tax-exempt private activity bonds Archives

Weekly IRS Roundup March 20 – March 24, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2023 – March 24, 2023.

March 20, 2023: The IRS released Internal Revenue Bulletin 2023-12, which highlights the following:

Notice 2023-22: This notice advises state and local housing credit agencies that allocate low-income housing tax credits under Section 42, as well as states and other issuers of tax-exempt private activity bonds under Section 141, of the population figures to use in calculating the (1) state housing credit ceiling under Section 42(h), (2) private activity bond volume cap under Section 146 and (3) private activity bond volume limit under Section 142(k).

March 20, 2023: The IRS announced tips to avoid processing delays and refund adjustments as the April 18, filing deadline approaches. The tips include gathering all tax documents, filing electronically, using the correct filing status, double-checking names and social security numbers, answering the digital assets question and reporting all taxable income.

March 20, 2023: The IRS announced a new entry into the annual Dirty Dozen list of tax scams: promoter claims involving the Employee Retention Credit (ERC). Some third parties continue to widely advertise services that target taxpayers who may not be eligible for the ERC. The advertisements, along with the increased prevalence of websites touting how easy it is to qualify for the ERC, suggest that the abusive claims may be legitimate. The annual list of schemes is aimed at raising awareness of aggressive promoters and con artists. These schemes put people at financial risk and increase the chances of identity theft.

March 20, 2023: The IRS released Tax Tip 2023-35, providing options for taxpayers who cannot pay their tax bill by April 18. The IRS also reminded taxpayers to still file their tax returns even if they cannot pay to avoid a failure-to-file penalty.

March 21, 2023: The IRS announced that it is requesting feedback regarding the tax treatment of a non-fungible token (NFT) as a collectible under the tax law in Notice 2023-27. An NFT is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify the authenticity and ownership of an associated right or asset. The guidance also 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.

March 21, 2023: The IRS issued proposed regulations that provide guidance on the implementation of the Advanced Manufacturing Investment Credit, established by the Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS Act). The credit incentivizes the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.

March 21, 2023: The IRS cautioned taxpayers to watch out for scammers using email and text messages to [...]

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Weekly IRS Roundup March 13 – March 19, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 14, 2022: The IRS issued Announcement 2022-6, announcing that, effective March 14, 2022, and until further notice, the IRS will no longer accept applications for opinion letters relating to traditional individual retirement accounts (IRAs), Roth IRAs, Savings Incentive Match Plan for Employees (SIMPLE) IRAs or simplified employee pensions (SEPs) in order to revise associated forms and procedures and issue guidance to reflect recent legislation.

March 15, 2022: The IRS issued Revenue Ruling 2022-8, providing various prescribed interest rates for federal income tax purposes for April 2022.

March 15, 2022: The IRS issued Notice 2022-13, providing relief to certain taxpayers with income from a farming or fishing business from penalties under Section 6654 of the Code for underpayments of estimated income tax.

March 15, 2022: The IRS issued a news release announcing an expansion of the multilingual options available with respect to certain IRS forms and publications.

March 16, 2022: The IRS issued Revenue Procedure 2022-17, providing updated tables for use in determining limitations on, and reductions to, depreciation deductions with respect to passenger automobiles under Section 280F of the Code.

March 16, 2022: The IRS issued a news release announcing that it is hiring for more than 200 information technology positions as part of an initiative to modernize its systems.

March 16, 2022: The IRS issued a news release, providing tips for taxpayers to protect themselves against tax-related fraud and identity theft.

March 17, 2022: The IRS issued minor corrections to proposed regulations published on March 1, 2022, relating to renewal fees for enrolled agents and enrolled retirement plan agents.

March 18, 2022: The IRS issued minor corrections to proposed regulations published on February 24, 2022, relating to required minimum distributions with respect to certain employee pension and retirement plans.

March 18, 2022: The IRS issued Revenue Ruling 2022-06, providing the semi-annual Standard Industry Fare Level (SIFL) rates and terminal charge used in computing the value of noncommercial flights on employer-provided aircrafts for purposes of the taxation of fringe benefits under Section 61 of the Code. The Revenue Ruling provides both unadjusted SIFL rates and SIFL rates as adjusted for relief provided to the airline industry by COVID-related legislation.

March 18, 2022: The IRS issued Revenue Procedure 2022-20, providing that hearings held by teleconference must generally meet the public approval requirement under Section 147(f) of the Code for tax-exempt qualified private activity bonds.

March 18, 2022: The IRS issued Notice 2022-11, in conjunction with the US Department of Labor and the [...]

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