Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 22, 2024 – April 26, 2024.

April 22, 2024: The IRS released Internal Revenue Bulletin 2024-17, which includes the following:

• Proposed regulations, which would facilitate the transfer of tax return information to the US Census Bureau and permit the disclosure of additional tax return information to the US Secretary of Commerce.
• Announcement 2024-19, which provides guidance on the federal income tax treatment for amounts paid toward the purchase of energy efficient property and improvements under the US Department of Energy’s Home Energy Rebates program pursuant to the Inflation Reduction Act of 2022.

April 22, 2024: The IRS encouraged tax professionals to register for the 2024 IRS Nationwide Tax Forum, which is coming to Chicago, Orlando, Baltimore, Dallas and San Diego this summer.

April 23, 2024: The IRS announced that it will accept applications for Low Income Taxpayer Clinic matching grants until June 12, 2024. Funding and performance of these grants will occur from January 1, 2025, to December 31, 2025.

April 23, 2024: The IRS reminded taxpayers that it offers resources to help those who may be unable to pay their tax bill in total and that payments are still due by the April 15 deadline, even if a taxpayer requested an extension to file a tax return.

April 24, 2024: The IRS announced the formation of a new Alternative Dispute Resolution Program Management Office, which will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently.

April 24, 2024: The IRS reminded taxpayers to consider applying for an offer in compromise, which settles a tax debt for less than the full amount owed, if they cannot pay their full tax debt or if paying would cause financial hardship.

April 25, 2024: The IRS issued final regulations on the transfer of the eligible manufacturing investment, clean energy investment and production tax credits, including specific rules for partnerships and S corporations.

April 25, 2024: The IRS advised taxpayers that they can file an amended federal tax return if they discover a math error, missing income or another mistake.

April 25, 2024: The IRS announced that it will create new, fully electronic processes and systems, update legacy systems, and improve compliance and fraud mitigation.

April 26, 2024: The IRS announced the closure of the Direct File pilot, with several hundred thousand taxpayers across 12 states signing up for Direct File accounts and more than 140,000 taxpayers filing their federal tax returns using the new service.

April 26, 2024: The IRS reminded taxpayers that they have the right to a fair and just tax system under the Taxpayer Bill of Rights.

April 26, 2024: The IRS is offering various resources to entrepreneurs in anticipation of National Small Business Week.

April 26, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).