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Weekly IRS Roundup March 18 – March 22, 2024

by , and | Mar 28, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 18, 2024 – March 22, 2024.

March 18, 2024: The IRS released Internal Revenue Bulletin 2024-12, which includes the following:

  • Notice 2024-26, which announces that withholding agents (both US and foreign persons) are administratively exempt from having to electronically file Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, which are required to be filed in calendar year 2024. Withholding agents who are foreign persons are administratively exempt in calendar year 2025 as well.
  • Announcement 2024-14, which revokes the § 501(c)(3) determination for Uplifting Her Inc. and stipulates that contributions made to the organization by individual donors are no longer deductible under § 170(b)(1)(A) of the Internal Revenue Code (Code).
  • Notice 2024-25, which provides population figures to use in calculating the 2024 calendar year population-based component of the state housing credit ceiling under § 42(h)(3)(C)(ii), the 2024 calendar year volume cap under § 146, and the 2024 volume limit under § 142(k)(5) of the Code.
  • Notice 2024-27, which requests additional comments on any situation in which an election under § 6417(a) of the Code could be made for a credit that was purchased in a transfer for which an election under § 6418(a) is made.
  • Revenue Procedure 2024-15, which modifies Revenue Procedure 2005-62 by expanding the definition of “public utility” to include all public utilities, not just investor-owned utilities, and changes the definition of a “qualifying securitization” to allow payments to be provided at least annually. The revenue procedure also sets forth the manner in which a public utility may treat certain legislatively authorized securitization transactions involving the issuance of debt instruments by a qualifying state financing entity, which is entered into by the public utility to recover specified costs through a non-bypassable surcharge to customers within the utility’s historic service area.

March 18, 2024: The IRS reminded taxpayers of the various ways to prevent typical errors on their federal tax returns to help speed up potential refunds, including using electronic filing, keeping copies of tax returns and ensuring the filing status is correct.

March 19, 2024: The IRS released Revenue Procedure 2024-17, which provides that war, civil unrest or similar adverse conditions precluded the normal conduct of business in Ukraine, Belarus, Sudan, Haiti, Niger and Iraq on or after various 2023 dates and, therefore, individuals with established residency or physical presence on or before the relevant dates are eligible for income exclusion under § 911(d)(1) of the Code.

March 19, 2024: The IRS released Notice 2024-29, which provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), the 24-month average segment rates used under § 430(h)(2), the interest rate on 30-year Treasury securities under § 417I(3)(A)(ii)(II) as in [...]

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Weekly IRS Roundup March 4 – March 8, 2024

by , and | Mar 12, 2024 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4, 2024 – March 8, 2024.

March 4, 2024: The IRS released Internal Revenue Bulletin 2024-10, which includes the following:

  • Revenue Ruling 2024-6, which provides that the overpayment interest rate under § 6621 of the Internal Revenue Code (Code) for the calendar quarter beginning April 1, 2024, will be 8% (7% in the case of a corporation), the underpayment interest rate will be 8% and the interest rate for large corporate underpayments will be 10%. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5%.
  • Notice 2024-24, which provides updates on the corporate bond monthly yield curve and corresponding spot segment rates for January 2024 used under Code § 417(e)(3)(D), the 24-month average segment rates applicable for February 2024, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
  • Announcement 2024-13, which revokes § 501(c)(3) determinations for certain organization(s) and stipulates that contributions made to the organization(s) by individual donors are no longer deductible under § 170(b)(1)(A).
  • Revenue Ruling 2024-04, which provides the March 2024 applicable federal rates.

March 4, 2024: The IRS announced that registration for its 2024 Nationwide Tax Forum is now open, providing tax professionals the opportunity to attend special continuing education sessions in five cities across the nation.

March 4, 2024: The IRS reminded taxpayers that the legal deadline for claiming the Recovery Rebate Credit in 2020 is May 17, 2024. The deadline for claiming the Recovery Rebate Credit in 2021 will be April 15, 2025.

March 5, 2024: The IRS issued final regulations, providing that certain tax-exempt organizations and political entities that earn certain clean energy credits can choose to make an elective payment election. Such an election results in the credits being treated as payments against the electing entity’s federal income tax liabilities with the IRS refunding any excess value. Notice 2024-27, in turn, requests additional comments on situations in which an elective payment election should be permitted with respect to credits purchased in a transfer for which an election under § 6418(a) is made.

March 6, 2024: The IRS reminded taxpayers that they are generally required to report all earned income on their tax returns, including income earned from digital asset transactions, the gig economy and the service industry as well as income from foreign sources.

March 6, 2024: The IRS released a statement acknowledging concerns related to a proposed policy change from January 2 that would limit access to tax return information from the IRS to protect taxpayer confidentiality. In response to comments, the IRS has suspended any changes under the proposed policy.

March 6, 2024: The IRS announced that Margie Rollinson took the oath [...]

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Weekly IRS Roundup May 30 – June 2, 2023

by | Jun 5, 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 [...]

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Weekly IRS Roundup May 15 – May 19, 2023

by | May 22, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 15, 2023 – May 19, 2023.

May 15, 2023: The IRS released Internal Revenue Bulletin 2023-20, which highlights the following:

  • Announcement 2023-16: The IRS announced that it will no longer conduct public hearings on notices of proposed rulemaking solely by telephone for proposed regulations that are published in the Federal Register after May 11, 2023. The change comes with the end of the COVID-19 pandemic. A telephonic option will remain available for those who prefer to attend or testify at a public hearing by telephone.

May 15, 2023: The IRS released a letter from Commissioner Daniel Werfel to the US Senate regarding the request for information about racial disparity in the selection of tax returns for audit and the IRS’s plan to address the issue.

May 15, 2023: The IRS released Tax Tip 2023-67, announcing that tax relief is available for people living in areas that are declared disasters by the Federal Emergency Management Agency. Click here to find out which areas qualify for federal disaster relief.

May 15, 2023: The IRS released Notice 2023-40, which provides the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for May 2023. This notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

May 15, 2023: The IRS released Revenue Ruling 2023-10, providing the applicable federal rates for federal income tax purposes for June 2023. The short-term federal interest rate is 4.43%, the mid-term rate will drop to 3.56% and the long-term rate is 3.79%.

May 16, 2023: The IRS released Tax Tip 2023-68, reminding taxpayers that installing solar panels or making other home improvements may qualify them for the home energy credit.

May 16, 2023: The IRS released Revenue Procedure 2023-23, which provides the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under Section 223 and the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements (HRAs) provided under Section 54.9831-1(c)(3)(viii) of the Pension Excise Tax Regulations.

May 16, 2023: The IRS announced the release of the IRS’s report from Commissioner Werfel evaluating the feasibility of providing taxpayers with a free Direct File option. The evaluation of the system focused on three areas: taxpayer opinions, cost and feasibility. The report also includes an analysis conducted by an independent third party. The IRS plans to pilot the project for the 2024 filing season.

May 17, 2023: The IRS released Tax Tip 2023-69, reminding taxpayers that emergency preparedness plans should include financial records and tax information.

May 19, 2023: The IRS released its weekly list of written determinations (e.g., Private [...]

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Weekly IRS Roundup May 1 – May 5, 2023

by | May 8, 2023 | ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2023 – May 5, 2023.

May 1, 2023: The IRS released Internal Revenue Bulletin 2023-18, which highlights the following:

  • Announcement 2023-13: The Office of Professional Responsibility announced recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.
  • Revenue Procedure 2023-15: This revenue procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace or improve natural gas transmission and distribution property must be capitalized. This revenue procedure also provides procedures for obtaining automatic consent to change to the safe harbor method for linear property and non-linear property.
  • Notice 2023-33: This notice provides the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for April 2023. This notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.
  • Revenue Ruling 2023-8: This revenue ruling obsoletes Revenue Ruling 58-74 relating to the deductibility of research or experimental expenditures for prior taxable years to which the expense method is applicable. There are insufficient facts in Revenue Ruling 58-74 to properly analyze whether a taxpayer’s failure to deduct certain research or experimental expenditures (when it deducted other research or experimental expenditures) constituted a method of accounting or an error.

May 1, 2023: The IRS released Tax Tip 2053-59, highlighting the Small Business Virtual Tax Workshop. This resource can help business owners learn how to navigate their federal tax responsibilities and is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their businesses.

May 2, 2023: The IRS announced that Florida storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments as a result of tornados, severe storms and flooding that occurred from April 12 to April 14, 2023. Relief is available to anyone in an area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. The current list of eligible localities is available here.

May 2, 2023: The IRS released Tax Tip 2023-60, suggesting tools and resources to help small businesses.

May 2, 2023: The IRS urged business taxpayers to begin planning now to take advantage of tax benefits and to prepare for reporting changes that take effect in 2023. This reminder comes as part of National Small Business Week, where the IRS is joining the Small Business Administration and others in both the public and private sector to celebrate the hard work, ingenuity and dedication of small businesses and their contributions to [...]

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Weekly IRS Roundup April 17 – April 21, 2023

by | Apr 24, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023.

April 17, 2023: The IRS released Internal Revenue Bulletin 2023-16, which highlights the following:

  • Announcement 2023-10: This announcement was issued pursuant to the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the US Secretary of the Treasury to annually report advance pricing agreements and the Advance Pricing and Mutual Agreement Program (APMA Program). This year’s report describes the experience, structure and activities of the APMA Program during 2022.
  • REG-105954-22: This notice provides guidance related to Sections 4661, 4662, 4671 and 4672, collectively referred to as the Superfund chemical taxes. Section 4661(a) imposes an excise tax on the sale or use of “taxable chemicals” by manufacturers, producers or importers. Section 4671(a) imposes an excise tax on the sale or use of “taxable substances” by importers. The Superfund chemical taxes previously expired on December 31, 1995, but were reinstated with certain modifications, effective July 1, 2022, by Section 80201 of the Infrastructure Investment and Jobs Act.
  • Notice 2023-31: This notice announces that when proposed regulations under Section 903 (REG-112096-22) are finalized, the US Department of the Treasury and the IRS intend to extend the transition period for the single-country exception’s documentation requirement from May 17, 2023, to 180 days after the final regulations are filed. The single-country exception provides relief from the source-based attribution requirement under Section 903 for foreign withholding taxes on royalties paid for the use of intellectual property within the withholding jurisdiction.
  • REG-120080-22: This document contains proposed regulations regarding the clean vehicles credit under Section 30D. These proposed regulations will affect persons seeking to claim the credit and qualified manufacturers of clean vehicles. The IRS also issued a reminder that the proposed regulations went into effect on April 18.
  • Revenue Ruling 2023-2: This revenue ruling confirms that the basis adjustment under Section 1014 generally does not apply to the assets of an irrevocable grantor trust not included in the deceased grantor’s gross estate for federal estate tax purposes.

April 17, 2023: The IRS released Revenue Ruling 2023-9, which provides the applicable federal rates for federal income tax purposes for May 2023. The short-term federal interest rate is 4.30%, the mid-term rate will drop to 3.57% and the long-term rate will fall to 3.72%.

April 17, 2023: The IRS reminded taxpayers who need additional time to file their taxes that they can get an extension via IRS Free File.

April 17, 2023: The IRS released Tax Tip 2023-51, providing information to taxpayers regarding how to file a final federal tax return for someone who has died.

April 17, 2023: The IRS reminded last-minute tax [...]

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Weekly IRS Roundup April 3 – April 7, 2023

by | Apr 10, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 3, 2023 – April 7, 2023.

April 3, 2023: The IRS released Internal Revenue Bulletin 2023-14, which highlights the following:

  • Notice 2023-25: This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates and the 24-month average segment rates. It also provides guidance as to the interest rate on 30-year Treasury securities as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate.
  • Revenue Ruling 23-6: This revenue ruling provides the applicable federal rates for federal income tax purposes for April 2023. The annual short-term rate is 3.67%, the mid-term rate is 3.14% and the long-term rate is 3.04%.

April 3, 2023: The IRS released Notice 2023-31, announcing an Extension of the Transition Period for the Single-Country Exception Under Section 903.

April 3, 2023: The IRS announced special Saturday hours at Taxpayer Assistance Centers. The final Saturday opening will be May 13, 2023, from 9:00 am to 4:00 pm.

April 3, 2023: The IRS released the last entry in its Dirty Dozen campaign, cautioning taxpayers to beware of promoters peddling bogus tax schemes aimed at reducing or avoiding taxes.

April 3, 2023: The IRS announced that Arkansas storm victims now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments as a result of storms that occurred on March 31, 2023. 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.

April 3, 2023: The IRS reminded taxpayers that tax credits are available for a portion of the qualifying expenses related to energy improvements to their homes. Taxpayers can claim either the Energy Efficient Home Improvement Credit or the Residential Energy Clean Property Credit for the year when qualifying improvements are made.

April 3, 2023: The IRS released Tax Tip 2023-43, reminding taxpayers that IRS.gov has tax information in seven languages: Spanish, Chinese Traditional, Chinese Simplified, Korean, Russian, Vietnamese and Haitian Creole.

April 4, 2023: The IRS released Revenue Procedure 2023-12, which updates the procedures for exempt organizations determination letters with respect to the electronically submitted Form 8940, Request for Miscellaneous Determination. This modification to Revenue Procedure 2023-5 provides that the electronic submission process is the exclusive means of submitting a completed Form 8940, except for submissions eligible for the 90-day transition relief.

April 4, 2023: The IRS announced guidance related to the eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Act of 2022 (IRA). Notice 2023-29 describes certain [...]

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Weekly IRS Roundup March 13 – March 17, 2023

by | Mar 20, 2023 | , ,

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2023 – March 17, 2023.

March 13, 2023: The IRS released Internal Revenue Bulletin 2023-11, which highlights the following:

  • Notice 2023-21: This notice postpones the beginning of the lookback periods under Section 6511 for certain taxpayers to file a claim for refund. Affected taxpayers include those who had tax returns due from April 15, 2020 to July 15, 2020, or from April 15, 2021 to May 17, 2021, and due to the COVID-19 pandemic, those due dates were postponed by Notice 2020-23 or Notice 2021-21 to July 15, 2020 or May 17, 2021, respectively.
  • Treasury Decision 9972: These final regulations amend the rules for filing certain returns and statements electronically to reflect changes made by the Taxpayer First Act of 2019 and to promote electronic filing.
  • Notice 2023-19: This notice provides guidance on the corporate bond monthly yield curve, corresponding spot segment rates and the 24-month average segment rates for February 2023. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.
  • REG 122286-18: These proposed regulations provide rules relating to the use of forfeitures in qualified retirement plans, including a deadline for the use of forfeitures in defined contribution plans, and clarify that forfeitures arising in any defined contribution plan may be used for one or more of the following purposes, as specified in the plan, to (1) pay plan administrative expenses, (2) reduce employer contributions under the plan or (3) increase benefits in other participants’ accounts in accordance with plan terms.
  • Action on Decision 2023-2: The IRS announced nonacquiescence to the US Tax Court’s decision in Complex Media, Inc. v. Commissioner, T.C. Memo. 2021-14, that the parties’ failure to report transactions fully or consistently should not be a major factor in a decision of whether to allow a taxpayer to disavow the form of its transactions and to the standard the Court applied to allow a petitioner to disavow its form. The IRS also announced nonacquiescence to the court’s determination that the fair market value of a “Deferred Payment Right” for purposes of Section 351(b)(1) is not equal to its issue price.
  • Treasury Decision 9973: This document contains final regulations that treat members of a consolidated group as a single US shareholder in certain cases for purposes of Section 951(a)(2)(B). The final regulations affect consolidated groups that own stock of foreign corporations.

March 13, 2023: The IRS announced that Danny Werfel began work as the 50th Commissioner of the IRS. Werfel was confirmed by the US Senate on March 9, 2023, and his term will run through November 12, 2027. You can read more about his confirmation
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Weekly IRS Roundup February 6 – February 10, 2023

by | Feb 13, 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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Weekly IRS Roundup January 17 – January 20, 2023

by | Jan 23, 2023 | , ,

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 17, 2023 – January 20, 2023.

January 17, 2023: The IRS released Internal Revenue Bulletin 2023-3, which highlights the following:

  • Notice 2023-10: This notice provides that calendar year 2022 will be a transition period for purposes of implementing the $600 reporting threshold for third-party settlement organizations. As a result, third-party organizations will not be required to report tax year 2022 transactions on Form 1099-K to the IRS or the payee for the lower $600 threshold amount unless the amount exceeds $20,000 and the number of transactions exceeds 200.
  • Notice 2023-2: This notice provides interim guidance on the new 1% excise tax on a covered corporation’s repurchases of corporate stock under Section 4501. Section 4501 was added as part of the Inflation Reduction Act of 2022 (IRA). The notice provides an exclusive list of Section 317(b) redemption transactions that are treated as Section 317(b) redemption but are not repurchases, as well as an exclusive list of economically similar transactions. The notice applies to stock repurchases and issuances of stock made after December 31, 2022.
  • Announcement 2023-1: This announcement notifies taxpayers of the applicable reference standard that must be used to determine the amount of the energy-efficient commercial building property deduction allowed under Section 179D, as amended by the IRA. This announcement identifies the existing reference standard, affirms a new one and clarifies when the two reference standards will apply.
  • Notice 2023-1: This notice informs taxpayers that the IRS and the US Department of the Treasury (Treasury) intend to propose new clean vehicle credit regulations, addressing the definitions of certain terms in Section 30D.
  • Notice 2023-03: This notice provides the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2023, the standard mileage rates for the use of a car, van, pickup or panel truck are:
    • 5 cents per mile driven for business use
    • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the armed forces
    • 14 cents per mile driven in service of charitable organizations
  • Notice 2023-7: This notice announces that the IRS and the Treasury plan to issue guidance on the new corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022. It also clarifies which corporations the CAMT applies to and how the alternative minimum tax is calculated.
  • Notice 2023-9: This notice informs taxpayers that the Treasury and the IRS have reviewed the incremental cost for all street vehicles in calendar year 2023 and the analysis shows [...]

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