Weekly IRS Roundup January 22 – January 26, 2024

By , and on January 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 claim the credit.

January 26, 2024: The IRS announced that it will hold a free webinar for tax professionals whose clients were affected by delayed notices during the COVID-19 pandemic. The IRS will discuss the restart of collection notices and letters, explain penalty relief for tax years 2020 and 2021, and share IRS resources to resolve tax debt.

January 26, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Kevin Spencer
Kevin Spencer focuses his practice on tax controversy issues. Kevin represents clients in complicated tax disputes in court and before the Internal Revenue Service (IRS) at the IRS Appeals and Examination divisions. In addition to his tax controversy practice, Kevin has broad experience advising clients on various tax issues, including tax accounting, employment and reasonable compensation, civil and criminal tax penalties, IRS procedures, reportable transactions and tax shelters, renewable energy, state and local tax, and private client matters. After earning his Master of Tax degree, Kevin had the privilege to clerk for the Honorable Robert P. Ruwe on the US Tax Court. Read Kevin Spencer's full bio.

Evan Walters
Evan Walters focuses his practice on US and international taxation. He has experience across a wide range of issues involving corporate and partnership taxation. Read Evan Walter's full bio. 

Jeremy Kass
Jeremy Kass focuses his practice on US and international tax matters. Read Jeremy Kass's full bio.




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