See an overview of important Internal Revenue Service (IRS) guidance and related tax matters for the week of April 17, 2023 to April 21, 2023.
April 17, 2023: The IRS has released the Internal Revenue Bulletin 2023-16. This highlights the following points:
- Announcement 2023-10: This announcement is issued pursuant to the Ticket to Work and Work Incentives Improvement Act 1999. It requires the US Treasury Secretary 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 his APMA program in 2022.
- REG-105954-22: This notice provides guidance related to Sections 4661, 4662, 4671, and 4672, collectively referred to as the Superfund Chemical Tax. 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 tax, which previously expired on December 31, 1995, has been reinstated from July 1, 2022, with some modifications, by Section 80201 of the Infrastructure Investment and Employment Act.
- Notice 2023-31: This notice indicates that once the proposed regulation under Section 903 (REG-112096-22) is finalized, the U.S. Treasury Department and the IRS will extend the transition period for the Single Country Exception documentation requirements from May. We are announcing that we are planning to extend. From 17/17/2023 to 180 days after the final rule is filed. The Single Country Exception provides an exemption from the source-based attribution requirement under Section 903 for foreign withholding tax on royalties paid for the use of intellectual property within the withholding jurisdiction .
- REG-120080-22: This document contains proposed regulations for clean vehicle credits under Section 30D. These proposed regulations will affect anyone trying to claim credit or certified manufacturers of clean vehicles. The IRS also notified him that the proposed regulations went into effect on April 18th.
- Revenue Ruling 2023-2: This revenue ruling provides that a basic adjustment under Section 1014 will generally apply to the assets of an irrevocable donor trust that is not included in the gross estate of the deceased donor for federal estate tax purposes. I’m sure it doesn’t apply.
April 17, 2023: The IRS has released Revenue Regulation 2023-9, which provides the applicable federal tax rates for May 2023 federal income tax purposes. The short-term federal rate will drop to 4.30%, the medium-term rate to 3.57%, and the long-term rate to 3.72%.
April 17, 2023: The IRS has reminded taxpayers who need additional time to file their taxes that an extension can be obtained via the IRS Free File.
April 17, 2023: The IRS has released Tax Tip 2023-51, which provides taxpayers with information on how to file a final federal tax return for a deceased person.
April 17, 2023: The IRS reminded last-minute tax return filers that IRS.gov has resources to help them complete their taxes.
April 18, 2023: The IRS has released Tax Tip 2023-52, reminding taxpayers that they can request more time to avoid not filing a fine.
April 18, 2023: The IRS, the U.S. Department of Labor and the Department of Health and Human Services have jointly issued an FAQ detailing how COVID-19 coverage and payment requirements under the Families First Coronavirus Response Act and the Coronavirus Assistance, Relief and Economic Security Act have changed. clarified whether Health emergency ends. FAQs include:
April 18, 2023: The IRS has suggested that taxpayers who have filed or are about to file their 2022 tax returns use the IRS Withholding Estimate Tool to update the amount of tax withheld from their 2023 payroll .
April 18, 2023: The IRS has announced that as a result of tornadoes, severe storms, and straight winds occurring after March 31, 2023, Indiana storm victims will be eligible for various federal personal and business tax benefits by July 31, 2023. I announced that I had to file a tax return and pay the tax. Relief is available to anyone in an area designated by the Federal Emergency Management Agency as eligible for personal or public assistance. A current list of eligible regions is available here.
April 19, 2023: The IRS has urged taxpayers who missed the April 18 tax filing deadline to file as soon as possible. Anyone who owes a debt that fails to meet its deadline without requesting an extension must file immediately to limit penalties and interest. You have a choice.
April 19, 2023: The IRS released Tax Tip 2053-53, reminding taxpayers to check the status of their refund at the IRS Where’s My Refund?. Tools and her IRS2Go app.
April 20, 2023: The IRS has reminded tax-exempt organizations of the May 15, 2023 filing deadline. The deadline for filing certain returns filed by tax-exempt organizations is generally the 15th of five months after the end of the organization’s accounting period. If you operate on a calendar year basis, you must file your return by May 15, 2023. This includes the following declarations:
- Form 990 Series Annual Information Statement (Forms 990, 990-EZ and 990-PF)
- Electronic Notice (E-Postcard) for Tax Exempt Organizations Not Required to File Form 990-N, Form 990 or Form 990-EZ
- Form 990-T, Exempt Organization Business Income Tax Return (Except Certain Trusts)
- Form 4720, Certain Excise Declaration
April 20, 2023: The IRS has released Tax Tip 2053-54 to inform taxpayers who missed their filing and payment deadlines in the most recent April, informing them of their tax obligations and the possible consequences of not filing or late filing their tax returns. It reminded me what I needed to know.
April 20, 2023: The IRS has released Notice 2023-33, which provides monthly yield curves and corresponding spot segment rates for April 2023 corporate bonds, as well as 24-month average segment rates. 30-year government bond weighted average interest rate.
April 20, 2023: The IRS has released Revenue Procedures 2023-21. This is the percentage of domestic assets/liabilities required by foreign life insurance companies and foreign property and liability insurers to calculate the relevant minimum net investment return validly under Section 842(b). Provides domestic investment yield. Tax years beginning after December 31, 2021.
April 20, 2023: The IRS has established revenue procedures that provide eligible mortgage bond and mortgage credit certificate issuers with (1) the national average purchase price of homes in the United States and (2) the average square footage purchase price of homes in the United States safe harbors. 2023-22 released. Statistical regions of the District of Columbia, Puerto Rico, Northern Mariana Islands, American Samoa, Virgin Islands, and Guam.
April 21, 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