IRS: Those impacted by Idalia qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15 IR-2023-159, Aug. 30, 2023 — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. IRS issues guidance on state tax payments IR-2023-158, Aug. 30, 2023 — The IRS today provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022 in news release IR-2023-23, IRS issues guidance on state tax payments to help taxpayers. Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning Jan. 1, 2024 IR-2023-157, Aug. 30, 2023 — The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-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. Treasury and IRS issue proposed regulations on prevailing wage and apprenticeship requirements for increased energy credit or deduction amounts IR-2023-156, Aug. 29, 2023 — The Treasury Department and Internal Revenue Service today issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements. IRS announces administrative transition period for new Roth catch up requirement; catch-up contributions still permitted after 2023 IR-2023-155, Aug. 25, 2023 — Today, the IRS announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions. Interest rates increase for the fourth quarter 2023 IR-2023-154, Aug. 25, 2023 — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. Treasury and IRS issue proposed regulations on reporting by brokers for sales or exchanges of digital assets; new steps designed to end confusion, help taxpayers, aid high-income compliance work IR-2023-153, Aug. 25, 2023 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would require brokers to report sales and exchanges of digital assets by customers. Reminder to employers and employees: Educational assistance programs can be used to help pay workers’ student loans; free IRS webinar will offer details IR-2023-152, Aug. 24, 2023 — With the fall college semester quickly approaching, the Internal Revenue Service today reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations for their employees. IRS: Hawaii wildfire victims qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15 IR-2023-151, Aug. 18, 2023 — The IRS today announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. New school year reminder to educators; maximum educator expense deduction is $300 in 2023 IR-2023-150, Aug. 17, 2023 — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year. IRS encourages truckers to e-file by August 31 tax payment deadline IR-2023-149, Aug. 17, 2023 — The Internal Revenue Service today encouraged all those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023. Inflation Reduction Act 1-year report card: IRS delivers dramatically improved 2023 filing season service, modernizes technology, pursues high-income individuals evading taxes IR-2023-148, Aug. 16, 2023 — 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. Security Summit: IRS reminds tax pros to plan, protect, defend against identity theft; special summer series concludes with important reminders IR-2023-147, Aug. 15, 2023 — Wrapping up a special awareness series, the Internal Revenue Service and the Security Summit partners urged tax pros to maintain robust security measures and take important steps to protect themselves and their taxpayer clients against identity theft. Taxpayers not under examination now have easier way to electronically request relief for late-filed international documents and forms IR-2023-146, Aug. 11, 2023 — The IRS announced today the availability of a new option that provides an easier, more efficient way for taxpayers or their tax professionals to submit electronic requests for relief for certain late-filed international documents to improve taxpayer service. IRS and Treasury issue guidance for owners of solar and wind powered energy facilities in low-income communities for increased energy credit under the Inflation Reduction Act IR-2023-145, Aug. 10, 2023 — The Department of the Treasury and the Internal Revenue Service today issued final regulations and a revenue procedure to provide guidance for owners of certain solar or wind facilities built in connection with low-income communities. IRS cautions plan sponsors to be alert to compliance issues associated with ESOPs IR-2023-144, Aug. 9, 2023 — IRS cautions plan sponsors to be alert to compliance issues associated with ESOPs. As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the Internal Revenue Service today warned businesses and tax professionals to be alert to a range of compliance issues that can be associated with Employee Stock Ownership Plans (ESOPs). Security Summit reminder: Identity theft red flags tax pros should know IR-2023-143, Aug. 8, 2023 — In the fourth of a special series, the Internal Revenue Service and the Security Summit partners today urged tax professionals to learn the signs of data theft so they can respond quickly to protect clients. IRS: Builders of qualified new energy efficient homes might qualify for an expanded tax credit under Section 45L IR-2023-142, Aug. 7, 2023 — The Internal Revenue Service reminds eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home. Treasury and IRS issue guidance relating to section 5000D of the Internal Revenue Code IR-2023-141, Aug. 4, 2023 — The Department of the Treasury and the IRS today issued guidance for manufacturers, producers and importers of certain drugs regarding the tax imposed by section 5000D of the Internal Revenue Code. Section 5000D was enacted as part of the Inflation Reduction Act. Home energy audits may qualify for an Energy Efficient Home Improvement Credit IR-2023-140, Aug. 4, 2023 — The IRS issued Notice 2023-59 today regarding the requirements for home energy audits for taxpayers that want to claim the Energy Efficient Home Improvement Credit. Treasury and IRS issue proposed regulations identifying certain monetized installment sales as listed transactions IR-2023-139, Aug. 3, 2023 — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations identifying certain monetized installment sale transactions and substantially similar transactions as listed transactions – abusive tax transactions that must be reported to the IRS. Security Summit: Tax pros should remain vigilant against phishing emails and cloud-based attacks IR-2023-138, Aug. 1, 2023 — In the third installment of a special series, the Security Summit partners warned tax professionals to be aware of evolving phishing scams and cloud-based schemes designed to steal sensitive taxpayer information. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month.
