The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022.

The final regulations target arrangements that the IRS says improperly use charitable remainder annuity trusts and annuities to eliminate ordinary income and capital gain on the sale of property.

Under the new system, eligible taxpayers will no longer have to request penalty relief that the IRS says is routinely granted.

Certain taxpayers with IRS online accounts can file a Kwong-related refund claim on Form 843 through a new secure application before a Friday deadline.

The request follows reports from taxpayers who said they received notices despite not expecting a refund or having already provided direct deposit information.

The guidance sets forth conditions for contributions to qualify for the annual gift tax exclusion and for donors to avoid filing gift tax returns.