Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 12, 2024 – August 16, 2024.

August 12, 2024: The IRS released Internal Revenue Bulletin 2024-33, which includes final regulations on the treatment of property used to acquire parent stock or securities in certain triangular reorganizations involving foreign corporations under Section 367 of the Internal Revenue Code. These regulations, effective July 17, 2024, also cover the consequences for recipients of such stock or securities and subsequent inbound nonrecognition transactions.

August 12, 2024: The IRS reminded taxpayers of the option to electronically request relief for certain late-filed international documents, such as gain recognition agreements and dual consolidated losses, using eFax. This digital option, introduced in August 2023, aims to streamline the process and reduce the burden of paper documentation.

August 12, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Minnesota that were affected by severe weather that began on June 16, 2024. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA), including individuals and households that reside or have a business in Blue Earth County or one of the other 24 specified Minnesota counties.

August 13, 2024: The IRS released an updated Written Information Security Plan (WISP) to help tax professionals protect against identity theft and data breaches. As part of the Protect Your Clients; Protect Yourself campaign, WISP highlights best practices like multifactor authentication and mandatory reporting of security incidents affecting more than 500 individuals.

August 13, 2024: The IRS extended the deadline to file federal individual and business tax returns and make tax payments for certain individuals and businesses in Vermont that were affected by Hurricane Debby. The new deadline is February 3, 2025. The extended deadline is available to taxpayers in any area designated by FEMA, including individuals and households that reside or have a business in any of the 14 Vermont counties.

August 14, 2024: The IRS encouraged qualifying businesses, tax-exempt organizations and government entities to complete pre-filing registration for elective pay related to 2023 projects at least 120 days before they file their tax returns. By registering, taxpayers can earn certain tax credits under the Inflation Reduction Act of 2022 and the CHIPS and Science Act.

August 15, 2024: The IRS announced the opening of the application period for the 2025 Compliance Assurance Process program, which will run from September 4, 2024, to October 31, 2024. This program is available to certain privately held C corporations and publicly traded corporations with at least $10 million in assets.

August 15, 2024: The IRS reminded truckers that the deadline to file IRS Form 2290, Heavy Highway Vehicle Use Tax Return, is September 3, 2024, for vehicles used in July 2024. This tax applies to highway vehicles with a gross weight of 55,000 pounds or more, and e-filing is encouraged for faster processing.

August 15, 2024: The IRS released Announcement 2024-30, which provides a second Employee Retention Credit Voluntary Disclosure Program for employers to resolve erroneous claims, allowing participants to retain 15% of the claimed amount. This program aims to help employers avoid civil litigation, penalties and interest by settling their civil tax liabilities and will run through November 22, 2024.

August 15, 2024: The IRS released Revenue Ruling 2024-17, which provides the September 2024 applicable federal rates.

August 16, 2024: The IRS launched the Coalition Against Scam and Scheme Threats to combat the rise in tax-related scams and schemes. This joint effort between the IRS, state tax agencies and the US tax industry will focus on expanding outreach, improving fraud detection, and enhancing infrastructure to protect taxpayers and tax systems.

August 16, 2024: The IRS released Notice 2024-62, which provides the 24-month average corporate bond segment rates for August 2024, yield curve and segment rates for single-employer plans, and 30-year Treasury securities interest rates.

August 16, 2024: The IRS expanded the Business Tax Account features to offer more convenient payment options for business taxpayers, now available in both English and Spanish. This online tool allows users to view and make balance due payments, with additional features and translations planned for the future.

August 16, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

August 16, 2024: The IRS issued corrections to final regulations on the reporting of gross proceeds and basis by brokers for digital asset transactions, effective September 9, 2024.