diesel fuel Archives | TAX CONTROVERSY 360

IRS roundup: December 15 – December 22, 2025

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for December 15, 2025 – December 22, 2025.

December 15, 2025: The IRS issued Notice 2026-2, providing an update on weighted average interest rates, yield curves, and segment rates. The notice specifically focused on the corporate bond monthly yield curve, corresponding spot segment rates used for purposes of Internal Revenue Code (Code) Section 417(e)(3), and 24-month average segment rates for purposes of Code Section 430(h)(2). Notice 2026-2 also provides the interest rate for 30-year Treasury securities for purposes of Code Section 417(e)(3)(A)(ii)(II), as in effect for plan years beginning before 2008, as well as the 30-year Treasury weighted average rate for purposes of Code Section 431(c)(6)(E)(ii)(I).

December 15, 2025: The IRS issued Revenue Ruling 2026-2, providing various prescribed rates for federal income tax purposes for January 2026. The prescribed rates include:

Short-, mid-, and long-term applicable federal rates for certain debt instruments in the Code.
Section 42(b)(1) housing credit appropriate percentages.
The deemed rate of return for calendar year 2026 transfers made to pooled income funds, as described in Section 642(c)(5).
The average of the applicable federal mid-term rates for the 60-month period ending December 31, 2025.

December 19, 2025: The IRS issued Notice 2026-1, providing interim guidance related to the credit for carbon oxide sequestration under Code Section 45Q pending the forthcoming proposed regulations removing reporting obligations related to the geological sequestration of carbon dioxide imposed under subpart RR of 40 CFR part 98. The notice specifically provides a safe harbor for determining eligibility for qualified carbon oxide, captured and disposed of in secure geological storage and not used as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, during calendar year 2025. Notice 2026-1’s safe harbor applies if the US Environmental Protection Agency does not launch the electronic Greenhouse Gas Reporting Tool for filers to prepare and submit information required under subpart RR by June 10, 2026. Taxpayers can rely on the safe harbor to demonstrate compliance with subpart RR requirements when determining the Code Section 45Q credit related to the 2025 Calendar Year Secure Geological Storage.

December 19, 2025: The IRS issued Notice 2026-6, extending the transition period in Revenue Ruling 2025-4 for states administering paid family and medical leave (PFML) programs and employers participating in PFML programs. The extension is for an additional year and only as it relates to the medical leave benefits a state pays to an individual that can be attributed to employer contributions.

December 22, 2025: The IRS issued Notice 2026-3, providing relief from Code Section 6654 and 6655 additions of tax for underpayments of estimated income tax by taxpayers making valid Code Section 1062(a) elections.

December 22, 2025: In Announcement 2026-1, the IRS declared its intent to issue guidance related to Code Section 6435. That guidance, intended for taxpayers that paid Code [...]

Continue Reading

Weekly IRS Roundup March 4 – March 8, 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