Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 21, 2023 – September 27, 2023.

September 21, 2023: The IRS published Fact Sheet 2023-21, which discusses the energy investment credit increase under Code Section 48, enacted by the Inflation Reduction Act of 2022 (IRA). For a taxpayer to be eligible for the increase, the taxpayer must apply for and receive an allocation of environmental justice solar and wind capacity limitation with respect to their qualifying solar or wind facility benefitting low-income communities.

September 25, 2023: The IRS released Internal Revenue Bulletin 2023-39, which includes the following:

• Notice 2023-63 provides interim guidance on the treatment of research and experimental expenditures under Code Section 174, requests comments on issues related to the interim guidance and announces an intent to issue regulatory guidance.
• Proposed regulations that outline the rules for satisfying the prevailing wage and registered apprenticeship requirements under the IRA.

September 25, 2023: The IRS published Notice 2023-68, providing the special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling, including (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 25, 2023: The IRS published Tax Tip 2023-114, advising employers that educational assistance programs can be used to help pay their employees’ student loans.

September 25, 2023: The IRS announced that individuals and businesses affected by Hurricane Lee in Maine and Massachusetts now have until February 15, 2024, to file various federal individual and business tax returns and make tax payments.

September 26, 2023: The IRS announced that a public hearing on proposed regulations relating to excise taxes imposed on certain chemicals and imported substances will be held on October 25, 2023, at 10:00 am (EDT). Speakers’ discussion topic outlines are due October 11, 2023.

September 26, 2023: The IRS published Tax Tip 2023-115, reminding businesses that file 10 or more information returns that, beginning January 1, 2024, they must electronically file Form 8300 for cash payments over $10,000.

September 26, 2023: The IRS announced the availability of expanded chatbot technology that answers basic questions for people who receive notices about possibly underreporting their taxes. The new chatbot feature will assist taxpayers who receive notices CP2000, CP2501 and CP3219A. These mailings inform taxpayers if the tax information the IRS received from third parties doesn’t match the information they provided themselves to the IRS.

September 27, 2023: The IRS published Notice 2023-65, providing guidance on the energy efficient home credit under Code § 45L. The guidance addresses:

• Who is eligible for the credit
• How to determine the applicable amount of the credit
• Energy saving requirements
• Certification requirements
• Substantiation requirements.

This notice obsoletes Notice 2008-35, 2008-1 C.B. 647 and Notice 2008-36, 2008-1 C.B. 650, which apply for purposes of the former Code § 45L.

September 27, 2023: The IRS published Notice 2023-67, giving farmers and ranchers who were impacted by drought an extra year to replace livestock from forced sales and defer gains under Code § 1033(e).

September 27, 2023: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

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