Weekly IRS Roundup May 1-May 5, 2023 | McDermott Will & Emery

Financial Planners

See an overview of important Internal Revenue Service (IRS) guidance and related tax matters for the week of May 1, 2023 to May 5, 2023.

May 1, 2023: The IRS has released the Internal Revenue Bulletin 2023-18. This highlights the following points:

  • Announcement 2023-13: The Office of Professional Responsibility has announced recent disciplinary actions involving attorneys, chartered accountants, registered agents, registered actuaries, registered retirement plan agents and appraisers.
  • Revenue Procedure 2023-15: This revenue procedure can be used to determine whether taxpayers are required to capitalize the costs of repairing, maintaining, replacing, or improving natural gas transportation and distribution assets. Provides safe harbor accounting. This revenue procedure also provides a procedure for obtaining automatic consent to changes to the Safe-His-Harbor method for linear and nonlinear properties.
  • Notice 2023-33: This notice provides monthly yield curves and corresponding spot segment rates for April 2023 corporate bonds, as well as 24-month average segment rates. The notice also provides guidance on 30-year government bonds and 30-year government bond rates. Government bond weighted average interest rate.
  • Revenue Rule 2023-8: This Revenue Rule repeals Revenue Rule 58-74 regarding the deductibility of research or experimental expenditure in taxable years prior to the application of the Expenses Act. Revenue Regulations 58-74 properly determine whether a taxpayer’s failure to deduct certain research or experimental expenditures (when deducting other research or experimental expenditures) constitutes an accounting method or error. Not enough facts to analyze.

May 1, 2023: The IRS released Tax Tip 2053-59, highlighting the Small Business Virtual Tax Workshop. This resource helps business owners learn how to meet their federal tax responsibilities and is an easy and convenient way for both new and experienced small business owners to learn or review topics related to their business. .

May 2, 2023: The IRS announced that as a result of the tornadoes, severe storms, and floods that occurred April 12-14, 2023, Florida storm victims will be required by August 15, 2023 to pay various federal personal and business taxes. announced that it was necessary to submit a tax return and pay the tax. Available to any individual or person eligible for public assistance within areas designated by the Federal Emergency Management Agency (FEMA). A current list of eligible regions is available here.

May 2, 2023: The IRS released Tax Tip 2023-60 with suggested tools and resources to help small businesses.

May 2, 2023: The IRS has urged corporate taxpayers to start planning now to take advantage of tax incentives and prepare for changes to the report that take effect in 2023. Both public and private sector to celebrate the hard work, ingenuity, dedication and contribution of small businesses to the economy.

May 3, 2023: The IRS encouraged small businesses to take advantage of the many resources available at IRS.gov. The IRS offers a variety of resources to help small business owners understand and meet their tax responsibilities.

May 3, 2023: The IRS has released Tax Tip 2023-61 to provide guidance on how to separate a hobby from a business. The biggest difference is that a hobby is entertainment or recreation, whereas a business is run for profit.

May 3, 2023: The IRS has issued a proposed rule for Section 367(d), Rules for Certain Repatriation of Intangibles. The proposed rule would, in some cases, end the continued application of certain tax provisions after prior transfers of intangibles to foreign companies whose intangibles are repatriated to certain U.S. persons.

May 4, 2023: The IRS issued Notice 2023-36, inviting the public to submit recommendations for items included in the 2023-2024 Priority Guidance Plan. Each year, the U.S. Treasury Department’s Office of Tax Policy and the IRS use the Priority Guidance Plan to identify and prioritize tax issues to be addressed through regulations, revenue rulings, procedures, notices, and other public administrative guidance. is attached.

May 4, 2023: The IRS reminded taxpayers that they may qualify for the residential energy tax credit by updating their homes to make them more energy efficient. The Inflation Reduction Act of 2022 expanded the amount of credits and the types of expenses covered.

May 4, 2023: The IRS has released Tax Tip 2023-62 highlighting the Work Opportunity Tax Credit extended through the end of 2025 to help employers who hire workers certified as members of certain groups.

May 5, 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

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