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Weekly IRS Roundup June 20 – June 23, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the shortened week of June 20, 2023 – June 23, 2023. (June 19 is a federal holiday.)

June 20, 2023: The IRS released Internal Revenue Bulletin 2023-25, which highlights:

  • Notice 2023-44: This notice provides more details for applicants seeking Section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act of 2022. See Appendix C of the notice.

June 20, 2023: The IRS released Tax Tip 2023-83, highlighting a series of special events at the IRS Nationwide Tax Forum. The events include sessions on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate. Find more information about registration at the end of this post.

June 21, 2023: The IRS announced that National Taxpayer Advocate Erin M. Collins released her midyear report to Congress. The report noted that this year’s tax-return filing season ran smoothly, and she urged the IRS to prioritize technology upgrades for the upcoming fiscal year.

June 22, 2023: The IRS released Tax Tip 2023-84, announcing that IRS Commissioner Danny Werfel will give the keynote address at the Atlanta session of the 2023 IRS Nationwide Tax Forum on July 25–27, providing tax professionals with multiple opportunities to learn more about changes to tax law and IRS transformation efforts. This will be Commissioner Werfel’s first appearance at the Nationwide Tax Forum.

June 23, 2023: The IRS released Notice 2023-37, which clarifies whether certain items and services are treated as preventive care under Section 223(c)(2)(C) of the Internal Revenue Code. The guidance is in response to the end of the COVID-19 public health emergency and national emergency.

June 23, 2023: The IRS issued proposed regulations on how to construct the corporate bond yield curve (to derive the interest rates used in calculating present value and making other calculations under a defined benefit plan, as well as for discounting unpaid losses and estimated salvage recoverable of insurance companies). Written comments must be received by August 22, 2023.

June 23, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Upcoming Events: Registration for the Nationwide Tax Forum is now open, and events are returning to an in-person format for the first time since 2019. The Nationwide Tax Forum is designed specifically for tax professionals (e.g., enrolled agents, certified public accountants, certified financial planners and Annual Filing Season Program participants), as well as uncredentialed tax professionals. The dates and locations are:

  • July 11–13: New Orleans, Louisiana
  • July 25–27: Atlanta, Georgia
  • August 8–10: National Harbor, Maryland (Washington, DC, area)
  • August 22–24: San Diego, California
  • August 29–31: Orlando, Florida

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Weekly IRS Roundup August 1 – August 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 1, 2022 – August 5, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

August 1, 2022: The IRS released Internal Revenue Bulletin 2022-31, which highlights the following:

  • Administrative: Revenue Procedure 2022-30 provides specifications for the private printing of red ink substitutes for the 2022 Forms W-2 and W-3.
  • Income Tax: Revenue Ruling 2022-14 provides the applicable federal rates for federal income tax purposes for August 2022.

August 1, 2022: The IRS released Tax Tip 2022-116, explaining the basics of excise tax and what businesses should know.

August 1, 2022: The IRS announced Revenue Procedure 2022-29, which modifies and supersedes Revenue Procedure 2006-36, 2006-38 I.R.B 498. The Procedure updates how government agencies and members of the public should request the creation of special statistical studies and compilations involving return information. It also sets forth the criteria for determining reasonable fees for the costs associated with the creation of the special statistical studies and compilations.

August 2, 2022: The IRS released IR-2022-144, urging tax professionals to learn the signs of data theft so that they can react quickly to protect clients. This topic is the third of a five-part series from the Security Summit, including the IRS, state tax agencies and others from the tax community. Tax professionals or firms that are the victim of data theft should immediately report it to the local IRS Stakeholder Liaison.

August 2, 2022: The IRS announced that Kentucky storm and flooding victims now have until November 15, 2022, to file individual and business tax returns and make tax payments if they had a valid extension to file their 2021 returns. The 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.

August 2, 2022: The IRS released Tax Tip 2022-117, providing the legal distinctions between an employee and an independent contractor.

August 3, 2022: The IRS released Notice 2022-33, extending the deadlines for amending a retirement plan or individual retirement arrangement to reflect certain provisions of Division O of the Further Consolidated Appropriations Act, also known as the Setting Every Community Up for Retirement Enhancement Act of 2019, and section 104 of Division M of the Further Consolidated Appropriations Act, 2020, also known as the Bipartisan American Miners Act of 2019.

August 3, 2022: The IRS released COVID Tax Tip 2022-118, explaining the educator expense deduction, which allows eligible teachers and administrators to deduct part of their cost for technology, supplies and training from their personal taxes. This applies only to expenses [...]

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