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Weekly IRS Roundup February 19 – February 23, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 19, 2024 – February 23, 2024.

February 20, 2024: The IRS published Announcement 2024-12, which revokes tax-exempt status for the Chicago Cannabis Alliance and Keeping My Kids Inc.

February 20, 2024: The IRS reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes by March 1, 2024, to avoid estimated tax penalties.

February 20, 2024: The IRS reminded businesses to review their Employee Retention Credit eligibility because there’s limited time to voluntarily resolve incorrect claims and avoid issues, such as penalties and interest.

February 21, 2024: The IRS announced plans to begin dozens of audits on business aircraft involving personal use, focusing specifically on aircraft usage by large corporations, large partnerships and high-income taxpayers.

February 21, 2024: The IRS announced that interest rates for overpayments and underpayments will remain the same for the calendar quarter beginning April 1, 2024. Interest rates are provided in Revenue Ruling 2024-6.

February 21, 2024: The IRS reminded military personnel that they have several options to file their federal tax returns for free, including the US Department of Defense’s MilTax and the IRS Free File program.

February 21, 2024: The IRS announced the beginning of its 2024 Tax Time Guide series, which provides new and updated resources to help taxpayers file an accurate tax return.

February 22, 2024: The IRS warned tax professionals about a recurring scheme in which scammers pose as tax software providers and email tax professionals with requests to provide Electronic Filing Identification Number information via fax.

February 22, 2024: The IRS announced that applications for the 2025 Taxpayer Advocacy Panel (TAP) are now being accepted to fill vacancies in 29 states and territories. TAP submits recommendations to the IRS to help improve satisfaction with IRS services, products and procedures.

February 23, 2024: The IRS announced that the replacement of lead service lines under various governmental programs do not result in income to the residential property owners under Internal Revenue Code § 61.

February 23, 2024: The IRS issued frequently asked questions related to the US Department of Agriculture’s (USDA) Discrimination Financial Assistance Program, which provides financial assistance to farmers, ranchers and forest landowners who experienced discrimination by the USDA in farm lending prior to 2021.

February 23, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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Weekly IRS Roundup February 6 – February 10, 2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 6, 2023 – February 10, 2023.

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

  • Notice 2023-12: This notice provides updates on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for January 2023. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.
  • Notice 2023-13: This notice sets forth a proposed revenue procedure establishing the Service Industry Tip Compliance Agreement (SITCA) program. SITCA is a voluntary tip reporting program between the IRS and employers in the service industry that is designed to enhance tax compliance through the use of agreements instead of traditional audit techniques.
  • Revenue Procedure 2023-14: This guidance provides the tables of limitations on depreciation deductions for owners of passenger automobiles placed in during calendar year 2023 and the table dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2023.
  • Revenue Ruling 2023-3: This revenue ruling provides the applicable federal rates for federal income tax purposes for February 2023. The short-term federal interest rate is 4.47%, the mid-term is 3.82% and the long-term rate is 3.86%.

February 6, 2023: The IRS released Tax Tip 2023-14, highlighting the Taxpayer Bill of Rights, which include the Right to be Informed. Taxpayers have the right to know what they need to do to comply with the tax laws.

February 6, 2023: The IRS and the US Department of the Treasury (Treasury) announced a new program for service industry tip reporting. The proposed SITCA program is designed to take advantage of advancements in point-of-sale, time and attendance systems, and electronic payment settlement methods to improve tip reporting compliance. The proposed program would also decrease taxpayer and IRS administrative burdens and provide more transparency and certainty to taxpayers.

February 6, 2023: The IRS announced special Saturday hours for the next four months at Taxpayer Assistance Centers across the country. The Saturday hours will take place on February 11, March 11, April 8 and May 13 from 9:00 am to 4:00 pm.

February 7, 2023: The IRS released Tax Tip 2023-15, providing information to help business travelers properly claim travel business deductions.

February 8, 2023: The IRS released Announcement 2023-6, which notifies the public that it intends to issue opinion letters by February 28, 2023, for preapproved defined benefit plans that were updated for changes in plan qualification requirements and filed with the IRS during the third six-year remedial amendment cycle. This announcement also notifies the public of the date by which an adopting employer [...]

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