IRS Tax News

  • 11 Aug 2023 10:34 AM | Anonymous

    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.

  • 09 Aug 2023 5:28 PM | Anonymous

    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). provides guidance to help the small business community understand these requirements and includes:

    Contact FinCEN for more information and answers to any questions.

  • 07 Aug 2023 4:51 PM | Anonymous

    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. 

  • 28 Jul 2023 3:14 PM | Anonymous

    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.

  • 24 Jul 2023 4:26 PM | Anonymous

    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. 

  • 19 Jul 2023 12:49 PM | Anonymous

    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.

  • 07 Jul 2023 4:49 PM | Anonymous

    Tax pros, be on the lookout for a new tax scam that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording that the notice is "in relation to your unclaimed refund." The letter tells the recipients they need to provide "Filing Information" for their refund, as well as more sensitive information including cell phone number, bank routing information, Social Security number and bank account type. This letter contains a variety of warning signs, including odd punctuation and a mixture of fonts as well as inaccuracies.

    "This is just the latest in the long string of attempts by identity thieves posing as the IRS in hopes of tricking people into providing valuable personal information to steal identities and money, including tax refunds," said IRS Commissioner Danny Werfel. "These scams can come in through email, text or even in special mailings. People should be careful to watch out for red flags that clearly mark these as IRS scams." This news release is also available in Spanish and Simplified Chinese.

  • 28 Jun 2023 5:14 PM | Anonymous

    Electronic Tax Administration Advisory Committee issues annual report with 26 recommendations to Congress and IRS

    WASHINGTON — The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report for 2023 featuring recommendations to Congress and the IRS that focus on electronic tax administration and cybersecurity.

    The report was released at a public meeting at IRS headquarters in Washington, D.C.

    “ETAAC plays a critical role for our nation’s tax system and taxpayers,” said IRS Commissioner Danny Werfel. “Members bring a wide range of perspectives on critical issues ranging from electronic filing and online services to identity theft and other security issues. Their recommendations help make improvements in the tax system. The IRS appreciates the hard work and public service provided by the committee members.”

    Among its 26 recommendations, the ETAAC annual report advises Congress to provide timely tax legislation and consistent multi-year funding while it urges the IRS to prioritize modernization and search engine optimization.

    The report illustrates the “journey of a taxpayer,” offering “ways to enhance the taxpayer experience and voluntary compliance.”

    The full report can be found at:

    At today's meeting, Werfel thanked six members of the committee whose terms are ending:

    • Nikia Gainey, founder of Carriers Choice Logistics, LLC.
    • Eric Inkrott, vice president of government and partner relations at Green Dot.
    • Carlos Lopez, founder and president of Lopez Tax Service and the Latino Tax Professionals Association.
    • Sherice McCarthy-Hill, director of payroll at Dartmouth College.
    • Kim Pederzani, director of training & compliance at Dimension Hospitality.
    • Lindsey West, founder and former CEO of

    About ETAAC
    ETAAC members represent various segments of the tax community, including individual and business taxpayers, tax professionals and preparers, tax software developers, payroll service providers, the financial industry and state and local governments.

    The ETAAC operates under the rules of the Federal Advisory Committee Act. It works closely with the Security Summit, a joint effort of the IRS, state tax administrators and the nation's tax industry, established in 2015 to fight tax-related identity theft and cybercrime.

  • 22 Jun 2023 12:30 PM | Anonymous

    IRS, Treasury update notice 2023-29 related to energy community bonus credit amounts under the Inflation Reduction Act

    WASHINGTON – The Internal Revenue Service today issued Notice 2023-45, which updates Notice 2023-29, that describes certain rules that the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits.

    Notice 2023-45 addresses the update to Notice 2023-29 that occurred on April 7, 2023, which added to Section 4.01(2), Special Rule for Beginning of Construction, clarifying that this guidance applies to taxpayers that begin construction on or after Jan. 1, 2023.

    Notice 2023-45 also adds an additional clarification pertaining to the brownfield site safe harbor under Section 5.02(3). Specifically, for projects with a nameplate capacity of not greater than 5MW (AC), it is required that a Phase I Assessment identify the presence or potential presence on the site of a hazardous substance or a pollutant or contaminant.

    Also, the IRS posted frequently asked questions today related to the increased amount of credit for energy communities. These FAQs provide detail on how areas may qualify as an energy community, how to determine whether a project is in an energy community, and brownfield sites for purposes of the energy community bonus credit.

    Finally, the IRS released Notice 2023-47, that publishes information that taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category in Notice 2023-29 for purposes of qualifying for energy community bonus credit.

    These lists are provided in Appendix 1, Appendix 2 and Appendix 3 of this notice. Appendices 1 and 2 of this notice pertain to the Statistical Area Category, and Appendix 3 of this notice pertains to the Coal Closure Category.

    More information can be found on the Inflation Reduction Act of 2022 page on

  • 20 Jun 2023 5:18 PM | Anonymous
    Proposed #IRS regulations and FAQs explain how entities can claim clean energy credits and choose elective pay, which will treat these credits as a payment against their federal income tax liabilities rather than a nonrefundable credit. See:

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