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Weekly IRS Roundup August 21 – September 1, 2023

By on Sep 5, 2023
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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for August 21, 2023 – September 1, 2023.[1]

August 21, 2023: The IRS released Tax Tip 2023-102, warning tax professionals to be prepared for a variety of schemes aimed at stealing sensitive information, including phishing and attacks on cloud-based applications.

August 23, 2023: The IRS published Revenue Procedure 2023-29, providing the applicable percentage table used to calculate the premium tax credit under Section 36B.

August 24, 2023: The IRS reminded employers and employees that employers who have educational assistance programs can use those programs to help pay student loan obligations for their employees.

August 24, 2023: The IRS released Tax Tip 2023-103, outlining the Heavy Highway Vehicle Use Tax and reminding truckers that the tax payment due date is the last day of the month following the month the vehicle was first used on public highways. Truckers must also file Form 2290, Heavy Highway Vehicle Use Tax Return, by such date.

August 25, 2023: The IRS published Revenue Ruling 2023-17, which provides guidance on the overpayment and underpayment rate of tax under Section 6621. The ruling includes a table of interest rates spanning from 1975 through the present.

August 25, 2023: The IRS published Notice 2023-62, which provides guidance on particular issues involving catch-up contributions to retirement plans that are eligible to be designated as Roth contributions.

August 25, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

August 28, 2023: The IRS released Tax Tip 2023-104, explaining that eligible teachers and administrators can claim a tax deduction for part of the cost of technology, supplies and training to the extent those expenses are not reimbursed.

August 29, 2023: The IRS issued proposed regulations that would require brokers to report sales and exchanges of digital assets by customers. The proposed regulations contemplate the creation of new Form 1099-DA.

August 29, 2023: The IRS released Tax Tip 2023-105, listing miscellaneous resources for military spouses who run businesses or do gig work.

August 30, 2023: The IRS issued proposed regulations, frequently asked questions and Publication 5855, which all relate to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship requirements.

August 30, 2023: The IRS announced that starting January 1, 2024, Form 8300, Report of Cash Payments Over $10,000, must be filed electronically. (See also FS-2023-19 (August 19, 2023).)

August 30, 2023: The IRS announced tax relief for individuals and businesses in parts of Florida affected by Hurricane Idalia. Currently, [...]

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Weekly IRS Roundup May 1 – May 5, 2023

By on May 8, 2023
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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2023 – May 5, 2023.

May 1, 2023: The IRS released Internal Revenue Bulletin 2023-18, which highlights the following:

  • Announcement 2023-13: The Office of Professional Responsibility announced recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.
  • Revenue Procedure 2023-15: This revenue procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace or improve natural gas transmission and distribution property must be capitalized. This revenue procedure also provides procedures for obtaining automatic consent to change to the safe harbor method for linear property and non-linear property.
  • Notice 2023-33: This notice provides the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for April 2023. This notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.
  • Revenue Ruling 2023-8: This revenue ruling obsoletes Revenue Ruling 58-74 relating to the deductibility of research or experimental expenditures for prior taxable years to which the expense method is applicable. There are insufficient facts in Revenue Ruling 58-74 to properly analyze whether a taxpayer’s failure to deduct certain research or experimental expenditures (when it deducted other research or experimental expenditures) constituted a method of accounting or an error.

May 1, 2023: The IRS released Tax Tip 2053-59, highlighting the Small Business Virtual Tax Workshop. This resource can help business owners learn how to navigate their federal tax responsibilities and is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their businesses.

May 2, 2023: The IRS announced that Florida storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments as a result of tornados, severe storms and flooding that occurred from April 12 to April 14, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. The current list of eligible localities is available here.

May 2, 2023: The IRS released Tax Tip 2023-60, suggesting tools and resources to help small businesses.

May 2, 2023: The IRS urged business taxpayers to begin planning now to take advantage of tax benefits and to prepare for reporting changes that take effect in 2023. This reminder comes as part of National Small Business Week, where the IRS is joining the Small Business Administration and others in both the public and private sector to celebrate the hard work, ingenuity and dedication of small businesses and their contributions to [...]

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Weekly IRS Roundup April 3 – April 7, 2023

By on Apr 10, 2023
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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 3, 2023 – April 7, 2023.

April 3, 2023: The IRS released Internal Revenue Bulletin 2023-14, which highlights the following:

  • Notice 2023-25: This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. It also provides guidance as to the interest rate on 30-year Treasury securities as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate.
  • Revenue Ruling 23-6: This revenue ruling provides the applicable federal rates for federal income tax purposes for April 2023. The annual short-term rate is 3.67%, the mid-term rate is 3.14% and the long-term rate is 3.04%.

April 3, 2023: The IRS released Notice 2023-31, announcing an Extension of the Transition Period for the Single-Country Exception Under Section 903.

April 3, 2023: The IRS announced special Saturday hours at Taxpayer Assistance Centers. The final Saturday opening will be May 13, 2023, from 9:00 am to 4:00 pm.

April 3, 2023: The IRS released the last entry in its Dirty Dozen campaign, cautioning taxpayers to beware of promoters peddling bogus tax schemes aimed at reducing or avoiding taxes.

April 3, 2023: The IRS announced that Arkansas storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments as a result of storms that occurred on March 31, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency as qualifying for individual or public assistance. The current list of eligible localities is available here.

April 3, 2023: The IRS reminded taxpayers that tax credits are available for a portion of the qualifying expenses related to energy improvements to their homes. Taxpayers can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when qualifying improvements are made.

April 3, 2023: The IRS released Tax Tip 2023-43, reminding taxpayers that IRS.gov has tax information in seven languages: Spanish, Chinese Traditional, Chinese Simplified, Korean, Russian, Vietnamese and Haitian Creole.

April 4, 2023: The IRS released Revenue Procedure 2023-12, which updates the procedures for exempt organizations determination letters with respect to the electronically submitted Form 8940, Request for Miscellaneous Determination. This modification to Revenue Procedure 2023-5 provides that the electronic submission process is the exclusive means of submitting a completed Form 8940, except for submissions eligible for the 90-day transition relief.

April 4, 2023: The IRS announced guidance related to the eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Act of 2022 (IRA). Notice 2023-29 describes certain [...]

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Weekly IRS Roundup January 30 – February 3, 2023

By on Feb 6, 2023
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023.

January 30, 2023: The IRS released Internal Revenue Bulletin 2023-5, which highlights the following:

  • Announcement 2023-5: This announcement provides notice that there were no articles submitted for this week’s publication.

January 30, 2023: The IRS released Tax Tip 2023-10, reminding employers and businesses that the due date to file 2022 Form W-2, Form W-3 and Form 1099-NEC is January 31, 2023.

January 31, 2023: The IRS offered a checklist of reminders for people as they navigate tax season and prepare to file their 2022 tax returns. The list includes gathering all tax paperwork, remembering all types of income and choosing a tax professional carefully.

January 31, 2023: The IRS released Tax Tip 2023-11, urging people to bookmark IRS.gov tools to help reduce the stress of filing season. The Let Us Help You page has information and resources on a wide range of topics for both individual taxpayers and businesses.

February 1, 2023: The IRS released Tax Tip 2023-12, highlighting IRS Free File for first-time filers. The program provides free tax preparation, free electronic filing and free direct deposit for eligible taxpayers.

February 2, 2023: The IRS released Tax Tip 2023-13, urging taxpayers to have their tax refund direct deposited. The IRS says that direct deposit is fast, secure, easy and provides options for splitting a refund.

February 2, 2023: The IRS issued proposed regulations, which would rescind the moral objection to the coverage of contraceptive services under the Affordable Care Act. The proposed rules also would establish a new individual contraceptive arrangement that individuals enrolled in plans or coverage provided by objecting entities may use to obtain contraceptive services at no cost directly from a provider or facility that furnishes contraceptive services. Comments should be received by April 3, 2023.

February 3, 2023: The IRS announced that it has released new guidance related to new, previously owned and qualified commercial clean vehicle credits and updated related FAQs in Fact Sheet 2023-4. Notice 2023-16 modifies the definition of certain vehicle classifications for the clean vehicle credits.

February 3, 2023: The IRS released a statement regarding the taxability of state payments made in 2022. The IRS is working with state tax officials to provide additional information and hopes to provide additional clarity by next week. The IRS recommends waiting until additional guidance is available if taxpayers are uncertain about the taxability of their state payments. The IRS does not recommend calling the IRS or amending a previously filed 2022 return.

February 3, 2023: The IRS released a report entitled, IRS Progress Update for Fiscal Year 2022. The publication [...]

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Weekly IRS Roundup January 23 – January 27, 2023

By on Jan 30, 2023
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 23, 2023 – January 27, 2023.

January 23, 2023: The IRS released Internal Revenue Bulletin 2023-4, which highlights the following:

  • Proposed Regulation 114666-22: This proposed regulation modifies the participant election rules in Section 1.401(a)-21(d), providing an alternative to in-person witnessing of spousal consents required to be witnessed by a notary public or plan representative. The proposed regulation also clarifies that certain rules for the use of an electronic medium for participant elections also apply to spousal consents.

January 23, 2023: The IRS is requesting comments concerning Form 5227, Split-Interest Trust Information Return, which is used to report the financial activities of a split-interest trust described in Section 4947(a)(2) and determine whether the trust is treated as a private foundation and thus subject to excise taxes. Written comments should be received by March 24, 2023.

January 23, 2023: The IRS announced the beginning of the 2023 tax filing season, with a focus on improving customer service. The IRS also urged taxpayers to file their returns electronically with direct deposit to expedite refunds and avoid delays. The deadline for most people to file tax returns this year is April 18, 2023, however, storm victims in Alabama, California and Georgia have until May 15, 2023.

January 23, 2023: The IRS is requesting comments related to proceeds of bonds used for reimbursement. This regulation clarifies when the allocation of bond proceeds to reimburse expenditures previously made by an issuer of the bond is treated as an expenditure of the bond proceeds. Written comments should be received by March 24, 2023.

January 23, 2023: The IRS released Tax Tip 2023-06, which provides information about the adoption tax credit for families with adoption-related expenses. Taxpayers must complete Form 8839 to claim the credit and attach it to their tax return.

January 24, 2023: The IRS reminded taxpayers that they must answer a digital asset question and report all digital asset-related income when filing their 2022 federal income tax return. This is the same procedure as fiscal year 2021. The term “digital assets” has replaced “virtual currencies,” which was a term used in previous years. The question appears at the top of Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return.

January 24, 2023: The IRS reminded taxpayers to choose their tax preparer carefully. Taxpayers are ultimately responsible for all the information on their income tax return, regardless of who prepares it. Anyone who is paid to prepare federal tax returns must have a valid Preparer Tax Identification Number.

January 24, 2023: The IRS released Tax Tip 2023-07, urging taxpayers to avoid common mistakes when filing their tax returns by carefully reviewing them. [...]

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Weekly IRS Roundup January 17 – January 20, 2023

By on Jan 23, 2023
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 17, 2023 – January 20, 2023.

January 17, 2023: The IRS released Internal Revenue Bulletin 2023-3, which highlights the following:

  • Notice 2023-10: This notice provides that calendar year 2022 will be a transition period for purposes of implementing the $600 reporting threshold for third-party settlement organizations. As a result, third-party organizations will not be required to report tax year 2022 transactions on Form 1099-K to the IRS or the payee for the lower $600 threshold amount unless the amount exceeds $20,000 and the number of transactions exceeds 200.
  • Notice 2023-2: This notice provides interim guidance on the new 1% excise tax on a covered corporation’s repurchases of corporate stock under Section 4501. Section 4501 was added as part of the Inflation Reduction Act of 2022 (IRA). The notice provides an exclusive list of Section 317(b) redemption transactions that are treated as Section 317(b) redemption but are not repurchases, as well as an exclusive list of economically similar transactions. The notice applies to stock repurchases and issuances of stock made after December 31, 2022.
  • Announcement 2023-1: This announcement notifies taxpayers of the applicable reference standard that must be used to determine the amount of the energy-efficient commercial building property deduction allowed under Section 179D, as amended by the IRA. This announcement identifies the existing reference standard, affirms a new one and clarifies when the two reference standards will apply.
  • Notice 2023-1: This notice informs taxpayers that the IRS and the US Department of the Treasury (Treasury) intend to propose new clean vehicle credit regulations, addressing the definitions of certain terms in Section 30D.
  • Notice 2023-03: This notice provides the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2023, the standard mileage rates for the use of a car, van, pickup or panel truck are:
    • 5 cents per mile driven for business use
    • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the armed forces
    • 14 cents per mile driven in service of charitable organizations
  • Notice 2023-7: This notice announces that the IRS and the Treasury plan to issue guidance on the new corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022. It also clarifies which corporations the CAMT applies to and how the alternative minimum tax is calculated.
  • Notice 2023-9: This notice informs taxpayers that the Treasury and the IRS have reviewed the incremental cost for all street vehicles in calendar year 2023 and the analysis shows [...]

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Weekly IRS Roundup October 17 – October 21, 2022

By on Oct 24, 2022
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022.

October 17, 2022: The IRS released Internal Revenue Bulletin 2022-42, which highlights the following:

  • Notice 2022-45: This notice extends the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.
  • Notice 2022-43: This notice provides guidance regarding the extension of the four-year replacement period for livestock sold because of the drought. The relief extends to 44 states, two US territories and two independent nations. It generally applies to capital gains realized on sales of livestock held for draft, dairy or breeding purposes.

October 17, 2022: The IRS announced its continued support to fight fraud targeting charities, businesses and individuals during Charity Fraud Awareness Week, which was October 17 to October 21. The IRS estimates that charities lose 5% of their revenue each year to fraud.

October 17, 2022: The IRS released Tax Tip 2022-158, reminding taxpayers to review their withholdings and estimated tax payments.

October 17, 2022: The IRS released Revenue Ruling 2022-20, providing various prescribed rates for federal income tax purposes for November 2022.

October 17, 2022: The IRS released Notice 2022-54, which provides guidance on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for October 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

October 17, 2022: The IRS reminded families that they may be eligible for the Child Tax Credit if they claim at least one child as their dependent. The IRS specifically urges grandparents, foster parents or people caring for siblings or other relatives to check whether they are eligible to receive the 2021 Child Tax Credit.

October 18, 2022: The IRS released Tax Tip 2022-159, suggesting that taxpayers with an outstanding tax bill consider making an Offer in Compromise. An Offer in Compromise is an option for taxpayers who cannot pay their full tax liabilities or in situations where paying the balance would create financial hardship.

October 18, 2022: The IRS announced the 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The Inflation Reduction Act of 2022 is extending certain tax breaks related to energy for the first time in 2023. The standard deduction for a married couple filing jointly and single and married taxpayers filing separately is also increasing. All of the 2023 adjustments can be found in
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Weekly IRS Roundup September 19 – September 23, 2022

By on Sep 26, 2022
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 19, 2022 – September 23, 2022.

September 19, 2022: The IRS updated information on the Work Opportunity Tax Credit (WOTC), including information on the pre-screening and certification process. The WOTC is available to employers who hire designated categories of workers facing significant barriers to employment. Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, must be completed by the job applicant and the employer on or before the day of the job offer to satisfy the pre-screen requirement.

September 19, 2022: The IRS released Tax Tip 2022-143, reminding people that every taxpayer has the right to retain representation when they work with the IRS, including the right to seek assistance from the Low Income Taxpayer Clinic.

September 20, 2022: The IRS announced that it has selected eight new members for the Electronic Tax Administration Advisory Committee. The committee’s main goal is to promote paperless filing of tax and information returns. The following individuals have been appointed for three-year terms on the committee, starting in September:

  • Austin Emeagwai, CPA, Ph.D.; Collierville, Tennessee
  • Jerry Gaddis, EA, MBA; Winter Haven, Florida
  • Nikia Gainey; Orlando, Florida
  • Robert Gettemy;Marion, Iowa
  • Argi O’Leary; Voorheesville, New York
  • Hallie Parchman; Austin, Texas
  • RaeAnn Pilarski; Tucson, Arizona
  • Keith Richardson; Philadelphia, Pennsylvania

September 20, 2022: The IRS announced that Hurricane Fiona victims in Puerto Rico now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief is available in all 78 Puerto Rican municipalities, which are designated by the Federal Emergency Management Agency.

September 20, 2022: The IRS released Notice 2022-40, which provides updates on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for September 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and the 30-year Treasury weighted average rates.

September 20, 2022: The IRS released Tax Tip 2022-144, recommending that people use caution when choosing a tax preparer since tax preparers have different levels of skill, education and expertise.

September 21, 2022: The IRS released Tax Tip 2022-145, describing the different types of authorizations for third-party representatives. The options include:

  • Power of Attorney: This allows someone to represent a taxpayer in tax matters before the IRS. The representative must be an individual authorized to practice before the IRS.
  • Tax Information Authorization: This allows a taxpayer to appoint anyone to review or receive a taxpayer’s confidential tax information for a specified type of tax for a specified period.
  • Third-Party Designee: This designates a person on a taxpayer’s tax form to discuss that specific tax return and year with the IRS.
  • Oral Disclosure: This authorizes the [...]

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