See an overview of important Internal Revenue Service (IRS) guidance and related tax matters for the week of April 10, 2023 to April 14, 2023.
April 10, 2023: The IRS has released the Internal Revenue Bulletin 2023-15. This highlights the following points:
- Revenue Proceedings 2023-20: This revenue procedural changes the effective date of additions to the list of taxable substances or chemicals under Section 4672(a). Specifically, this revenue process changes the date a substance is added to the list for purposes of reimbursement claims under Section 4662(e).
- Notice 2023-27: This notice announces that the U.S. Department of the Treasury and the IRS intend to issue guidance related to the tax treatment of certain non-fungible tokens (NFTs). In this guidance, he seeks comment on treating NFTs as collectibles, and until further guidance is issued, he explains how the IRS determines whether an NFT is a collectible.
- Notice 2023-28: This Notice provides an excise tax levied on certain chemicals under Section 4661 and an excise duty levied on certain imported chemicals under Section 4671 (collectively, the Superfund Chemical Tax). extends temporary relief on deposits of Extended relief is available in connection with semi-monthly Superfund chemical tax deposits for the 2nd, 3rd and 4th calendar quarters of 2023.
- REG-120653-22: These proposed regulations are a new current-year business tax credit under Section 48D to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment in the United States, including advanced manufacturing investments. carry out deductions. Regulations address eligibility requirements for the deduction, whether eligible taxpayers are treated as paying taxes (including tax overpayments), or whether eligible partnerships or S corporations receive selective payments in lieu of claiming the deduction. Deal with choice. In addition, special 10-year credit recovery rules apply in the event of a material transaction involving a significant expansion of semiconductor manufacturing capacity in a covered foreign country.
- Revenue Ruling 2023-7: This Revenue Ruling provides a valuation formula for fringe benefit aircraft. For the purposes of section 1.61-21(g) of the Regulations, Standard Industry Fare Level (SIFL) cent per mile rates and effective terminal charges 2023 in connection with the Regulations for Evaluation of Non-Commercial Flights on Employer Provided Aircraft The first half of the year is:
April 10, 2023: The IRS has released Tax Tip 2023-47, which provides guidance on when to file an amended income tax return.
April 10, 2023: The IRS and the Department of Treasury have issued Notice 2023-30, providing the language of the Safe Harbor Certificate for fire suppression and boundary adjustment clauses required by the SECURE 2.0 Act of 2022. Section 605(d)(2) provides donors with the opportunity to amend certain safeguards. An easement deed replaces the corresponding language of the original deed with the Safe Harbor language. Taxpayers have until July 24, 2023 to record amendments to safe harbor deeds.
April 10, 2023: In Announcement 2023-11, the IRS released a proposed rule that identifies certain microcaptive transactions as “listed transactions” and certain other microcaptive transactions as “transactions of interest.”
April 10, 2023: The IRS has announced that as a result of tornadoes, severe storms, and straight winds occurring after March 31, 2023, storm victims in Tennessee will be required to pay various federal personal and business taxes by July 31, 2023. announced that it was necessary to submit a tax return and pay the tax. Relief is available to anyone in an area designated by the Federal Emergency Management Agency (FEMA) as eligible for individual or public assistance. A current list of eligible regions is available here.
April 11, 2023: The IRS has announced that it wants to debunk common myths about filing taxes, finding refund information, and adjusting withholding. For example, there is a misconception that taxpayers who have not received a Form 1099-K do not have to report their income. The deadline for filing income tax returns is April 18, 2023.
April 11, 2023: The IRS has released Tax Tip 2023-48 to remind taxpayers that common errors on their tax returns can lead to longer processing times.
April 11, 2023: The IRS has announced that taxpayers who filed their federal income taxes early in this year’s filing season and claimed certain state tax returns as taxable income in 2022 should consider filing an amended return. .
April 12, 2023: The IRS has notified taxpayers that the estimated payment deadline is approaching. April 18 (Tax Date) is also the estimated tax deadline for the first quarter of the 2023 tax year.
April 12, 2023: The IRS has released Tax Tip 2023-49 to inform taxpayers how to claim the clean vehicle tax credit. Starting January 1, 2023, qualifying vehicles will be eligible for a tax credit of up to $7,500. The amount of the credit depends on when the eligible new clean vehicle is placed in service and whether the vehicle meets certain requirements for full or partial credit.
April 12, 2023: The IRS has announced Revenue Rule 2023-8, which repeals Revenue Rule 58-74. Revenue Rule 58-74 requires taxpayers to file refunds or amended returns to deduct research or experimental expenditures for which the cost method under old Section 174(a) was applied in prior tax years for which deductions were failed. I was able to submit the document.
April 12, 2023: The IRS announced that approximately 1.5 million people nationwide have received unclaimed tax refunds for the 2019 tax year and are facing the July 17 tax return deadline.
April 13, 2023: The IRS has released Tax Tip 2023-50, reminding taxpayers that they have no right to pay more than the correct tax amount. This is he one of ten fundamental rights known as the Taxpayer Bill of Rights.
April 13, 2023: The IRS has urged low- to moderate-income taxpayers to consider IRS FreeFile to prepare federal tax returns for potential tax credits or refunds.
April 14, 2023: The IRS has published FAQs in Fact Sheet FS-2023-11 to provide guidance for victims who have received state compensation for forced, involuntary, or coerced sterilization.
April 14, 2023: The IRS has released its annual data book for fiscal year 2022, describing the agency’s activities, including revenues and tax returns processed. The 2022 Data Book reports inspection coverage by return type and size for inspections in progress or completed as of September 30, 2022. Tax rates are too low to address systemic non-compliance, and low audit rates are leading some taxpayers to take greater risks.
April 14, 2023: The IRS has released a weekly list of written decisions (for examplePrivate Letter Ruling, Technical Advice Memorandum, Chief Counsel Advice).
Upcoming Events: Registration for the 2023 IRS Nationwide Tax Forums is now open, and the event will return to in-person format for the first time since 2019. The IRS Nationwide Tax Forums are 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