IRS Weekly Roundup May 8 – May 12, 2023 | McDermott Will & Emery

Financial Planners

Get an overview of important Internal Revenue Service (IRS) guidance and related tax matters for the week of May 8, 2023 through May 12, 2023.

May 8, 2023: The IRS has released its Internal Revenue Bulletin 2023-19 highlighting:

  • 2023-22 Revenue Process: This revenue process provides eligible mortgage bond issuers and mortgage credential issuers with (1) the national average purchase price of homes located in the United States, and (2) Provides a safe harbor for the average square footage purchase price of a home. States, District of Columbia, Puerto Rico, Northern Mariana Islands, American Samoa, Virgin Islands, Guam Statistical Areas.
  • Announcement 2023-14: This announcement provides for revocation of IRC 501(c)(3) for organizations that do not meet the requirements of the Code section. Contributions to organizations by individual donors are not tax deductible under IRC 170(b)(1)(A).
  • Notice 2023-34: This notice states that convertible virtual currency should be treated as property for federal tax purposes and that the general tax principles applicable to real estate transactions apply to transactions using convertible virtual currency. stipulated to apply to This Notice amends Notice 2014-21, including amending the text in the Background section to remove the statement that virtual currencies do not have legal tender status in any jurisdiction.
  • Revenue Proceedings 2023-21: This revenue proceedings is required for foreign life insurance companies and foreign casualty insurance companies to calculate the taxable minimum net investment income under Section 842(b) that is substantially related. Provides domestic asset/liability ratios and domestic investment yields. Years beginning after December 31, 2021.
  • Revenue Ruling 2023-9: This Revenue Ruling sets out the federal interest rate applicable to the May 2023 federal income tax. The short-term federal rate will drop to 4.30%, the medium-term rate to 3.57% and the long-term rate to 4.30%. will drop to 3.72%

May 8, 2023: The IRS announced opening hours for Saturday, May 13, at more than 40 locations in 25 states. Saturday hours were to assist a taxpayer with tax concerns or questions about his IRS notification.

May 8, 2023: The IRS has released Tax Tip 2023-63, providing useful tax-related disaster relief information for taxpayers on the IRS website and other publications.

May 9, 2023: The IRS announced that it will accept applications for the Low Income Taxpayer Clinic (LITC) Matching Grant from May 8, 2023 through June 26, 2023. The grant will apply for calendar year 2023. The IRS will award matching grants to eligible organizations to develop, expand, and maintain LITC. LITC must match every dollar of funding awarded by the IRS.

May 9, 2023: The IRS has released “Tax Tip 2023-64,” which highlights the taxpayer’s Bill of Rights and the right to challenge the IRS position.

May 10, 2023: The IRS will issue notice 2023 outlining the proposed amendments to Section 148 that the U.S. Department of the Treasury (Treasury) and the IRS plan to issue regarding exceptions to the arbitrage limit that apply to bonds in which interest is excluded from gross income. -39 announced. Under Section 103(a) (Tax-Exempt Bonds). Specifically, Section 1.148-11 as to whether the proposed future regulation would address certain perpetual trust funds created and administered by the state that are pledged as credit enhancements to guarantee tax-exempt bonds. (d)(1)(i)(F) is fixed. As an alternative income to guaranteed bonds for the purposes of arbitrage restrictions on tax-exempt bonds under Section 148.

May 10, 2023: The IRS has released Tax Tip 2023-65, which provides tips for choosing the right third-party payroll service provider. Unreliable or fraudulent companies can lead to missed, stolen, or under-declared deposits.

May 10, 2023: The IRS provided tips on preparing for natural disasters and protecting personal information. This tip is provided as part of National Hurricane Preparedness Week and National Wildfire Awareness Month.

May 11, 2023: The IRS Independent Appeals Board (IRS Appeals) has asked for input on how best to make the IRS Appeals Conference accessible to taxpayers who do not live close to the IRS Board of Appeals. Public comments can be sent to by July 10, 2023. For more information, see this blog post.

May 11, 2023: The IRS has released “Tax Tip 2023-66” to remind taxpayers of the benefits available to offset the costs of making businesses accessible to people with disabilities.

May 12, 2023: The IRS and Treasury have released initial guidance for owners of green energy products such as wind, solar and energy storage technologies. Notice 2023-38 sets out the general rules and related recordkeeping and certification requirements that taxpayers must meet in order to be eligible for domestic content bonus credits. The guidance also describes safe harbors for classifying certain components in representative types of eligible facilities, energy projects, or energy storage technologies.

May 12, 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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