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Weekly IRS Roundup September 30 – October 4, 2024

by , and | Oct 15, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 30, 2024 – October 4, 2024.

September 30, 2024: The IRS released Internal Revenue Bulletin 2024-40, which includes the following:

  • Revenue Ruling 2024-20, which provides the terminal charge and Standard Industry Fare Level mileage rates for valuing noncommercial flights on employer-provided aircraft for the second half of 2024.
  • Treasury Decision 9991, which contains final regulations that provide guidance on the consistent basis requirement under 1014(f) of the Internal Revenue Code (Code), applicable to recipients of certain property from a decedent, and the reporting requirements under Code § 6035, applicable to executors and other persons required to file an estate tax return. The final regulations adopt the 2016 proposed regulations (with some modifications) and are designed to ensure accurate reporting and compliance.
  • Proposed regulations, which amend the definition of “coverage month” to include any month where the premium paid, including advance payments, is sufficient to maintain an individual’s coverage from being terminated for that month when computing their premium tax credit (PTC). The proposed regulations also modify certain rules for calculating an individual taxpayer’s health insurance PTC and clarify eligibility criteria for state basic health programs.
  • Proposed regulations, which update the qualified domestic trust rules under Code 2056A by removing outdated references to align with current IRS procedures and revising filing requirements and addresses. The proposed regulations primarily affect estates passing property to noncitizen spouses.

September 30, 2024: The IRS released draft IRS Form 7217, Partner’s Report of Property Distributed by a Partnership, which requires partners to report property distributions from partnerships beginning in tax year 2024. Distributions consisting solely of money or marketable securities treated as money are excluded.

September 30, 2024: The IRS released Notice 2024-70, which extends the replacement period under Code § 1033(e) for livestock sold or exchanged because of drought conditions in specified counties across 41 US states, allowing more time for eligible farmers and ranchers to replace livestock.

October 1, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Illinois that were affected by severe weather that began on July 13, 2024. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA), including individuals and households that reside or have a business in the following counties: Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago.

October 1, 2024: The IRS announced it is seeking volunteers for the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs to provide free tax services during the upcoming filing season. Interested individuals can sign up from October to January, with flexible hours and various roles [...]

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Weekly IRS Roundup April 15 – April 19, 2024

by , and | Apr 22, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 15, 2024 – April 19, 2024.

April 15, 2024: The IRS released Internal Revenue Bulletin 2024-16, which includes the following:

  • Announcement 2024-16, which describes the experience, structure and activities of the Advance Pricing and Mutual Agreement Program during calendar year 2023.
  • Proposed regulations, which would revise regulations pertaining to the advance notice provided to taxpayers before the IRS contacts third parties. These proposed regulations are intended to conform to the new statutory language of Section 7602(c) of the Internal Revenue Code (Code), enacted as part of the Taxpayer First Act of 2019, and provide exceptions to the 45-day advance notice requirement where delaying contact with third parties for 45 days after providing notice to the taxpayer would impair tax administration.
  • Announcement 2024-17, which contains corrections to proposed regulations under Code Sections 761 and 6417 that address certain electricity production credits.
  • Notice 2024-30, which expands the Nameplate Capacity Attribution Rule under Section 4.02(1)(b) of Notice 2023-29 to include additional attribution property. The notice also adds two 2017 North American Industry Classification System industry codes to the table in Section 3.03(2) of Notice 2023-29, which are relevant for purposes of determining the Fossil Fuel Employment rate (as defined in Section 3.03(2) of Notice 2023-29).
  • Notice 2024-32, which addresses 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 or to finance qualified mortgage loans, is a refunding issue.
  • Proposed regulations, which would identify certain charitable remainder annuity trust transactions and substantially similar transactions as listed transactions. Material advisors and certain participants in these listed transactions would be required to file disclosures with the IRS and would be subject to penalties for failure to disclose.
  • Revenue Procedure 2024-19, which provides the process under Code Section 48(e) to apply for an allocation of environmental justice solar and wind capacity limitation as part of the low-income communities bonus credit program for 2024. The revenue procedure also describes how the capacity limitation for the 2024 program year will be divided across the facility categories described in Sections 48(e)(2)(A)(iii) and 1.48(e)-1(b)(2), the Category 1 sub-reservation described in Section 1.48(e)-1(i)(1) and the additional selection criteria application options described in Section 1.48(e)-1(h).
  • Revenue Ruling 2024-8, which provides the terminal charge and Standard Industry Faire Level mileage rates used for valuing noncommercial flights on employer-provided aircraft.

April 15, 2024: The IRS announced it has answered over one million more taxpayer phone calls this tax season, helped over 170,000 more people in person and saw 75 million more IRS.gov visits [...]

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