employer shared responsibility payments Archives

employer shared responsibility payments

IRS roundup: July 12 – July 29, 2025

by Evan Walters, Samuel F. Hamer, Edward L. Froelich, Michael J. Scarduzio and Matthew J. Blaney | Aug 15, 2025 | IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for July 12, 2025 – July 29, 2025.

IRS guidance

July 15, 2025: The IRS issued Revenue Ruling 2025-14, providing prescribed rates for federal income tax purposes for August 2025, including but not limited to:

Short-, mid-, and long-term applicable federal rates for August 2025 for purposes of Internal Revenue Code (Code) Section 1274(d).

Short-, mid-, and long-term adjusted applicable federal rates for August 2025 for purposes of Code Section 1288(b).

The adjusted federal long-term rate and the long-term tax-exempt rate, as described in Code Section 382(f).

The appropriate percentages for determining the low-income housing credit described in Section 42(b)(1) for buildings placed in service during the current month.

The federal rate for determining the present value of an annuity, an interest for life, a term of years, a remainder, or a reversionary interest for purposes of Code Section 7520.

July 15, 2025: The IRS issued Notice 2025-39, providing guidance on the corporate bond monthly yield curve, corresponding spot segment rates under Code Section 417(e)(3), and the 24-month average segment rates under Code Section 430(h)(2). The notice also provides guidance on the interest rate for 30-year Treasury securities under Code Section 417(e)(3)(A)(ii)(II) (for plan years in effect before 2008) and the 30-year Treasury weighted average rate under Code Section 431(c)(6)(E)(ii)(I).

July 16, 2025: The IRS issued Revenue Ruling 2025-15, clarifying certain withholding and reporting requirements with respect to uncashed retirement plan distribution checks. The IRS held that no adjustment or refund is available under Sections 6413 and 6414 with respect to amounts withheld and remitted when more than the correct amount of tax was not withheld or paid.

July 16, 2025: The IRS issued Notice 2025-40, providing updated static mortality tables for defined benefit pension plans under Code Section 430(h)(3)(A) and Section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA). These updated static mortality tables apply for purposes of calculating the funding target and other items for valuation dates occurring during the 2026 calendar year.

The notice also includes a modified unisex version of the mortality tables for determining the minimum present value under ERISA Sections 417(e)(3) and 205(g)(3) for distributions with annuity starting dates that occur during stability periods beginning in the 2026 calendar year.

July 21, 2025: The IRS issued Notice 2025-36, identifying and making obsolete 83 Internal Revenue Bulletin guidance documents. The notice cites Executive Order 14192, Unleashing Prosperity Through Deregulation, which directed agencies to identify regulations to be repealed and other guidance that are appropriate for withdrawal. The 83 obsolete regulations span multiple contexts and Code sections.

July 21, 2025: The IRS issued Notice 2025-37, which includes the inflation adjustment factors and applicable amounts for calendar year 2025 for the zero-emission nuclear power production credit under Code Section 45U. It [...]

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Weekly IRS Roundup February 26 – March 1, 2024

by Kevin Spencer, Evan Walters and Jeremy Kass | Mar 6, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 26, 2024 – March 1, 2024.

February 26, 2024: The IRS released Internal Revenue Bulletin 2024-9, which includes the following:

Announcement 2024-11, which shares recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.
Revenue Procedure 2024-12, which extends the time for providing certain seller reports for vehicle sales that qualify for the clean vehicle credit or the previously owned clean vehicle credit under Internal Revenue Code (Code) §§ 30D and 25E, respectfully.
Revenue Procedure 2024-13, which provides two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service during calendar year 2024 and a table of dollar amounts that must be used to determine income inclusions by passenger automobile lessees with a lease term beginning in calendar year 2024.
Revenue Procedure 2024-14, which provides indexing adjustments for applicable dollar amounts under Code § 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared responsibility payments under § 4980H(a) and (b)(1), respectively.

February 26, 2024: The IRS announced that it will accept supplemental applications from all qualified organizations for Low Income Taxpayer Clinic matching grants from February 26 to April 10.

February 26, 2024: The IRS provided businesses, tax professionals and others who want to learn more about resolving incorrect Employee Retention Credit (ERC) claims a free webinar about the ERC Voluntary Disclosure Program and other IRS efforts to help taxpayers who may have been misled by aggressive marketing and misinformation around ERC eligibility.

February 27, 2024: The IRS announced that individuals and businesses in parts of California affected by severe storms and flooding that began on January 21, 2024, now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

February 27, 2024: The IRS announced that two private sector experts with extensive experience in the tax and cryptocurrency industries have been hired as executive advisors to help the agency’s efforts within the digital assets space.

February 27, 2024: The IRS released Notice 2024-26, which provides that withholding agents (both US and foreign persons) are administratively exempt from the requirements to electronically file Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, that are required to be filed in calendar year 2024. Additionally, withholding agents that are foreign persons are administratively exempt from the requirements to electronically file Forms 1042 that are required to be filed in calendar year 2025.

February 28, 2024: The IRS reminded taxpayers that recent improvements to Where’s My Refund? provide more information and remains the best way to check the status of a refund, including information regarding IRS confirmation [...]

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Weekly IRS Roundup February 12 – February 16, 2024

by Kevin Spencer, Evan Walters and Jeremy Kass | Feb 21, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 12, 2024 – February 16, 2024.

February 12, 2024: The IRS released Internal Revenue Bulletin 2024-7, which includes the following:

Revenue Ruling 2024-5, which provides that if one or more of a state’s allocations of housing credit dollar amounts under § 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are not restricted to projects located in qualified disaster zones.
Announcement 2024-7, which corrects Revenue Procedure 2024-5 by providing initially omitted effective dates for changes to the user fees that apply to certain requests for advance approvals.
Announcement 2024-8, which revokes tax-exempt status for the Altruistic United Humanity Association.
Announcement 2024-9, which revokes tax-exempt status for the West Los Angeles Obedience Training Club Inc.
Notice 2024-20, which advises that forthcoming proposed regulations will set forth (i) requirements for qualifying as an eligible census tract for purposes of the alternative fuel vehicle refueling property credit under § 30C of the Internal Revenue Code (Code) and (ii) guidance as to how taxpayers can verify that property satisfies the geographic requirements of Code § 30C.
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 July 2023. Due to 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 the past 12 months.

February 12, 2024: The IRS announced that Jim Lee, chief of IRS Criminal Investigation, will retire effective April 6, 2024.

February 12, 2024: The IRS issued Revenue Procedure 2024-14, which provides indexing adjustments for applicable dollar amounts used to calculate the employer shared responsibility payments under § 4980H(a) and (b)(1) of the Code.

February 12, 2024: The IRS reminded senior taxpayers of free tax filing options, including the programs Tax Counseling for the Elderly, Volunteer Income Tax Assistance and IRS Free File.

February 13, 2024: The IRS highlighted seven suspicious signs that an Employee Retention Credit claim may be questionable and could signal future IRS problems to help small businesses that may need to resolve incorrect claims.

February 13, 2024: The IRS alerted tax professionals to watch out for a “new client” scam, which is an email scheme (in which cybercriminals pose as potential clients) that peaks during the busy tax filing season.

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Weekly IRS Roundup March 6 – March 10, 2023

by Sarah M. Raben | Mar 13, 2023 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2023 – March 10, 2023.

March 6, 2023: The IRS released Internal Revenue Bulletin 2023-10, which highlights the following:

Action on Decision 2023-1: The IRS announced that although it disagrees with the holding that Section 4611(b)(1)(A) imposes a tax on exports in violation of the Export Clause of the US Constitution (US Const. art. I, § 9, cl. 5), in the interest of sound tax administration, it will follow the decision in all circuits.

Notice 2023-17: This notice establishes a program to allocate amounts of environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified facilities eligible for the energy investment credit as determined under Section 48. This notice also provides initial program guidance for potential applicants for allocations of calendar year 2023 Capacity Limitation.

Notice 2023-18: This notice establishes the Section 48C(e)(1) program to allocate $10 billion in credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts) and provides initial guidance. The goal of the program is to expand US manufacturing capacity and quality jobs for clean energy technologies (including production and recycling), reduce greenhouse gas emissions in the US industrial sector and secure domestic supply chains for critical materials (including specified critical minerals) that serve as inputs for clean energy technology production.

Notice 2023-20: This notice provides interim guidance for the determination of adjusted financial statement income as it relates to (1) variable contracts and similar contracts, (2) funds withheld from reinsurance and modified coinsurance agreements and (3) the basis of certain assets held by certain previously tax-exempt entities that received a “fresh start” basis adjustment.

Revenue Ruling 2023-5: This revenue ruling provides the applicable federal rates for federal income tax purposes for March 2023. The short-term federal interest rate is 4.5%, the mid-term rate is 3.7% and the long-term rate is 3.74%.

March 6, 2023: The IRS announced that it will be open for special Saturday hours throughout tax season, during which taxpayers can receive face-to-face help from IRS employees without an appointment. The next Saturday openings will be April 8 and May 13.

March 6, 2023: The IRS released Tax Tip 2023-28, which offers easy and convenient options for making federal tax payments.

March 7, 2023: The IRS released Notice 2023-23, which provides guidance to financial institutions on reporting required minimum distributions (RMDs) for 2023 after the amendment to Section 401(a)(9) made by the Consolidated Appropriations Act. If an individual retirement account (IRA) owner has an RMD due for 2023, the financial institution that is the trustee, custodian or issuer maintaining the IRA must file a 2022 Form 5498 (IRA Contribution Information) by May 31, 2023, and indicate [...]

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