energy investment credit Archives

Weekly IRS Roundup September 25 – September 29, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 25, 2023 – September 29, 2023.

September 25, 2023: The IRS released Internal Revenue Bulletin 2023-39, which includes the following:

Notice 2023-63 provides interim guidance on the treatment of research and experimental expenditures under Code Section 174, requests comments on issues related to the interim guidance and announces an intent to issue regulatory guidance.
Proposed regulations that outline the rules for satisfying the prevailing wage and registered apprenticeship requirements under the IRA.

September 25, 2023: The IRS published Notice 2023-68, providing the special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling, including (1) the rates for special transportation industry meal and incidental expenses, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 25, 2023: The IRS published Tax Tip 2023-114, advising employers that educational assistance programs can be used to help pay their employees’ student loans.

September 25, 2023: The IRS announced that individuals and businesses affected by Hurricane Lee in Maine and Massachusetts now have until February 15, 2024, to file various tax returns and make tax payments.

September 26, 2023: The IRS announced that a public hearing on proposed regulations relating to excise taxes imposed on certain chemicals and imported substances will be held on October 25, 2023, at 10:00 am (EDT). Speakers’ discussion topic outlines are due October 11, 2023.

September 26, 2023: The IRS published Tax Tip 2023-115, reminding businesses that file 10 or more information returns that, beginning January 1, 2024, they must electronically file Form 8300 for cash payments over $10,000.

September 26, 2023: The IRS announced the availability of expanded chatbot technology that answers basic questions for people who receive notices about possibly underreporting their taxes. The new chatbot feature will assist taxpayers who receive notices CP2000, CP2501 and CP3219A. These mailings inform taxpayers if the tax information the IRS received from third parties doesn’t match the information they provided themselves to the IRS.

September 27, 2023: The IRS published Notice 2023-65, providing guidance on the energy efficient home credit under Code § 45L. The guidance addresses:

Who is eligible for the credit
How to determine the applicable amount of the credit
Energy saving requirements
Certification requirements
Substantiation requirements.

This notice obsoletes Notice 2008-35, 2008-1 C.B. 647 and Notice 2008-36, 2008-1 C.B. 650, which apply for purposes of the former Code § 45L.

September 27, 2023: The IRS published Notice 2023-67, giving farmers and ranchers who were impacted by drought an extra year to replace livestock from forced sales and defer gains under Code § 1033(e).

September 28, [...]

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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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Weekly IRS Roundup September 25 – September 29, 2023

Weekly IRS Roundup March 6 – March 10, 2023

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