Treasury and IRS announce final regulations on how to report and pay the corporate stock repurchase excise tax IR-2024-179, June 28, 2024 — The Department of the Treasury and the Internal Revenue Service today issued final regulations that provide taxpayers and tax professionals with guidance on how to report and pay the 1 percent excise tax owed on corporate stock repurchases. Treasury, IRS issue final regulations requiring broker reporting of sales and exchanges of digital assets that are subject to tax under current law, additional guidance to provide penalty relief, address information reporting and other technical issues IR-2024-178, June 28, 2024 — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. IRS: Marijuana remains a Schedule I controlled substance; Internal Revenue Code Section 280E still applies IR-2024-177, June 28, 2024 — Until a final federal rule is published, the Internal Revenue Service today reminded taxpayers that marijuana remains a Schedule I controlled substance and is subject to the limitations of Internal Revenue Code. IRS provides tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes and flooding in Mississippi; various deadlines postponed to Nov. 1, 2024 IR-2024-176, June 27, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 8, 2024. Electronic Tax Administration Advisory Committee 2024 Annual Report includes recommendations to Congress and IRS IR-2024-175, June 26, 2024 — The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its 2024 annual report today with a total of 12 recommendations – three to Congress and nine to the IRS. IRS sending settlement offer letters in July to certain taxpayers who participated in Syndicated Conservation Easement transactions IR-2024-174, June 26, 2024 — The Internal Revenue Service today announced the mailing of a time-limited settlement offer for certain taxpayers who participated in Syndicated Conservation Easements (SCE) and substantially similar transactions that are under audit in the IRS’s Large Business & International and Small Business and Self-Employed divisions. National Taxpayer Advocate issues mid-year report to Congress; highlights filing season challenges and focuses on strategic priorities IR-2024-173, June 26, 2024 — National Taxpayer Advocate Erin M. Collins today released her statutorily mandated mid-year report to Congress. IRS statement as part of the resolution of Kenneth C. Griffin v. IRS, Case No. 22-cv-24023 (S.D. Fla.) IR-2024-172, June 25, 2024 — The Internal Revenue Service sincerely apologizes to Mr. Kenneth Griffin and the thousands of other Americans whose personal information was leaked to the press. IRS releases revised draft Form 6765, Credit for Increasing Research Activities, following public comment IR-2024-171, June 21, 2024 — The Internal Revenue Service today announced the release of draft Form 6765, Credit for Increasing Research Activities, also known as the Research Credit. Retirement plan distributions: IRS provides guidance on certain exceptions from 10% additional tax for emergency personal or family expenses and for survivors of domestic abuse IR-2024-170, June 20, 2024 — The Internal Revenue Service today issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper IR-2024-169, June 20, 2024 — Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. Treasury, IRS release guidance on the prevailing wage and apprenticeship requirements for increased credit and deduction amounts under the Inflation Reduction Act IR-2024-168, June 18, 2024 — The Department of the Treasury and the Internal Revenue Service issued final regulations today on the prevailing wage and apprenticeship (PWA) requirements related to increased credit or deduction amounts for certain clean energy incentives, enacted as a part of the Inflation Reduction Act (IRA). Treasury, IRS issue frequently asked questions regarding educational assistance programs IR-2024-167, June 17, 2024 — The Internal Revenue Service today issued frequently asked questions related to educational assistance programs. IRS announces new steps to combat abusive use of partnerships; agency’s focus intensifies as new guidance closes loopholes worth tens of billions IR-2024-166, June 17, 2024 — As part of ongoing efforts to focus more attention on high-income compliance issues, the Internal Revenue Service announced today a new series of steps to combat abusive partnership transactions that allow wealthy taxpayers to avoid paying what they owe. IRS updated careers website aims to better connect with job seekers; part of larger agency recruiting efforts to serve taxpayers, the nation IR-2024-165, June 13, 2024 — The Internal Revenue Service today announced the updated IRS Careers website is live and ready to connect job seekers with IRS opportunities. IRS warns against scams targeting seniors; joins other federal agencies to recognize special awareness day IR-2024-164, June 12, 2024 — As part of continuing efforts to protect the senior community, the Internal Revenue Service today issued a warning about the rising threat of impersonation scams. 2024 IRS Nationwide Tax Forum: Educational seminars, special events announced focusing on tax security, scams, practice management and beneficial ownership information IR-2024-163, June 12, 2024 — The Internal Revenue Service today announced the continuing education agenda for the 2024 Nationwide Tax Forum featuring 45 seminars on a wide array of topics that will help tax professionals serve their clients. IRS has options to help people who missed the April filing deadline IR-2024-162, June 10, 2024 — The Internal Revenue Service today highlighted a number of options available to help taxpayers who missed the April deadline to file their 2023 federal income tax return. IRS reminder: June 17 estimated tax payment deadline fast approaching IR-2024-161, June 10, 2024 — The Internal Revenue Service today reminded taxpayers whose income is not subject to withholding that the second quarter estimated tax payment deadline is June 17. IRS: West Virginia storm victims qualify for tax relief; various deadlines postponed to Nov. 1 IR-2024-160, June 7, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that began on April 2, 2024. IRS: Kentucky storm victims qualify for tax relief; various deadlines postponed to Nov. 1 IR-2024-159, June 7, 2024 — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. Treasury, IRS update procedures for qualified manufacturers, dealers and sellers of certain qualified clean vehicles under the Inflation Reduction Act IR-2024-158, June 7, 2024 — The Department of the Treasury and Internal Revenue Service issued Revenue Procedure 2024-26 today for the submission of information by qualified manufacturers of new clean vehicles and dealers and sellers of new clean vehicles and previously-owned clean vehicles. Treasury, IRS release guidance for the Energy Community Bonus Credit under the Inflation Reduction Act IR-2024-157, June 7, 2024 — The Department of the Treasury and Internal Revenue Service today issued Notice 2024-48 that publishes information 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 the Energy Community Bonus Credit. IRS: Many payments to individuals affected by East Palestine train disaster are tax-free; new guidance could help those in Ohio, Pennsylvania, West Virginia IR-2024-156, June 5, 2024 — The Internal Revenue Service announced today that in many cases payments received by individuals affected by last year’s train derailment in East Palestine, Ohio, are not taxable. Document Upload Tool reaches key milestone; 1 million submissions received IR-2024-155, June 5, 2024 — The Internal Revenue Service announced today reaching another key milestone in the agency’s transformation work with the Document Upload Tool accepting its one millionth taxpayer submission. News release and fact sheet archive Find previous year news releases and fact sheets from 1997 through last month.
