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Weekly IRS Roundup October 9 – October 13, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 9, 2023 – October 13, 2023.

October 10, 2023: The IRS released Internal Revenue Bulletin 2023-41, which includes the following:

  • Revenue Ruling 2023-19 sets forth updated terminal charge and Standard Industry Fare Level formula mileage rates for valuing noncommercial flights on employer-provided aircrafts for purposes of taxing fringe benefits under Treasury Regulation § 1.61-21(g).
  • Notice 2023-68 provides the special per diem rates for purposes of substantiating ordinary and necessary business expenses relating to (1) meal and incidental expenses within the transportation industry, (2) incidental expenses only and (3) allowances under the high-low substantiation method.
  • Revenue Procedure 2023-32 publishes the amount of unused housing credit carryovers allocated to qualified states under Code Section 42(h)(3)(D) for calendar year 2023.
  • Announcement 2023-29 revokes tax-exempt status from certain organizations.

October 10, 2023: The IRS reminded taxpayers filing on extension to gather all records and copies of missing documents before they prepare their returns on their own or visit a tax preparer.

October 12, 2023: The IRS released new tax gap projections for tax years 2020 and 2021. The projections estimate an increase in the gross tax gap to $688 billion in tax year 2021, which reflects a rise of more than $192 billion from prior estimates for tax years 2014 through 2016 and a rise of $138 billion from the revised projections for tax years 2017 through 2019.

October 13, 2023: The IRS released Notice 2023-71, extending all tax filing and payment deadlines from October 7, 2023, until October 7, 2024, for taxpayers affected by the recent terrorist attacks in Israel. The relief applies to:

  • Any individual whose principal residence or business entity is located in Israel, the West Bank or Gaza
  • Any sole proprietor whose principal place of business is located in Israel, the West Bank or Gaza
  • Any individual, business, sole proprietor, estate or trust whose books, records or tax preparer is located in Israel, the West Bank or Gaza
  • Any individual who was killed, injured or taken hostage during the terrorist attacks
  • Any individual affiliated with a recognized government or philanthropic organization and is assisting in Israel, the West Bank or Gaza (such as a relief worker)

October 13, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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Weekly IRS Roundup April 10 – April 14, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 10, 2023 – April 14, 2023.

April 10, 2023: The IRS released Internal Revenue Bulletin 2023-15, which highlights the following:

  • Revenue Procedure 2023-20: This revenue procedure modifies the effective date of additions to the taxable substances or chemicals list under Section 4672(a). Specifically, this revenue procedure changes the date on which substances are added to the list for purposes of refund claims under Section 4662(e).
  • Notice 2023-27: This notice announces that the US Department of the Treasury and the IRS intend to issue guidance related to the tax treatment of certain non-fungible tokens (NFTs). The guidance requests comments on the treatment of NFTs as collectibles and describes how the IRS intends to determine whether an NFT is a collectible until further guidance is issued.
  • Notice 2023-28: This notice extends temporary relief regarding deposits of the excise tax imposed on certain chemicals under Section 4661 and the excise tax imposed on certain imported chemical substances under Section 4671 (collectively, Superfund chemical taxes). The extended relief is available in connection with deposits of the Superfund chemical taxes for semimonthly periods in the second, third and fourth calendar quarters of 2023.
  • REG-120653-22: These proposed regulations implement the advanced manufacturing investment credit, a new current-year business tax credit under Section 48D to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. The regulations address the credit’s eligibility requirements, an election that eligible taxpayers may make to be treated as making a payment of tax (including an overpayment of tax) or for an eligible partnership or S corporation to receive an elective payment instead of claiming a credit, and a special 10-year credit recapture rule that applies if there is a significant transaction involving the material expansion of semiconductor manufacturing capacity in a foreign country of concern.
  • Revenue Ruling 2023-7: This revenue ruling provides the fringe benefits aircraft valuation formula. For purposes of Section 1.61-21(g) of the regulations, relating to the rule for valuing non-commercial flights on employer-provided aircrafts, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2023 are as follows:

April 10, 2023: The IRS released Tax Tip 2023-47, providing guidance on when to file an amended income tax return.

April 10, 2023: The IRS and the Treasury issued Notice 2023-30, providing safe harbor deed language for extinguishment and boundary line adjustment clauses as required by the SECURE 2.0 Act of 2022. Section 605(d)(2) provides donors with the opportunity to amend certain conservation easement deeds to substitute the [...]

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