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Weekly IRS Roundup July 24 – July 28, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 24, 2023 – July 28, 2023.

July 24, 2023: The IRS released Internal Revenue Bulletin 2023-30, which includes proposed regulations that specify the methodology for constructing the corporate bond yield curve used to calculate present value under a defined benefit plan. The Internal Revenue Bulletin also highlights the following:

  • Announcement 2023-18 relieves taxpayers from reporting the new stock repurchase excise tax under § 4501.
  • Announcements 2023-19 and 2023-20 revoke the tax-exempt status of certain organizations.
  • Notice 2023-37 modifies prior guidance regarding benefits related to testing and treating COVID-19.
  • Notice 2023-50 announces that the applicable percentage for purposes of determining percentage depletion on marginal properties for 2023 is 15%.
  • Notice 2023-51 publishes the inflation adjustment factor and the reference price for 2023 for the renewable electricity production credit under § 45.
  • T.D. 9976 provides final regulations that facilitate the transition from the London Interbank Offered Rate (LIBOR) to other interbank offered rates (IBORs).

July 24, 2023: The IRS released Tax Tip 2023-93, warning businesses and tax-exempt organizations about misleading employee retention credit claims. Scammers and unscrupulous promoters have been running aggressive broadcast advertising, direct mail solicitations and online promotions for the credit, many of which misrepresent and exaggerate who can qualify for the credit.

July 24, 2023: The IRS announced that revenue officers will no longer make unannounced visits to taxpayers’ residences in all but a few narrow circumstances. Instead, they will schedule visits via mailed letters.

July 25, 2023: The IRS released Tax Tip 2023-94, advising that applicable entities, including tax-exempt and governmental entities that would otherwise be unable to claim certain credits because they do not owe federal income tax, can benefit from some clean energy tax credits. If an entity opts to receive an elective payment, the amount of such credits is treated as a payment of tax, and overpayments will result in a refund.

July 25, 2023: The IRS released Notice 2023-53, which provides guidance on the corporate bond monthly yield curve, spot segment rates used under § 417(e)(3) and the 12-month average segment rates under § 430(h)(2).

July 25, 2023: The IRS published a special summer series discussing the Identity Protection PIN Opt-In Program, which can provide an extra layer of security for taxpayers filing their tax returns.

July 26, 2023: The IRS released Tax Tip 2023-95, reminding taxpayers that IRS Free File remains available until October 16 for those who still need to file a 2022 tax return.

July 26, 2023: The IRS released Revenue Procedure 2023-26, which provides a program for the fast-track processing of private letter ruling requests, replacing the pilot program described in
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Weekly IRS Roundup June 20 – June 23, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the shortened week of June 20, 2023 – June 23, 2023. (June 19 is a federal holiday.)

June 20, 2023: The IRS released Internal Revenue Bulletin 2023-25, which highlights:

  • Notice 2023-44: This notice provides more details for applicants seeking Section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act of 2022. See Appendix C of the notice.

June 20, 2023: The IRS released Tax Tip 2023-83, highlighting a series of special events at the IRS Nationwide Tax Forum. The events include sessions on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate. Find more information about registration at the end of this post.

June 21, 2023: The IRS announced that National Taxpayer Advocate Erin M. Collins released her midyear report to Congress. The report noted that this year’s tax-return filing season ran smoothly, and she urged the IRS to prioritize technology upgrades for the upcoming fiscal year.

June 22, 2023: The IRS released Tax Tip 2023-84, announcing that IRS Commissioner Danny Werfel will give the keynote address at the Atlanta session of the 2023 IRS Nationwide Tax Forum on July 25–27, providing tax professionals with multiple opportunities to learn more about changes to tax law and IRS transformation efforts. This will be Commissioner Werfel’s first appearance at the Nationwide Tax Forum.

June 23, 2023: The IRS released Notice 2023-37, which clarifies whether certain items and services are treated as preventive care under Section 223(c)(2)(C) of the Internal Revenue Code. The guidance is in response to the end of the COVID-19 public health emergency and national emergency.

June 23, 2023: The IRS issued proposed regulations on how to construct the corporate bond yield curve (to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan, as well as for discounting unpaid losses and estimated salvage recoverable of insurance companies). Written comments must be received by August 22, 2023.

June 23, 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 Nationwide Tax Forum is now open, and events are returning to an in-person format for the first time since 2019. The Nationwide Tax Forum is 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:

  • July 11–13: New Orleans, Louisiana
  • July 25–27: Atlanta, Georgia
  • August 8–10: National Harbor, Maryland (Washington, DC, area)
  • August 22–24: San Diego, California
  • August 29–31: Orlando, Florida

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