Explore "IRS Bulletin Notes," your go-to source for simplifying the latest IRS tax bulletins. We streamline the essential updates and changes in the tax world, helping you stay informed effortlessly. Here's a concise overview of IRS Bulletin No. 2024-27, featuring the key takeaways for tax professionals.
HIGHLIGHTS OF INTERNAL REVENUE BULLETIN 2024-27 – July 1, 2024
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The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
ADMINISTRATIVE, INCOME TAX
Notice 2024-47, page 1.
Notice 2024-47 extends the relief provided in Notice 2024- 33, which waived the estimated tax penalty imposed under § 6655 (for a corporation’s failure to pay estimated income tax) to the extent attributable to the revised corporate alternative minimum tax (CAMT) under § 55, but only with respect to an installment of estimated tax due on April 15, 2024, or May 15, 2024, with respect to a taxable year that began in 2024. In light of the continuing challenges associated with determining the applicability of the CAMT and the amount of a corporation’s CAMT liability under § 55, and in the interest of sound tax administration, the relief from the addition to tax under § 6655 provided by Notice 2024-33 is extended to any installment of estimated tax by a corporate taxpayer with respect to a taxable year that began in 2024 that is due on or before August 15, 2024, to the extent attributable to the CAMT.
EMPLOYEE PLANS
Notice 2024-53, page 4.
This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for May 2024 used under § 417(e)(3)(D), the 24-month average segment rates applicable for June 2024, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
EXEMPT ORGANIZATIONS
Announcement 2024-27, page 14.
Daystar Public Radio Inc. TIN: 59-3438641 has agreed to the revocation of its IRC Section 501(c)(3) status effective January 1, 2018.
INCOME TAX
Announcement 2024-26, page 14.
Announcement 2024-6 provides notice of the partial suspension of the U.S.-Russia tax treaty.
Notice 2024-52, page 2. The notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2024 for the purpose of determining the marginal well production credit under § 45I. The applicable reference price for taxable years beginning in calendar year 2024 is $2.04 per 1,000 cubic feet. The notice also provides the credit amount used for the purpose of determining the marginal well production credit. The credit amount for taxable years beginning in calendar year 2024 is $0.77 per 1,000 cubic feet.
Rev. Proc. 2024-26, page 7. This revenue procedure updates existing procedures and provides additional procedures for qualified manufacturers to submit information regarding new clean vehicles to ensure the vehicles satisfy the requirements of § 30D(d) and (e) of the Internal Revenue Code for the applicable calendar year and therefore are eligible for the clean vehicle credit under § 30D (§ 30D credit). This revenue procedure also updates existing procedures regarding seller report updates and rescissions. Finally, this revenue procedure modifies section 7.03(4) of Rev. Proc. 2023-33, 2023-43 I.R.B. 1135, and modifies section 5.04 of Rev. Proc. 2023- 38, 2023-51 I.R.B. 1544.