Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 17, 2023 – July 21, 2023.
July 17, 2023: The IRS released Internal Revenue Bulletin 2023-29, which includes Notices 2023-29, 2023-45 and 2023-47. These notices provide guidance to taxpayers seeking to qualify for the energy community bonus credit under §§ 45, 45Y, 48 and 48E.
July 17, 2023: The IRS released Revenue Ruling 2023-13, providing the applicable federal rates for federal income tax purposes for August 2023. The short-term federal interest rate is 5.07%, the mid-term rate is 4.09% and the long-term rate is 4.03%.
July 17, 2023: The IRS released Tax Tip 2023-90, identifying summer activities that can affect individuals’ tax returns. For example, the cost of sending a child to summer camp may count toward the Child and Dependent Care Credit.
July 19, 2023: The IRS released Tax Tip 2023-91, reminding newlywed couples to report any name or address changes to the Social Security Administration, the US Postal Service and the IRS to update their withholding allowances. The Tax Tip also clarifies that a couple married as of December 31 is treated as married for the whole year for tax purposes.
July 20, 2023: The IRS released Tax Tip 2023-92, providing guidance to taxpayers filing returns on extension and reminding them that they may be eligible to use IRS Free File. Taxpayers getting a refund can expect to receive it faster by requesting that the refund be paid electronically via direct deposit.
July 21, 2023: The IRS released Notice 2023-55, which provides relief for taxpayers in determining which foreign taxes are creditable for tax years beginning on or after December 28, 2021, and ending on or before December 31, 2023.
July 21, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).
Upcoming Events: Registration for the 2023 IRS Nationwide Tax Forums is now open, and the events are returning to an in-person format for the first time since 2019. The IRS Nationwide Tax Forums are designed specifically for tax professionals (e.g., enrolled agents, certified public accountants, certified financial planners and Annual Filing Season Program participants) as well as uncredentialed tax professionals. The dates and locations are as follows:
- July 25-27: Atlanta, GA
- August 8-10: National Harbor, MD (Washington, DC area)
- August 22-24: San Diego, CA
- August 29-31: Orlando, FL