enhance taxpayer services and digital initiatives.

September 18, 2024: The IRS released proposed regulations, which provide a federal income tax credit of up to 30% for costs associated with installing qualified alternative fuel vehicle refueling property in low-income or non-urban census tracts under Code § 30C. The regulations outline eligibility criteria, application procedures, and specific requirements for claiming the credit.

September 18, 2024: The IRS released Notice 2024-64, which modifies Notice 2024-20 by updating the mapping tools used to identify eligible census tracts for the alternative fuel vehicle refueling property credit and extends the period during which taxpayers can rely on these tools. This notice is effective September 18, 2024.

September 18, 2024: The IRS released Notice 2024-67, which provides the 24-month average corporate bond segment rates for September 2024, the yield curve and segment rates for single-employer plans, and the 30-year Treasury securities interest rates.

September 18, 2024: The IRS released Revenue Procedure 2024-37, which provides guidance for issuers of tax-exempt and other tax-advantaged bonds on the procedures for filing claims to recover overpayments of rebate, the penalty in lieu of rebate provisions, and the yield reduction payment provisions under Code § 148. The guidance applies to claims filed on or after October 18, 2024.

September 18, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Pennsylvania that were affected by Tropical Storm Debby. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency, including individuals and households that reside or have a business in Lycoming, Potter, Tioga and Union Counties.

September 19, 2024: The IRS announced it is offering a free webinar on September 26, [...]

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Weekly IRS Roundup December 28, 2020 – January 8, 2021

by | Jan 14, 2021 | ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the weeks of December 28, 2020 – January 8, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

December 29, 2020: The IRS released Revenue Procedure 21-09 providing a procedure for a trade or business that manages or operates a qualified residential living facility to elect to be treated as a real property trade or business for purposes of section 163(j).

December 31, 2020: The IRS issued Notice 21-05 clarifying and modifying the beginning of construction requirement for qualified facility and energy property projects under sections 45 and 48.

December 31, 2020: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

December 31, 2020: The IRS released Internal Revenue Bulletin 2021-1, dated January 4, 2021, containing the following highlights: Rev. Proc. 2021-1 (Administrative); Rev. Proc. 2021-2 (Administrative); Rev. Proc. 2021-3 (Administrative); Rev. Proc. 2021-4 (Employee Plans); Rev. Proc. 2021-5 (Exempt Organizations); and Rev. Proc. 2021-7 (Income Tax).

January 4, 2021: The IRS issued Notice 21-07 providing temporary relief for employers and employees using the automobile lease valuation rule due to the COVID-19 pandemic.

January 5, 2021: The IRS issued Revenue Procedure 21-08 modifying Revenue Procedure 2021-5 to provide that the exclusive means of submitting Form 1024-A, after the 90-day transition relief period, is through the electronic submission process.

January 5, 2021: The IRS issued Revenue Procedure 21-10 providing procedures for issuers of tax-advantaged bonds who received adverse determinations by the Office of Tax Exempt Bonds to request an administrative appeal from the Independent Office of Appeals.

January 5, 2021: The IRS released TD 9943 containing the final regulations under section 163(j) related to the limitation on the deduction for business interest expense.

January 6, 2021: The IRS issued Revenue Ruling 21-02 declaring Notice 2020-32 and Rev. Rul. 2020-27, both of which provided that certain taxpayers could not deduct expenses related to loans forgiven under the Paycheck Protection Program, as obsolete.

January 6, 2021: The IRS released TD 9944 containing the final regulations under section 45Q related to the credit for carbon oxide sequestration.

January 7, 2021: The IRS released TD 9945 containing the final regulations under section 1061 related to the characterization of gains for taxpayers directly or indirectly holding applicable partnership interests in connection with the performance of substantial services.

January 8, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

January 8, 2021: The IRS released Internal Revenue Bulletin 2021-2, dated January 11, 2021, containing the following highlights: TD 9940 (Administrative); Notice 2021-03 (Employee Plans); Notice 2021-04 (Excise [...]

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Yeehaw! McDermott’s Tax Weekly Round Up

by | Jun 18, 2018 | , ,

Here’s what happened in the world of IRS guidance for the week June 11 – 15, 2018.

June 11, 2018: The IRS issued Notice 2018-55 describing potential proposed regulations that would offer relief to some private colleges and universities by providing a stepped-up basis rule that could reduce the amount of gain subject to a new 1.4 percent excise tax on their endowments.

June 12, 2018: The IRS issued proposed regulations, under Code section 148 applicable to tax-exempt and other tax-advantaged bonds, aimed to restrict arbitrage investments and providing an exception to the definition of investment-type property for capital projects that further the public purpose for which the bonds were issued.

June 12, 2018: Pursuant to its continuing effort to reduce paperwork, the IRS requested comments on a number of published guidance, including: Rev. Proc. 2003-33 (extension of time to file a section 338 election to treat stock purchases as asset acquisitions); TD 8379 and TD 9407 (regulations regarding the manner and method of reporting and paying the excise tax on the receipt of greenmail); TD 8791 (relating to charitable remainder trusts and to special valuation rules for transfers of interests in trusts); and, TD 8571 (relating to the reporting of certain information relating to payments of mortgage interest). All comments are due by August 13, 2018.

June 15, 2018: The IRS announced the corporate bond monthly yield curve, the 24-month average segments rats, the 30-year Treasury securities interest rate, the 30-year Treasury weighted average rate, and the minimum present-value segment rates in Notice 2018-56.

June 15, 2018: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandum and Chief Counsel Advice).

Special thanks to Christy Vouri and Greg Berson in our DC office for this week’s round-up.



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