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 §§ 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.

WASHINGTON – The Department of Treasury and Internal Revenue Service today released a corrected version of Notice 2024-41. A prior version was released on May 16, 2024.

Today’s corrected version reflects text that was inadvertently omitted while releasing the document.

Specifically, on page 16, in the left column of the Solar PV Table in Table 1 – New Elective Safe Harbor, the following applicable project components (APC) were omitted from Table 1: Steel Photovoltaic Module Racking, Pile or Ground Screw, and Steel or Iron Rebar in Foundation, and the word “Total.”

Notice 2024-41 modifies an existing safe harbor and provides a new elective safe harbor for determining domestic content bonus credit amounts. For more information about Notice 2024-41 see IR-2024-140.

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

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.

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”).

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.

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

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.

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.

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.