TAX CONTROVERSY 360
TAX CONTROVERSY 360
McDermott’s Real-Time Tax Disputes Insights
TAX CONTROVERSY 360
McDermott’s Real-Time Tax Disputes Insights
tax professionals
Subscribe to tax professionals's Posts

Weekly IRS Roundup April 29 – May 3, 2024

by , and | May 7, 2024 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29, 2024 – May 3, 2024.

April 29, 2024: The IRS released Internal Revenue Bulletin 2024-18, which includes the following:

  • Notice 2024-33, which provides a limited waiver of the addition to tax under Section 6655 of the Internal Revenue Code (Code) to the extent the addition to tax would be attributable to an underpayment of estimated corporate alternative minimum tax under Section 55 due April 15, 2024.
  • Notice 2024-34, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3) of the Code, the 24-month average segment rates under Section 430(h)(2), the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I).

April 29, 2024: The IRS issued Notice 2024-36, which provides guidance on the procedures for allocating credits under Section 48C and announces a second round of credits under Section 48C(e) for participation in the Qualifying Advanced Energy Project Credit program.

April 29, 2024: The IRS reminded small businesses to take advantage of the many tax resources available to them through the Small Business and Self-Employed Tax Center on IRS.gov.

April 30, 2024: The IRS announced that it is accepting applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants, which allows eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.

April 30, 2024: The IRS issued Notice 2024-37, which provides additional guidance and safe harbors regarding sustainable aviation fuel credits under Sections 40B and 6426(k) of the Code.

May 1, 2024: The IRS warned taxpayers and tax professionals about common scams and schemes, including online account help from third-party scammers, phishing, unscrupulous tax return preparers, offer in compromise mills and employee retention credit scams.

May 1, 2024: The IRS encouraged entrepreneurs to put data security safeguards in place to protect their financial, personal and employee information from scams and cybercriminals.

May 1, 2024: The IRS reminded taxpayers that it provides relief when an emergency measures declaration is issued, supplementing governmental efforts to provide emergency services. The IRS also provides relief when a major disaster declaration offering “individual assistance” is issued, which allows individuals and households to apply to the Federal Emergency Management Agency for financial and direct services.

May 1, 2024: The IRS issued Revenue Procedure 2024-24, which outlines procedures for requesting private letter rulings involving “spin-off” transactions subject to Section 355. Notice 2024-38, issued in conjunction with Revenue Procedure 2024-24, requests feedback on these procedures.

May 1, 2024: The IRS reminded taxpayers to [...]

Continue Reading



read more

Weekly IRS Roundup April 22 – April 26, 2024

by , and | May 2, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 22, 2024 – April 26, 2024.

April 22, 2024: The IRS released Internal Revenue Bulletin 2024-17, which includes the following:

  • Proposed regulations, which would facilitate the transfer of tax return information to the US Census Bureau and permit the disclosure of additional tax return information to the US Secretary of Commerce.
  • Announcement 2024-19, which provides guidance on the federal income tax treatment for amounts paid toward the purchase of energy efficient property and improvements under the US Department of Energy’s Home Energy Rebates program pursuant to the Inflation Reduction Act of 2022.

April 22, 2024: The IRS encouraged tax professionals to register for the 2024 IRS Nationwide Tax Forum, which is coming to Chicago, Orlando, Baltimore, Dallas and San Diego this summer.

April 23, 2024: The IRS announced that it will accept applications for Low Income Taxpayer Clinic matching grants until June 12, 2024. Funding and performance of these grants will occur from January 1, 2025, to December 31, 2025.

April 23, 2024: The IRS reminded taxpayers that it offers resources to help those who may be unable to pay their tax bill in total and that payments are still due by the April 15 deadline, even if a taxpayer requested an extension to file a tax return.

April 24, 2024: The IRS announced the formation of a new Alternative Dispute Resolution Program Management Office, which will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently.

April 24, 2024: The IRS reminded taxpayers to consider applying for an offer in compromise, which settles a tax debt for less than the full amount owed, if they cannot pay their full tax debt or if paying would cause financial hardship.

April 25, 2024: The IRS issued final regulations on the transfer of the eligible manufacturing investment, clean energy investment and production tax credits, including specific rules for partnerships and S corporations.

April 25, 2024: The IRS advised taxpayers that they can file an amended federal tax return if they discover a math error, missing income or another mistake.

April 25, 2024: The IRS announced that it will create new, fully electronic processes and systems, update legacy systems, and improve compliance and fraud mitigation.

April 26, 2024: The IRS announced the closure of the Direct File pilot, with several hundred thousand taxpayers across 12 states signing up for Direct File accounts and more than 140,000 taxpayers filing their federal tax returns using the new service.

April 26, 2024: The IRS reminded taxpayers that they have the right to a fair and just tax system under the
Continue Reading



read more

Weekly IRS Roundup March 4 – March 8, 2024

by , and | Mar 12, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4, 2024 – March 8, 2024.

March 4, 2024: The IRS released Internal Revenue Bulletin 2024-10, which includes the following:

  • Revenue Ruling 2024-6, which provides that the overpayment interest rate under § 6621 of the Internal Revenue Code (Code) for the calendar quarter beginning April 1, 2024, will be 8% (7% in the case of a corporation), the underpayment interest rate will be 8% and the interest rate for large corporate underpayments will be 10%. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5%.
  • Notice 2024-24, which provides updates on the corporate bond monthly yield curve and corresponding spot segment rates for January 2024 used under Code § 417(e)(3)(D), the 24-month average segment rates applicable for February 2024, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
  • Announcement 2024-13, 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).
  • Revenue Ruling 2024-04, which provides the March 2024 applicable federal rates.

March 4, 2024: The IRS announced that registration for its 2024 Nationwide Tax Forum is now open, providing tax professionals the opportunity to attend special continuing education sessions in five cities across the nation.

March 4, 2024: The IRS reminded taxpayers that the legal deadline for claiming the Recovery Rebate Credit in 2020 is May 17, 2024. The deadline for claiming the Recovery Rebate Credit in 2021 will be April 15, 2025.

March 5, 2024: The IRS issued final regulations, providing that certain tax-exempt organizations and political entities that earn certain clean energy credits can choose to make an elective payment election. Such an election results in the credits being treated as payments against the electing entity’s federal income tax liabilities with the IRS refunding any excess value. Notice 2024-27, in turn, requests additional comments on situations in which an elective payment election should be permitted with respect to credits purchased in a transfer for which an election under § 6418(a) is made.

March 6, 2024: The IRS reminded taxpayers that they are generally required to report all earned income on their tax returns, including income earned from digital asset transactions, the gig economy and the service industry as well as income from foreign sources.

March 6, 2024: The IRS released a statement acknowledging concerns related to a proposed policy change from January 2 that would limit access to tax return information from the IRS to protect taxpayer confidentiality. In response to comments, the IRS has suspended any changes under the proposed policy.

March 6, 2024: The IRS announced that Margie Rollinson took the oath [...]

Continue Reading



read more

Weekly IRS Roundup February 26 – March 1, 2024

by , and | Mar 6, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 26, 2024 – March 1, 2024.

February 26, 2024: The IRS released Internal Revenue Bulletin 2024-9, which includes the following:

  • Announcement 2024-11, which shares recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.
  • Revenue Procedure 2024-12, which extends the time for providing certain seller reports for vehicle sales that qualify for the clean vehicle credit or the previously owned clean vehicle credit under Internal Revenue Code (Code) §§ 30D and 25E, respectfully.
  • Revenue Procedure 2024-13, which provides two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024 and a table of dollar amounts that must be used to determine income inclusions by passenger automobile lessees with a lease term beginning in calendar year 2024.
  • Revenue Procedure 2024-14, which provides indexing adjustments for applicable dollar amounts under Code § 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared responsibility payments under § 4980H(a) and (b)(1), respectively.

February 26, 2024: The IRS announced that it will accept supplemental applications from all qualified organizations for Low Income Taxpayer Clinic matching grants from February 26 to April 10.

February 26, 2024: The IRS provided businesses, tax professionals and others who want to learn more about resolving incorrect Employee Retention Credit (ERC) claims a free webinar about the ERC Voluntary Disclosure Program and other IRS efforts to help taxpayers who may have been misled by aggressive marketing and misinformation around ERC eligibility.

February 27, 2024: The IRS announced that individuals and businesses in parts of California affected by severe storms and flooding that began on January 21, 2024, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

February 27, 2024: The IRS announced that two private sector experts with extensive experience in the tax and cryptocurrency industries have been hired as executive advisors to help the agency’s efforts within the digital assets space.

February 27, 2024: The IRS released Notice 2024-26, which provides that withholding agents (both US and foreign persons) are administratively exempt from the requirements to electronically file Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, that are required to be filed in calendar year 2024. Additionally, withholding agents that are foreign persons are administratively exempt from the requirements to electronically file Forms 1042 that are required to be filed in calendar year 2025.

February 28, 2024: The IRS reminded taxpayers that recent improvements to Where’s My Refund? provide more information and remains the best way to check the status of a refund, including information regarding IRS confirmation [...]

Continue Reading



read more

Weekly IRS Roundup February 19 – February 23, 2024

by , and | Feb 29, 2024 | , , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 19, 2024 – February 23, 2024.

February 20, 2024: The IRS published Announcement 2024-12, which revokes tax-exempt status for the Chicago Cannabis Alliance and Keeping My Kids Inc.

February 20, 2024: The IRS reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes by March 1, 2024, to avoid estimated tax penalties.

February 20, 2024: The IRS reminded businesses to review their Employee Retention Credit eligibility because there’s limited time to voluntarily resolve incorrect claims and avoid issues, such as penalties and interest.

February 21, 2024: The IRS announced plans to begin dozens of audits on business aircraft involving personal use, focusing specifically on aircraft usage by large corporations, large partnerships and high-income taxpayers.

February 21, 2024: The IRS announced that interest rates for overpayments and underpayments will remain the same for the calendar quarter beginning April 1, 2024. Interest rates are provided in Revenue Ruling 2024-6.

February 21, 2024: The IRS reminded military personnel that they have several options to file their federal tax returns for free, including the US Department of Defense’s MilTax and the IRS Free File program.

February 21, 2024: The IRS announced the beginning of its 2024 Tax Time Guide series, which provides new and updated resources to help taxpayers file an accurate tax return.

February 22, 2024: The IRS warned tax professionals about a recurring scheme in which scammers pose as tax software providers and email tax professionals with requests to provide Electronic Filing Identification Number information via fax.

February 22, 2024: The IRS announced that applications for the 2025 Taxpayer Advocacy Panel (TAP) are now being accepted to fill vacancies in 29 states and territories. TAP submits recommendations to the IRS to help improve satisfaction with IRS services, products and procedures.

February 23, 2024: The IRS announced that the replacement of lead service lines under various governmental programs do not result in income to the residential property owners under Internal Revenue Code § 61.

February 23, 2024: The IRS issued frequently asked questions related to the US Department of Agriculture’s (USDA) Discrimination Financial Assistance Program, which provides financial assistance to farmers, ranchers and forest landowners who experienced discrimination by the USDA in farm lending prior to 2021.

February 23, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).



read more

Weekly IRS Roundup February 12 – February 16, 2024

by , and | Feb 21, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 12, 2024 – February 16, 2024.

February 12, 2024: The IRS released Internal Revenue Bulletin 2024-7, which includes the following:

  • Revenue Ruling 2024-5, which provides that if one or more of a state’s allocations of housing credit dollar amounts under § 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are not restricted to projects located in qualified disaster zones.
  • Announcement 2024-7, which corrects Revenue Procedure 2024-5 by providing initially omitted effective dates for changes to the user fees that apply to certain requests for advance approvals.
  • Announcement 2024-8, which revokes tax-exempt status for the Altruistic United Humanity Association.
  • Announcement 2024-9, which revokes tax-exempt status for the West Los Angeles Obedience Training Club Inc.
  • Notice 2024-20, which advises that forthcoming proposed regulations will set forth (i) requirements for qualifying as an eligible census tract for purposes of the alternative fuel vehicle refueling property credit under § 30C of the Internal Revenue Code (Code) and (ii) guidance as to how taxpayers can verify that property satisfies the geographic requirements of Code § 30C.
  • Notice 2024-23, which provides special relief under Code § 529 for certain rollovers to or from Maryland Prepaid College Trust (MPCT) accounts. Due to accounting discrepancies and administrative issues, access to MPCT interest earnings was frozen in April 2022 and restored July 2023. Due to the freeze, many taxpayers executed a qualified rollover out of MPCT accounts. Notice 2024-23 permits taxpayers to transfer funds back into an MPCT account in a qualified rollover even though the transfer of funds out of the MPCT account may have occurred within the past 12 months.

February 12, 2024: The IRS announced that Jim Lee, chief of IRS Criminal Investigation, will retire effective April 6, 2024.

February 12, 2024: The IRS issued Revenue Procedure 2024-14, which provides indexing adjustments for applicable dollar amounts used to calculate the employer shared responsibility payments under § 4980H(a) and (b)(1) of the Code.

February 12, 2024: The IRS reminded senior taxpayers of free tax filing options, including the programs Tax Counseling for the Elderly, Volunteer Income Tax Assistance and IRS Free File.

February 13, 2024: The IRS highlighted seven suspicious signs that an Employee Retention Credit claim may be questionable and could signal future IRS problems to help small businesses that may need to resolve incorrect claims.

February 13, 2024: The IRS alerted tax professionals to watch out for a “new client” scam, which is an email scheme (in which cybercriminals pose as potential clients) that peaks during the busy tax filing season.

[...]

Continue Reading


read more

Weekly IRS Roundup February 5 – February 9, 2024

by , and | Feb 13, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 5, 2024 – February 9, 2024.

February 5, 2024: The IRS released Internal Revenue Bulletin 2024-5, which includes the following:

  • Announcement 2024-4, which clarifies that until the IRS issues new final regulations under Internal Revenue Code (Code) Section 6050I implementing the Infrastructure Investment and Jobs Act, at this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) has a value exceeding the $10,000 reporting threshold.
  • Notice 2024-21, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Code Section 430(h)(2).
  • Notice 2024-22, which provides initial guidance on the anti-abuse rules under Code Section 402A(e)(12) to assist in the implementation of the SECURE 2.0 Act of 2022’s Section 127 provisions.
  • Final regulations, which provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules for the treatment of preretirement mortality discounts and Social Security-level income options.
  • Revenue Ruling 2024-3, which provides the February 2024 applicable federal rates.

February 5, 2024: The IRS announced that individuals and businesses in parts of Maine affected by severe storms and flooding that began on December 17, 2023, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

February 6, 2024: The IRS revised frequently asked questions for Form 1099-K, Payment Card and Third Party Network Transactions, providing more general information for taxpayers, including common situations, along with clarity as to which organizations should submit Forms 1099-K.

February 6, 2024: The IRS issued Revenue Procedure 2024-13, which provides two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024 and a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.

February 6, 2024: The IRS reminded taxpayers that through new elective payment and transfer options, applicable businesses; tax-exempt organizations; or entities such as state, local, and tribal governments can take advantage of certain tax credits and apply these options to certain clean energy and manufacturing credits. Eligible taxpayers can register using the IRA/CHIPS Pre-Filing Registration Tool.

February 7, 2024: The IRS issued Revenue Procedure 2024-12, which offers a temporary extension for providing certain seller reports under Code Sections 25E and 30D.

February 7, 2024: The IRS launched a new page on IRS.gov that explains the Employer-Provided Childcare Credit, which offers employers a tax credit of up [...]

Continue Reading



read more

Weekly IRS Roundup January 22 – January 26, 2024

by , and | Jan 30, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 22, 2024 – January 26, 2024.

January 22, 2024: The IRS released Internal Revenue Bulletin 2024-4, which includes Revenue Procedure 2024-8. This revenue procedure lists qualified census tracts used to determine income limits for targeted area residences for purposes of Internal Revenue Code (Code) § 143(a), dealing with qualified mortgage bonds, and Code § 25(c), dealing with mortgage credit certificates.

January 22, 2024: The IRS announced that individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on January 10 now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

January 22, 2024: The IRS reminded taxpayers that they must disclose whether they received or disposed of digital assets, such as cryptocurrency, on their 2023 personal income tax returns.

January 22, 2024: The IRS announced that IRS Free File is now available for the 2024 filing season. IRS Free File is generally available to taxpayers with adjusted gross income of $79,000 or less. Additional information can be accessed here.

January 23, 2024: The IRS announced that work is underway on the Simple Notice Initiative, which will review and redesign various IRS notices. The IRS intends to focus first on the notices that are most commonly sent to individual taxpayers.

January 23, 2024: The IRS published a Request for Information from the US Department of the Treasury, Employee Benefits Security Administration, US Department of Labor, and Pension Benefit Guaranty Corporation following the directive provided under the SECURE 2.0 Act of 2022 to review the existing reporting and disclosure requirements for retirement plans. Comments are due by April 22, 2024, and each agency will be required to report to US Congress on December 29, 2025. Reports will offer recommendations for simplifying, standardizing and improving reporting and disclosure requirements.

January 25, 2024: The IRS issued Notice 2024-23, which provides special relief under Code § 529 for certain rollovers to or from Maryland Prepaid College Trust (MPCT) accounts. Due to accounting discrepancies and administrative issues, access to MPCT interest earnings was frozen in April 2022 and restored in July 2023. As a result of the freeze, many taxpayers executed a qualified rollover out of MPCT accounts. Notice 2024-23 permits taxpayers to transfer funds back into an MPCT account in a qualified rollover even though the transfer of funds out of the MPCT account may have occurred within 12 months of the transfer back into an MPCT account.

January 26, 2024: In the spirit of the IRS’s annual Earned Income Tax Credit Awareness Day outreach campaign, the IRS posted information on the Earned Income Tax Credit to help educate low- to middle-income taxpayers who may be eligible to [...]

Continue Reading



read more

Weekly IRS Roundup October 30 – November 3, 2023

by | Nov 6, 2023 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023.

October 30, 2023: The IRS released Internal Revenue Bulletin 2023-44, which includes the following:

  • Proposed regulations that would update the rules governing the IRS’s sale of taxpayer property that was seized by levy.
  • Proposed regulations addressing so-called “Killer B” transactions. These transactions, at a high level, are structured to repatriate foreign subsidiary earnings through triangular reorganizations. The proposed regulations would formalize and modify guidance set forth in Notices 2014-32 and 2016-73.
  • Final regulations that provide rules for prohibitions on certain contributions to Type I and Type III supporting organizations, as well as rules for qualifying as functionally integrated and non-functionally integrated Type III supporting organizations.
  • Notice 2023-71, which extends all tax filing and payment deadlines from October 7, 2023, to October 7, 2024, for taxpayers affected by the recent terrorist attacks in Israel.

October 30, 2023: The IRS extended its policy for accepting digital signatures for certain tax forms until October 31, 2025. The IRS updated the Internal Revenue Manual to be consistent with this extension.

October 31, 2023: The IRS reminded taxpayers to remain vigilant against potential online threats and highlighted certain practices to help protect against cybersecurity attacks.

November 1, 2023: The IRS announced that clean vehicle sellers can now register for time-of-sale reporting and dealer advance payments for the clean vehicle credit using the new Energy Credits Online tool.

November 1, 2023: The IRS announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 in 2023. Notice 2023-75, which was released the same day, provides adjusted 2024 limitations on benefits and contributions under qualified retirement plans as under § 415(d).

November 2, 2023: The IRS rescheduled the hearing on proposed regulations regarding digital asset transactions from November 7, 2023, to November 13, 2023.

November 2, 2023: The IRS published Tax Tip 2023-119, which notes that individuals may now review 18 new Nationwide Tax Forums Online seminars.

November 3, 2023: The IRS reminded taxpayers to review their tax withholding obligations ahead of the upcoming tax filing season to avoid having a large refund or balance due.

November 3, 2023: The IRS issued proposed regulations that would add new requirements relating to the disclosure of information that group health plans and health insurance issuers must include subject to the No Surprises Act. The proposed regulations consider requiring plans and issuers to register via the Federal IDR portal. Comments must be received by January 2, 2024.

November 3, 2023: The IRS released its weekly list [...]

Continue Reading



read more

Weekly IRS Roundup October 23 – October 27, 2023

by | Oct 30, 2023 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 23, 2023 – October 27, 2023.

October 23, 2023: The IRS is recruiting volunteers for the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. VITA and TCE participants prepare millions of tax returns each year for low- to moderate-income taxpayers at no cost. No experience is necessary to volunteer. Volunteers will have the option to participate both in-person and via virtual sites. To learn more about becoming a VITA or TCE volunteer, visit IRS Tax Volunteers.

October 23, 2023: The IRS warned taxpayers to be wary of criminals falsely posing as legitimate charities to solicit donations. Donors can use the Tax-Exempt Organization Search tool on IRS.gov to find or verify legitimate charities.

October 23, 2023: The IRS released Internal Revenue Bulletin 2023-43, which includes the following:

  • Final regulations and proposed regulations that reduce the user fee to apply for or renew a preparer tax identification number (PTIN) from $21 to $11 (plus an amount payable directly to a third-party contractor).
  • Revenue Procedure 2023-28 provides guidelines for the development, printing and approval of 2023 substitute tax forms.
  • Proposed regulations that would provide guidance on §§ 30D(g) and 25E(f), including guidance involving:
    • Elections to transfer new and previously owned clean vehicle credits
    • Dealer qualifications for becoming an eligible entity that can receive advance payments of new and previously owned clean vehicle credits
    • Credit recapture.
  • Revenue Procedure 2023-33 sets forth the procedures for transferring new and previously owned clean vehicle credits from a taxpayer to an eligible entity under §§ 30D(g) and 25E(f), including procedures for dealer registration with the IRS, procedures for the suspension and revocation of said registration and the establishment of an advance payments program to registered dealers. This revenue procedure also provides guidance on the submission of seller reports and reports by qualified manufacturers.

October 24, 2023: The IRS reminded tax return preparers to renew their PTINs ahead of the upcoming tax filing season. Information to begin the online renewal process can be accessed here. Failure to have and to use a valid PTIN may result in penalties.

October 25, 2023: The IRS published Tax Tip 2023-118, which notes that tax professionals can use Tax Pro Accounts to send powers of attorney and tax information authorization requests directly to a client’s individual IRS Online Account.

October 25, 2023: The deadline to comment on proposed regulations involving information reporting, backup withholding and the determination of amount realized and basis for digital assets sales was extended from October 30, 2023, to November 13, 2023.

October 26, 2023: The IRS encouraged employers to electronically [...]

Continue Reading



read more

BLOG EDITORS

Kevin Spencer

Evan Walters

STAY CONNECTED

Subscribe

TOPICS

ARCHIVES

jd supra readers choice top firm 2023 badge