noncommercial flights Archives - TAX CONTROVERSY 360

Weekly IRS Roundup September 30 – October 4, 2024

by Kevin Spencer, Evan Walters and Sama Kaseer | Oct 15, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 30, 2024 – October 4, 2024.

September 30, 2024: The IRS released Internal Revenue Bulletin 2024-40, which includes the following:

Revenue Ruling 2024-20, which provides the terminal charge and Standard Industry Fare Level mileage rates for valuing noncommercial flights on employer-provided aircraft for the second half of 2024.
Treasury Decision 9991, which contains final regulations that provide guidance on the consistent basis requirement under 1014(f) of the Internal Revenue Code (Code), applicable to recipients of certain property from a decedent, and the reporting requirements under Code § 6035, applicable to executors and other persons required to file an estate tax return. The final regulations adopt the 2016 proposed regulations (with some modifications) and are designed to ensure accurate reporting and compliance.
Proposed regulations, which amend the definition of “coverage month” to include any month where the premium paid, including advance payments, is sufficient to maintain an individual’s coverage from being terminated for that month when computing their premium tax credit (PTC). The proposed regulations also modify certain rules for calculating an individual taxpayer’s health insurance PTC and clarify eligibility criteria for state basic health programs.
Proposed regulations, which update the qualified domestic trust rules under Code 2056A by removing outdated references to align with current IRS procedures and revising filing requirements and addresses. The proposed regulations primarily affect estates passing property to noncitizen spouses.

September 30, 2024: The IRS released draft IRS Form 7217, Partner’s Report of Property Distributed by a Partnership, which requires partners to report property distributions from partnerships beginning in tax year 2024. Distributions consisting solely of money or marketable securities treated as money are excluded.

September 30, 2024: The IRS released Notice 2024-70, which extends the replacement period under Code § 1033(e) for livestock sold or exchanged because of drought conditions in specified counties across 41 US states, allowing more time for eligible farmers and ranchers to replace livestock.

October 1, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Illinois that were affected by severe weather that began on July 13, 2024. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA), including individuals and households that reside or have a business in the following counties: Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago.

October 1, 2024: The IRS announced it is seeking volunteers for the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs to provide free tax services during the upcoming filing season. Interested individuals can sign up from October to January, with flexible hours and various roles [...]

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Weekly IRS Roundup October 9 – October 13, 2023

by Evan Walters | Oct 19, 2023 | IRS Guidance, Tax Reform

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 9, 2023 – October 13, 2023.

October 10, 2023: The IRS released Internal Revenue Bulletin 2023-41, which includes the following:

Revenue Ruling 2023-19 sets forth updated terminal charge and Standard Industry Fare Level formula mileage rates for valuing noncommercial flights on employer-provided aircrafts for purposes of taxing fringe benefits under Treasury Regulation § 1.61-21(g).
Notice 2023-68 provides the special per diem rates for purposes of substantiating ordinary and necessary business expenses relating to (1) meal and incidental expenses within the transportation industry, (2) incidental expenses only and (3) allowances under the high-low substantiation method.
Revenue Procedure 2023-32 publishes the amount of unused housing credit carryovers allocated to qualified states under Code Section 42(h)(3)(D) for calendar year 2023.
Announcement 2023-29 revokes tax-exempt status from certain organizations.

October 10, 2023: The IRS reminded taxpayers filing on extension to gather all records and copies of missing documents before they prepare their returns on their own or visit a tax preparer.

October 12, 2023: The IRS released new tax gap projections for tax years 2020 and 2021. The projections estimate an increase in the gross tax gap to $688 billion in tax year 2021, which reflects a rise of more than $192 billion from prior estimates for tax years 2014 through 2016 and a rise of $138 billion from the revised projections for tax years 2017 through 2019.

October 13, 2023: The IRS released Notice 2023-71, extending all tax filing and payment deadlines from October 7, 2023, until October 7, 2024, for taxpayers affected by the recent terrorist attacks in Israel. The relief applies to:

Any individual whose principal residence or business entity is located in Israel, the West Bank or Gaza
Any sole proprietor whose principal place of business is located in Israel, the West Bank or Gaza
Any individual, business, sole proprietor, estate or trust whose books, records or tax preparer is located in Israel, the West Bank or Gaza
Any individual who was killed, injured or taken hostage during the terrorist attacks
Any individual affiliated with a recognized government or philanthropic organization and is assisting in Israel, the West Bank or Gaza (such as a relief worker)

October 13, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Weekly IRS Roundup March 13 – March 19, 2022

by McDermott Will & Emery | Mar 21, 2022 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

March 14, 2022: The IRS issued Announcement 2022-6, announcing that, effective March 14, 2022, and until further notice, the IRS will no longer accept applications for opinion letters relating to traditional individual retirement accounts (IRAs), Roth IRAs, Savings Incentive Match Plan for Employees (SIMPLE) IRAs or simplified employee pensions (SEPs) in order to revise associated forms and procedures and issue guidance to reflect recent legislation.

March 15, 2022: The IRS issued Revenue Ruling 2022-8, providing various prescribed interest rates for federal income tax purposes for April 2022.

March 15, 2022: The IRS issued Notice 2022-13, providing relief to certain taxpayers with income from a farming or fishing business from penalties under Section 6654 of the Code for underpayments of estimated income tax.

March 15, 2022: The IRS issued a news release announcing an expansion of the multilingual options available with respect to certain IRS forms and publications.

March 16, 2022: The IRS issued Revenue Procedure 2022-17, providing updated tables for use in determining limitations on, and reductions to, depreciation deductions with respect to passenger automobiles under Section 280F of the Code.

March 16, 2022: The IRS issued a news release announcing that it is hiring for more than 200 information technology positions as part of an initiative to modernize its systems.

March 16, 2022: The IRS issued a news release, providing tips for taxpayers to protect themselves against tax-related fraud and identity theft.

March 17, 2022: The IRS issued minor corrections to proposed regulations published on March 1, 2022, relating to renewal fees for enrolled agents and enrolled retirement plan agents.

March 18, 2022: The IRS issued minor corrections to proposed regulations published on February 24, 2022, relating to required minimum distributions with respect to certain employee pension and retirement plans.

March 18, 2022: The IRS issued Revenue Ruling 2022-06, providing the semi-annual Standard Industry Fare Level (SIFL) rates and terminal charge used in computing the value of noncommercial flights on employer-provided aircrafts for purposes of the taxation of fringe benefits under Section 61 of the Code. The Revenue Ruling provides both unadjusted SIFL rates and SIFL rates as adjusted for relief provided to the airline industry by COVID-related legislation.

March 18, 2022: The IRS issued Revenue Procedure 2022-20, providing that hearings held by teleconference must generally meet the public approval requirement under Section 147(f) of the Code for tax-exempt qualified private activity bonds.

March 18, 2022: The IRS issued Notice 2022-11, in conjunction with the US Department of Labor and the [...]

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Weekly IRS Roundup September 30 – October 4, 2024

Weekly IRS Roundup October 9 – October 13, 2023

Weekly IRS Roundup March 13 – March 19, 2022

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