Section 48C credit allocations
Subscribe to Section 48C credit allocations's Posts

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

read more

Weekly IRS Roundup May 30 – June 2, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 30, 2023 – June 2, 2023.

May 30, 2023: The IRS released Internal Revenue Bulletin 2023-22, which highlights the following:

  • Notice 2023-39: This notice describes proposed amendments to Section 148 that the US Department of the Treasury (Treasury) and the IRS intend to issue regarding an exception to arbitrage investment restrictions applicable to bonds on which the interest is excludable from gross income under Section 103(a) (tax-exempt bonds). Specifically, the forthcoming proposed regulations will amend Section 1.148-11(d)(1)(i)(F) regarding whether certain perpetual trust funds created and controlled by states that are pledged as credit enhancements to guarantee tax-exempt bonds will be treated as replacement proceeds of the guaranteed bonds for purposes of the arbitrage investment restrictions on tax-exempt bonds under Section 148.
  • Revenue Procedure 2023-23: This procedure provides the 2024 inflation-adjusted amounts for Health Savings Accounts as determined under Section 223, as well as the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements provided under Section 54.9831-1(c)(3)(viii) of the Pension Excise Tax Regulations.
  • Notice 2023-40: This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates used under Sec. 417(e)(3)(D) and the 24-month average segment rates applicable for May 2023. This notice also provides the 30-year Treasury rates, as reflected by the application of Sec. 430(h)(2)(C)(iv).
  • Notice 2023-38: This notice provides the general rules taxpayers must satisfy to qualify for the domestic content bonus credit amounts and the related recordkeeping and certification requirements. The guidance also describes a safe harbor regarding the classification of certain components in representative types of qualified facilities, energy projects or energy storage technologies.

May 30, 2023: The IRS released Tax Tip 2023-73, reminding taxpayers that the extended deadline to file their 2019 tax returns for unclaimed refunds is July 17, 2023. Taxpayers usually have three years to file; however, the deadline was postponed due to the COVID-19 pandemic.

May 30, 2023: The IRS requested comments on Form 1041, U.S. Income Tax Return for Estates and Trusts, related Schedules D, I, J and K-1, and Form 1041-V. Comments should be received on or before July 31, 2023.

May 30, 2023: The IRS reminded taxpayers living and working abroad to file their 2022 federal income tax return by the June 15 deadline. This applies to both US citizens and resident aliens abroad, including those with dual citizenship.

May 31, 2023: The Treasury and the IRS announced guidance for applicants investing in solar- and wind-powered electricity generation facilities. Notice 2023-17 established the Low-Income Communities Bonus Credit Program back in February 2023 and provided initial guidance for potential applicants. The proposed regulations request comments on certain definitions [...]

Continue Reading

read more




jd supra readers choice top firm 2023 badge