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Weekly IRS Roundup November 6 – November 10, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 6, 2023 – November 10, 2023.

November 6, 2023: The IRS released Internal Revenue Bulletin 2023-45, which includes the following:

  • Final regulations that increase the user fees for new and renewal enrollment of enrolled actuaries to $680, up from $250.
  • Notice 2023-70 provides that $3.22 is the adjusted applicable dollar amount for determining the Patient-Centered Outcomes Research Trust Fund fee for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024.
  • Notice 2023-72 updates the corporate bond monthly yield curve and the corresponding spot segment rates for October 2023 used under § 417(e)(3)(D), the 24-month average segment rates for October 2023 and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
  • Notice 2023-73 specifies a mortality table for determining the minimum present value under § 417(e)(3) of the Internal Revenue Code and Section 205(g)(3) of the Employee Retirement Income Security Act of 1974 for distributions with annuity starting dates that occur during stability periods beginning in the 2024 calendar year.
  • Announcement 2023-30 revokes § 501(c)(3) determination(s) 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 2023-20 provides the November 2023 applicable federal rates.

November 6, 2023: The IRS published Tax Tip 2023-120, which notes that volunteers are needed to fill a variety of roles in two IRS volunteer programs.

November 7, 2023: The IRS released FS-2023-25, announcing that taxpayers are now able to digitally submit all correspondence and responses to notices. New updates to the “Where’s My Refund?” tool will launch during the 2024 filing season.

November 7, 2023: The IRS announced that the telephonic-only public hearing on digital asset transactions has been rescheduled for November 13, 2023.

November 8, 2023: The IRS reminded dealers and sellers of clean vehicles to register their organizations immediately via the Energy Credits Online tool. The IRS urges registration by December 1, 2023, to ensure benefits are available by January 1, 2024.

November 9, 2023: The IRS Advisory Council issued its annual report for 2023, which includes recommendations for the IRS regarding new and continuing issues in tax administration.

November 9, 2023: The IRS announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Further annual adjustment details may be found in Revenue Procedure 2023-34.

November 9, 2023: The IRS issued its fiscal year 2023 Financial Report.

November 9, 2023: The IRS published Tax [...]

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Weekly IRS Roundup October 23 – October 27, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 23, 2023 – October 27, 2023.

October 23, 2023: The IRS is recruiting volunteers for the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. VITA and TCE participants prepare millions of tax returns each year for low- to moderate-income taxpayers at no cost. No experience is necessary to volunteer. Volunteers will have the option to participate both in-person and via virtual sites. To learn more about becoming a VITA or TCE volunteer, visit IRS Tax Volunteers.

October 23, 2023: The IRS warned taxpayers to be wary of criminals falsely posing as legitimate charities to solicit donations. Donors can use the Tax-Exempt Organization Search tool on IRS.gov to find or verify legitimate charities.

October 23, 2023: The IRS released Internal Revenue Bulletin 2023-43, which includes the following:

  • Final regulations and proposed regulations that reduce the user fee to apply for or renew a preparer tax identification number (PTIN) from $21 to $11 (plus an amount payable directly to a third-party contractor).
  • Revenue Procedure 2023-28 provides guidelines for the development, printing and approval of 2023 substitute tax forms.
  • Proposed regulations that would provide guidance on §§ 30D(g) and 25E(f), including guidance involving:
    • Elections to transfer new and previously owned clean vehicle credits
    • Dealer qualifications for becoming an eligible entity that can receive advance payments of new and previously owned clean vehicle credits
    • Credit recapture.
  • Revenue Procedure 2023-33 sets forth the procedures for transferring new and previously owned clean vehicle credits from a taxpayer to an eligible entity under §§ 30D(g) and 25E(f), including procedures for dealer registration with the IRS, procedures for the suspension and revocation of said registration and the establishment of an advance payments program to registered dealers. This revenue procedure also provides guidance on the submission of seller reports and reports by qualified manufacturers.

October 24, 2023: The IRS reminded tax return preparers to renew their PTINs ahead of the upcoming tax filing season. Information to begin the online renewal process can be accessed here. Failure to have and to use a valid PTIN may result in penalties.

October 25, 2023: The IRS published Tax Tip 2023-118, which notes that tax professionals can use Tax Pro Accounts to send powers of attorney and tax information authorization requests directly to a client’s individual IRS Online Account.

October 25, 2023: The deadline to comment on proposed regulations involving information reporting, backup withholding and the determination of amount realized and basis for digital assets sales was extended from October 30, 2023, to November 13, 2023.

October 26, 2023: The IRS encouraged employers to electronically [...]

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Natural Disasters and Tax Law

Following up on our pro bono post last week, we wanted to highlight a recent article in the ABA Tax Times regarding tax impacts of natural disasters. The article discusses resources available to taxpayers and volunteers dealing with the after-effects of a natural disaster and emphasizes the need for tax assistance long-after the natural disaster occurs. If you have a few moments and/or are interested in ways you might be able to help, please take a quick look.

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