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Weekly IRS Roundup January 8 – January 12, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 8, 2024 – January 12, 2024.

January 8, 2024: The IRS released Internal Revenue Bulletin 2024-2, which includes the following:

Notice 2024-7, which provides eligible taxpayers with automatic relief from additions to tax for failure to pay with respect to certain income tax returns for 2020 and 2021.
Announcement 2024-3, which explains Voluntary Disclosure Program eligibility criteria, terms and procedures for taxpayers to resolve refunds or credits for erroneous Employee Retention Credit (ERC) claims.
Notice 2024-2, which provides guidance on certain SECURE 2.0 Act of 2022 provisions.
Notice 2024-3, which sets forth the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-approved Plans.
Notice 2024-4, which updates the corporate bond monthly yield curve and corresponding spot segment rates for December 2023 used under Internal Revenue Code (Code) § 417(e)(3)(D), the 24-month average segment rates for December 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
Revenue Ruling 2024-1, which provides covered compensation tables under § 401(1)(5)(E) for the 2024 plan year.
Notice 2024-1, which provides the percentage increase for calculating the qualifying payment amounts for items and services furnished in 2024 for purposes of Code §§ 9816 and 9817, §§ 716 and 717 of the Employee Retirement Income Security Act of 1974, and §§ 2799A-1 and 2799A-2 of the Public Health Service Act.
Notice 2024-6, which provides additional guidance on the sustainable aviation fuel (SAF) credit, including methods and Renewable Fuel Standard program safe harbors used to qualify for and calculate the SAF credit.
Announcement 2024-1, which revokes § 501(c)(3) determinations for certain organizations and stipulates that contributions made to the organizations by individual donors are no longer deductible under § 170(b)(1)(A).
Notice 2024-5, which provides a safe harbor for the incremental cost of certain qualified commercial clean vehicles placed in service in calendar year 2024 for purposes of the credit pursuant to § 45W.
Notice 2024-8, which provides the optional 2024 standard mileage rates that taxpayers can use when computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.
Notice 2024-9, which notes the IRS’s intent to propose regulations concerning statutorily required exceptions to the elective payment phaseout for entities that do not satisfy the domestic content requirements of §§ 45, 45Y, 48 and 48E. The notice also provides the transitional process for how applicable entities can claim the statutory exception for elective payment projects that begin construction during calendar year 2024 and fail to satisfy the domestic content requirement.
Notice 2024-11, which updates the list of treaties that meet the requirements of § 1(h)(11)(C)(i)(II) as it relates to [...]

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Weekly IRS Roundup October 4 – October 8, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 4, 2021 – October 8, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

October 4, 2021: The IRS released a practice unit, providing tax law and audit steps for reviewing a reseller’s uniform capitalization cost computations under section 263A. The practice unit focuses on the simplified production method and does not cover the final section 263A Treasury Regulations that were effective November 20, 2018.

October 4, 2021: The IRS published a news release, announcing 18 self-study seminars available online through the IRS Nationwide Tax Forums. The seminars cover topics such as the gig economy and virtual currency.

October 4, 2021: The IRS published instructions for Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)) concerning:

Guidance under section 1446(f) (withholding on partnership interest dispositions)
New lines 6a and 6b (addressing foreign tax ID number (FTIN) matters)
Tax treaty benefits claims (requiring representations)
Section 6050Y reporting (covering life insurance contracts and reportable death benefits)
Electronic signatures (updated to reflect new guidance)

October 5, 2021: The IRS published a news release, announcing that Free File remains available through October 15 for taxpayers who still need to file their 2020 tax returns. Free File is the IRS’s public-private partnership with tax preparation software industry leaders to provide their brand name products for free.

October 5, 2021: The IRS released a memorandum, expanding the criteria for collection due process cases that qualify for a rapid response appeals process under IRM 8.22.6.2 and related subsections.

October 5, 2021: The IRS released a memorandum concerning interim guidance regarding the IRS Independent Office of Appeals’ steps and procedures for its nationwide pilot program: The Appeals Electronic Case Files Initiative for Large Business & International (LB&I) report generation software (RGS) examination cases. This guidance is applicable to LB&I RGS International Individual Compliance cases only and excludes other large cases such as Tax Equity and Fiscal Responsibility Act of 1982 cases, Bipartisan Budget Act of 2015 cases and Syndicated Conservation Easement cases.

October 5, 2021: The IRS released a memorandum updating procedures where an organization requests a change in a section 501 subsection during the application process by submitting one application form to replace a different application form. The procedures are effective 30 days after issuance of the memorandum and supersedes those in TEGE-07-0421-0010 (April 29, 2021).

October 7, 2021: The IRS published a program letter indicating that, in Fiscal Year 2022, Tax Exempt (TE)/Government Entities (GE) commissioners expect to invest in new resources to expand outreach to the exempt sector as well as increase their enforcement staff.

October 8, 2021: The IRS released its weekly list of written [...]

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