Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
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TOPICS / TAX
IRS practice & procedure
IRS to modernize regs. for tax sales of seized property
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts
The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.
OPR publishes letter to request tax information in case files
CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations.
Unanswered calls, backlog of mail: IRS plan for government shutdown
The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts” on taxpayers.
Special per diem rate for business travel rises
Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.
IRS developing contingency plan as government shutdown looms
Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.
ERC abuse brings renewed push for regulation of paid tax preparers
AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.
IRS to set up new work unit to focus on complex passthrough entities
IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”
‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud.
ERC suspended: What happens next
The IRS has suspended the processing of new employee retention credit (ERC) claims to focus on about 600,000 pending claims. Listen to this special Tax Section Odyssey podcast for details on how this may affect you and how to best proceed.
Moratorium imposed on new ERC claim processing to curb abuse
The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.
Guidance issued on applicability and calculation of new corporate AMT
In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.
Long-awaited guidance provided for amortization of R&E expenditures
The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022.
IRS vows new enforcement efforts aided by AI
Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.
Most NIL collectives likely ineligible for tax-exempt status, IRS advises
A Chief Counsel legal memo concludes that organizations supporting compensation to college student-athletes for their name, image, and likeness (NIL) generally have a substantial nonexempt purpose.
Surplus from home’s tax forfeiture sale must be returned to owner, Supreme Court holds
A Minnesota county’s retention of proceeds above the real property tax debt violated the Fifth Amendment’s Takings Clause.
Petition was 11 seconds too late, Tax Court holds
The statutory period to electronically file a petition may be extended for system outages or general inaccessibility but not for errors or problems unique to the filer, the court explains.
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