Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 25, 2024 – March 29, 2024.

March 25, 2024: The IRS released Internal Revenue Bulletin 2024-13, which includes the following:

• Notice 2024-28, which invites the public to submit items they want included in the 2024-2025 Priority Guidance Plan. The Priority Guidance Plan identifies and prioritizes the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices and other published administrative guidance.
• Revenue Procedure 2024-11, which provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941) and Form 8974.
• Proposed regulations, which would modify existing regulations to allow certain unincorporated organizations that are organized exclusively to produce electricity from certain property to be excluded from the application of partnership tax rules.

March 25, 2024: The IRS announced that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 and face a May 17 deadline to submit their tax returns.

March 25, 2024: The IRS released the transcript of Commissioner Danny Wefel’s one-year anniversary speech.

March 25, 2024: The IRS reminded taxpayers they can access a free recording of the 2023 Form 1099-K webinar, which provides important info for tax professionals and anyone who receives a Form 1099-K, including people who use popular payment apps and online marketplaces.

March 25, 2024: The IRS announced that individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides and mudslides that began on November 20, 2023, now have until July 15, 2024, to file various federal individual and business tax returns and make tax payments.

March 25, 2024: The IRS released Notice 2024-32, which provides guidance on the eligibility of loan borrowers through State Supplemental Loan programs and the loan size limitation for State Supplemental Loans. The notice also provides guidance on whether an issue of state or local bonds, the proceeds of which are used to finance or refinance qualified student loans (as defined in § 1.150-1(b)) or to finance qualified mortgage loans (as defined in § 1.150-1(b)), is a refunding issue.

March 26, 2024: The IRS released Announcement 2024-16, which provides general information on advance pricing agreements and the Advance Pricing and Mutual Agreement Program.

March 26, 2024: The IRS reminded taxpayers filing 2023 tax returns that they must check a box indicating whether they received digital assets as a reward, award, or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.

March 27, 2024: The IRS announced that the previous February 15, 2024, tax filing and tax payment deadline for individuals and businesses affected by the August 2023 wildfires in Hawaii has now been postponed until August 7, 2024.

March 27, 2024: The IRS reminded taxpayers that the IRS Alternative Media Center provides a variety of accessible services to help people who use assistive technology, such as screen reading software, refreshable Braille displays, screen magnifying software and voice recognition software.

March 28, 2024: The IRS released updated numbers that show that Criminal Investigation has investigated 1,644 tax and money laundering cases related to COVID-19 fraud potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year.

March 28, 2024: The IRS issued a warning to taxpayers to be aware of evolving phishing and smishing scams designed to steal sensitive information.

March 28, 2024: The IRS reminded taxpayers they can check the status of their refund easily and conveniently via the IRS’s Where’s My Refund tool.

March 29, 2024: The IRS issued a warning to steer clear of unscrupulous and aggressive promoters of questionable Employee Retention Credit (ERC) claims that can put unsuspecting businesses and other entities in jeopardy of penalties, interest and potentially even criminal prosecution for claiming the ERC when they don’t qualify and aren’t entitled to it.

March 29, 2024: The IRS released Revenue Procedure 2024-19, which outlines the process under Internal Revenue Code § 48(e) to apply for an allocation of environmental justice solar and wind capacity limitation as part of the low-income communities bonus credit program for 2024.

March 29, 2024: The IRS provided information to small businesses regarding how to find and select a tax professional and what services are to be expected.

March 29, 2024: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).