IRS Tax News

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  • 24 May 2024 12:18 PM | Anonymous

    Dear IVES Participants,

    On May 16, 2024, through May 17,2024, we recognized technical issues on the Income Verification Express Services (IVES) E-Fax system. The fax lines were restored on May 23, 2024, by close of business. 

    Participants are asked to refrain from re-submitting missing requests or disputing missing items that have not been processed per the dates above. Transcript requests are placed in the processing queue and will be worked in first-in, first-out order.

    We appreciate your patience, and we apologize for any inconvenience this may have caused.

    Thank you,

    IRS IVES Team


  • 23 May 2024 2:55 PM | Anonymous

    Notice 2024-44 provides guidance for complying with the final regulations with respect to dividend equivalents under IRC sections 871(m), 1441, 1461, and 1473 (collectively referred to as the section 871(m) regulations) in 2025,  2026, and 2027, extending the transition relief provided in Notice 2022-37, 2022-37 I.R.B. 234, for two years.


  • 23 May 2024 2:54 PM | Anonymous

    Notice 2024-43 amends regulations under sections 59A and 6038A to defer the applicability date of certain provisions of the regulations relating to the reporting of qualified derivative payments (“QDPs”).


  • 23 May 2024 2:54 PM | Anonymous


    WASHINGTON – The Internal Revenue Service announced today an extension of the current Free File program through 2029 following an agreement that will continue to make the free private-sector tax software available to taxpayers.

    The five-year extension agreement between the IRS and Free File Inc. will continue the program through October 2029.

    Free File is a public-private partnership between the IRS and several tax preparation software companies who provide their online tax preparation and filing software for free. Through this partnership, tax preparation and filing software providers make their online products available to eligible taxpayers. The program is only available on IRS.gov.

    This year, Free File saw an increase of about 200,000 tax returns filed through the program, reaching 2.9 million returns as of May 11. That’s an increase of 7.3% from the 2.7 million filed through the same period last year.

    “Free File remains an important part of the IRS portfolio to help taxpayers file their taxes for free,” said IRS Commissioner Danny Werfel. “We were pleased to see growth in the program this year, and we look forward to continuing this important collaboration with the tax software industry. Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers.”

    Now in its 22nd filing season, taxpayers across the nation can access free software products provided by IRS Free File trusted partners by visiting IRS.gov. Through this public-private partnership, tax preparation and filing software providers make their online products available to eligible taxpayers. Eight private-sector Free File partners provide online guided tax software products this year to any taxpayer with an Adjusted Gross Income (AGI) of $79,000 or less in 2023. In addition, those with an AGI over $79,000 can use the IRS's Free File Fillable Forms. Free access to online products is only available by starting from IRS Free File.

    The IRS noted that Free File remains available on IRS.gov for taxpayers through the Oct. 15 extension deadline for 2023 tax returns.

    “Free File has been an important partner with the IRS for more than two decades and helped tens of millions of taxpayers. This extension will continue that relationship into the future,” said Ken Corbin, chief of IRS Taxpayer Services. “This multi-year agreement will also provide certainty for private-sector partners to help with their future Free File planning.”

    For 2024, partners participating in IRS Free File are:

    • 1040Now
    • Drake (1040.com)
    • ezTaxReturn.com
    • FileYourTaxes.com
    • On-Line Taxes
    • TaxAct
    • TaxHawk (FreeTaxUSA)
    • TaxSlayer

    The IRS also saw interest this tax season in the Direct File pilot, which allowed taxpayers to file electronically directly with the IRS for the first time. Several hundred thousand taxpayers across 12 states signed up for Direct File accounts, and 140,803 taxpayers filed their federal tax returns using the new service.

    The IRS also saw increased activity in free tax returns at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) sites, with 2.6 million returns prepared representing 200,000 more than a year ago.


  • 21 May 2024 8:12 PM | Anonymous

    Dear IVES Participants,

    Maintenance is scheduled for the SOR database on Sunday, May 26, 2024, from 4:00 AM-8:00 AM ET.   

    SOR mailboxes are expected to be unavailable during this maintenance window. 

    Thank you,

    IRS IVES Team


  • 19 May 2024 1:04 PM | Anonymous

    Inside This Issue

    Announcement 2024-24 notifies taxpayers of the applicable Reference Standard 90.1 required under § 179D(c)(2) of the Internal Revenue Code as part of the definition of energy efficient commercial building property (EECBP).  This announcement supplements and supersedes Announcement 2023-1, 2023-3 I.R.B. 422 (2023), by affirming ASHRAE/IES Reference Standard 90.1-2022 as the applicable Reference Standard 90.1 for EECBP placed in service after December 31, 2028, and the construction of which did not begin by December 31, 2022.

    Announcement 2024-24will be published in Internal Revenue Bulletin 2024-24, on June 10, 2024.


  • 19 May 2024 1:04 PM | Anonymous

    Inside This Issue

    Announcement 2024-25 provides the total amount of unallocated environmental justice solar and wind capacity limitation (Capacity Limitation) that has been carried over from the 2023 Low-Income Communities Bonus Credit Program (Program) year to the 2024 Program year.  Additionally, this announcement states the distribution of the carried over Capacity Limitation among the facility categories, category 1 sub-reservations, and application options for the 2024 Program year.

    Announcement 2024-25will be published in Internal Revenue Bulletin 2024-25, on June 17, 2024.


  • 19 May 2024 1:03 PM | Anonymous

    WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Announcement 2024-25that provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been carried over from the 2023 Low-Income Communities Bonus Credit program year to the 2024 program year.

    Additionally, this announcement states the distribution of the carried over capacity limitation among the facility categories, category 1 sub-reservations, and application options for the 2024 program year.

    The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for and receive an allocation of environmental justice solar and wind capacity limitation.

    Taxpayers that receive an allocation and properly place the facility in service may then claim the increased energy investment credit in the year that the facility is placed in service.

    To provide information about the application process ahead of the application opening, Treasury and the Department of Energy (DOE) hosted a webinar open to the public about the 2024 program year application process on May 16, 2024, at 1:00 p.m. ET.

    Additional guidance including the 2024 Revenue Procedure, final regulations, and program resources to help applicants prepare their submissions are available on the DOE program homepage.


  • 19 May 2024 1:02 PM | Anonymous

    Inside This Issue

    1. IRS warns of tax schemes shared over social media following claims involving Fuel Tax Credit, household employment taxes, sick and family leave credits
    2. Tax pros: Use current version of Offer in Compromise Booklet
    3. IRS Nationwide Tax Forum: The benefits of attending
    4. Tax relief available for disaster victims in Ohio 
    5. Upcoming webinars for tax practitioners
    6. Technical Guidance

    1.  IRS warns of tax schemes shared over social media following claims involving Fuel Tax Credit, household employment taxes, sick and family leave credits

    The IRS this week issued a consumer alert following ongoing concerns about a series of tax scams and inaccurate advice on social media that have encouraged thousands of taxpayers to file fictitious refund claims this past tax season. The scams involve the Fuel Tax Credit, the Sick and Family Leave Credit and household employment taxes. Suspicious claims have resulted in refund delays and IRS requests for documentation. Taxpayers who erroneously filed for these claims should amend their returns. Taxpayers can visit Should I file an amended return? for more information.

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    2.  Tax pros: Use current version of Offer in Compromise Booklet

    The IRS recently released its April 2024 version of the Form 656-B, Offer in Compromise Booklet. Tax professionals should always download and use the most current version of this form to avoid processing delays. The booklet also includes the forms taxpayers must complete as part of the Offer-in-Compromise (OIC) process. An OIC lets a taxpayer settle their tax debts for less than the full amount once the taxpayer has exhausted all other payment options. The IRS will consider each taxpayer’s unique set of facts and circumstances before accepting an OIC.

    This IRS Tax Tip explains the OIC process in detail. Additional information, including a chat bot, is available here.

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    3.  IRS Nationwide Tax Forum: The benefits of attending

    What do you get when you attend the IRS Nationwide Tax Forum? The tax forum registration fee includes all conference activities including seminars, exhibits and special events as well as the welcome reception on Tuesday and the networking reception on Wednesday. Registered attendees have full access to:

    • More than 40 continuing education (CE) courses. Attendees can earn up to 19 credits. The conference agenda will be available by early June.
    • The Exhibit Hall for information on tax products and services that can help you and your business. Visit the IRS Zone to learn more about the IRS's vision for transformation and digitization and share your perspective with IRS representatives.
    • The Case Resolution Program for personalized assistance with your toughest tax case. IRS experts will be on-site for a one-on-one conversation, to conduct research on your case and endeavor to resolve your tax matter on site.
    • Focus groups on a broad array of topics. Come share your opinion.
    • Special bonus sessions on practice management, scams and schemes, and the new Treasury Department Beneficial Ownership Information reporting requirements.

    Register now and take advantage of the Early Bird rate (available until 5 p.m. June 17). Attendees who register early will have their badges mailed to them prior to the forum.

    For more information about this year’s Nationwide Tax Forum, view the video, Five things to Know about the IRS Nationwide Tax Forum.

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    4.  Tax relief available for disaster victims in Ohio

    Individuals and businesses in Ohio that were affected by tornadoes that began on March 14 now have until Sept. 3, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA), which currently includes Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties. The same relief will be available to any other Ohio localities added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov. 

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    5.  Upcoming webinars for tax practitioners

    The IRS offers the upcoming live webinar to the tax practitioner community:

    • Tax Considerations for H-2A Visa Holders (Agricultural Workers) and Employers on June 6, at 2 p.m. ET. Earn up to 1 CE credit (Federal Tax). Certificates of completion are being offered.

    For more information or to register, visit the Webinars for tax practitioners webpage.

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    6.  Technical Guidance

    The Treasury Department and the IRS published guidance on the Domestic Content Bonus Credit in Notice 2024-41. This notice amends the current safe harbor and establishes a new elective safe harbor for credit amount calculations. The guidance complements proposed rules Treasury and the IRS issued in Notice 2023-38 on May 12, 2023, on the Domestic Content Bonus Credit amounts and related record-keeping and certification requirements.

    Announcement 2024-24 notifies taxpayers of the applicable Reference Standard 90.1 required under section 179D(c)(2) of the Internal Revenue Code as part of the definition of energy efficient commercial building property (EECBP).

    Notice 2024-40 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.

    Notice 2024-41 modifies the existing domestic content safe harbor in Notice 2023-38, provides a new elective safe harbor for determining the domestic content bonus credit amounts under sections 45, 45Y, 48 and 48E of the Internal Revenue Code, and requests comments regarding the new elective safe harbor to inform the development of any future updates.

    Notice 2024-42 specifies updated static mortality tables to be used for defined benefit pension plans under section 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406, as amended (ERISA).

    Revenue Ruling 2024-12 provides various prescribed rates for federal income tax purposes for June 2024, including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate. 


  • 16 May 2024 10:06 AM | Anonymous

    Inside This Issue

    Revenue Ruling 2024-12 provides various prescribed rates for federal income tax purposes for June 2024, including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.

    Revenue Ruling 2024-12will be published in Internal Revenue Bulletin 2024-25, on June 17, 2024.


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