IRS Weekly Roundup May 15 to May 19, 2023

Financial Planners

Get an overview of important Internal Revenue Service (IRS) guidance and related tax matters for the week May 15, 2023 to May 19, 2023.

May 15, 2023: The IRS has released its Internal Revenue Bulletin 2023-20, highlighting:

  • Announcement for 2023-16: The IRS has announced that it will no longer conduct telephone-only notification of proposed rulemaking hearings for the proposed rules listed in Proposed Rules. Federal Gazette This change comes as the COVID-19 pandemic ends. Telephone options remain available for those who wish to attend or testify at the hearing by telephone.

May 15, 2023: The IRS has released a letter to the U.S. Senate from Director Daniel Warfel regarding a request for information on racial disparities in the selection of tax returns to be audited and the IRS’ plans to address the issue.

May 15, 2023: The IRS has released “Tax Tip 2023-67,” announcing that tax breaks are available for people living in areas declared disaster by the Federal Emergency Management Agency. Click here to see which areas are covered by Federal Disaster Relief.

May 15, 2023: The IRS has released Notice 2023-40 providing May 2023 corporate bond monthly yield curves and corresponding spot segment rates and 24-month average segment rates. The notice also provides guidance on interest rates for 30-year Treasuries and 30-year Treasuries. -Year Treasury Weighted Average Interest Rate.

May 15, 2023: The IRS has released its 2023-10 Revenue Determination, showing federal interest rates applicable to the June 2023 federal income tax. The short-term federal rate will drop to 4.43%, the medium-term rate to 3.56% and the long-term rate to 4.43%. is 3.79%.

May 16, 2023: The IRS has released “Tax Tip 2023-68,” reminding taxpayers that installing solar panels and other home improvements may qualify them for the home energy deduction.

May 16, 2023: The IRS has announced Revenue Procedures 2023-23. This includes the 2024 inflation-adjusted amount of the Health Savings Account (HSA) as determined under Section 223 and the Exceptional Benefits Health Reimbursement Agreement (HRA) as set forth under Section 223. indicates the maximum amount that can be used. Section 54.9831-1(c)(3)(viii) of the Pension Consumption Tax Regulations.

May 16, 2023: The IRS has announced the release of Secretary Werfel’s report assessing the feasibility of offering free direct file options to taxpayers. His evaluation of the scheme focused on three areas: taxpayer opinion, cost and feasibility. This report also includes analysis performed by an independent third party. The IRS plans to pilot the project for the 2024 filing season.

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

May 19, 2023: The IRS has released a weekly list of written decisions (for exampleprivate communication, memorandum of technical advice and advice of lead counsel).

Upcoming Events: Registration for the 2023 IRS National Tax Forum is now open, and the event will return to an in-person format for the first time since 2019. The IRS National Tax Forum is designed specifically for tax professionals (for example, Registered Agents, Certified Public Accountants, Certified Financial Planners, Annual Filing Season Program Participants) and unqualified tax professionals. The dates and locations are as follows.

  • 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, CA
  • August 29-31: Orlando, Florida

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