Tax pros: Starting Jan. 1, 2024, businesses are required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Visit IRS.gov for related information about waiver applications, exemptions and more. 

Revenue Procedure 2023-29 provides the applicable percentage table in § 36B(b)(3)(A) of the Internal Revenue Code for taxable years beginning in calendar year 2024.  This table is used to calculate an individual’s premium tax credit under § 36B.  This revenue procedure also provides the indexing adjustment for the required contribution percentage in § 36B(c)(2)(C)(i)(II) for plan years beginning in calendar year 2024.  This percentage is used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage under § 36B. 

Revenue Procedure 2023-29 will be published in Internal Revenue Bulletin 2023-37 on Sept. 11, 2023

In the last segment of the special five-part series, “Protect Your Client; Protect Yourself," the IRS and Security Summit partners share important steps for tax pros and taxpayers to take to reduce identity theft risks. "Tax professionals form a central part of the tax community's defense against identity thieves and cyberattacks," said IRS Commissioner Danny Werfel. "Ensuring strong security at a tax practice – regardless of its size – will help protect not just the business, but also help safeguard individual taxpayers as well as state and federal tax agencies from fraud.” 

One year into its modernization efforts under the Inflation Reduction Act, the IRS has made significant progress toward its goals of delivering world-class service, upgrading its technology and ensuring high-income taxpayers, large corporations and complex partnerships pay taxes owed. As the IRS marks this one-year anniversary, it announces two new milestones as part of its Paperless Processing Initiative:

• Scanning 225 times more forms than in 2022 and
• Enabling taxpayers to reply to an additional 51 forms and letters online.

Revenue Procedure 2023-27 provides clarifying and procedural guidance applicable to the low-income communities bonus credit program for the energy investment credit established pursuant to the Inflation Reduction Act of 2022 (Program). Under this Program, applicants investing in certain solar and wind-powered electricity generation facilities may apply for an allocation of environmental justice solar and wind capacity limitation to increase the amount of an energy investment credit under section 48 for the taxable year in which the facility is placed in service. These procedural rules provide guidance necessary to implement the Program, including, in relevant part, information an applicant must submit, the application review process, and the manner of obtaining an allocation. This revenue procedure is being issued simultaneously with the final regulations applicable to the Program provided in TD 9979.

Revenue Procedure 2023-27 will be in IRB: 2023-35, dated 8/28/2023.

Beginning on Jan. 1, 2024, many corporations, limited liability companies and other entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN.gov/BOI provides guidance to help the small business community understand these requirements and includes:

• Answers to frequently asked questions,
• Infographics about key filing dates and key questions and
• An introductory video and more detailed informational video.

Contact FinCEN for more information and answers to any questions.

As the next phase of its modernization, the IRS is accelerating paperless processing efforts. Taxpayers are now able to respond to more notices online, and the IRS has made significant progress adopting new technology that automates the scanning of millions of paper returns. Using Inflation Reduction Act resources, the IRS is launching an ambitious plan to ensure that by filing season 2024, taxpayers will be able to go paperless if they choose to do so, and by filing season 2025, the IRS will achieve paperless processing digitizing all paper-filed returns when received. 

As part of a larger transformation effort, the IRS will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice by IRS revenue officers, the unarmed agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances by collecting unpaid taxes and unfiled tax returns. Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings.

The IRS and its Security Summit partners encourage tax professionals to take advantage of its security plan template designed to make data security planning easier. The Written Information Security Plan (WISP) is an easy-to-understand document developed by and for tax and industry professionals to keep customer and business information safe and secure. This is the first in a five-part "Protect Your Clients; Protect Yourself" summer series from the Security Summit, a public-private partnership that works to protect the tax system against tax-related identity theft and fraud. Given the importance of security plans, the WISP will be a special focus at the IRS Nationwide Tax Forums this year. 

Revenue Ruling 2023-13 provides various prescribed rates for federal income tax purposes 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. 

The rates are published monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code.

Revenue Ruling 2023-13 will be published in Internal Revenue Bulletin 2023-32 on Aug. 7, 2023.