IRS Guidance and Tax Matters Update
In a week filled with significant updates, the Internal Revenue Service (IRS) has been actively releasing guidance and announcements pertinent to tax matters. On April 22, 2024, the IRS published Internal Revenue Bulletin 2024-17, proposing regulations to enhance the transfer of tax return information to the US Census Bureau. This move is expected to streamline the disclosure process to the US Secretary of Commerce, potentially impacting a range of statistical analyses and policy decisions.
Furthering their support for sustainable initiatives, the IRS provided clarity on the federal income tax treatment of payments made for energy-efficient property purchases. This guidance falls under the Inflation Reduction Act of 2022 and is detailed in Announcement 2024-19.
With an eye on education, the IRS has called upon tax professionals to mark their calendars for the 2024 IRS Nationwide Tax Forum. This event promises to be a hub for learning and networking, spanning several cities including Chicago and San Diego.
The following day, the IRS opened applications for Low Income Taxpayer Clinic matching grants, signaling support for taxpayers in need. Concurrently, the agency reminded those facing financial difficulties that resources are available to assist with tax obligations not fully met by the April 15 deadline.
On April 24, the IRS announced a new Alternative Dispute Resolution Program Management Office aimed at resolving tax disputes more effectively. They also highlighted the option of an offer in compromise for taxpayers struggling with debt.
New final regulations were issued on April 25 regarding tax credits for eligible manufacturing and clean energy investments. The IRS also underscored the importance of filing an amended return in case of errors and announced plans to modernize its electronic processes and systems.
The week concluded with news of the Direct File pilot’s closure, which saw significant taxpayer participation. Additionally, the IRS reaffirmed taxpayer rights and offered resources to entrepreneurs ahead of National Small Business Week. Lastly, a fresh list of written determinations was released, providing insights into specific tax-related decisions.
The IRS continues to demonstrate its commitment to keeping taxpayers informed and supported through its various resources and initiatives.
