In this article, learn more about the IRS's latest rulings and updates on tax credits, per diem rates, and disciplinary actions, as highlighted in Internal Revenue Bulletin 2024-41
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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
Announcement 2024-34, page 758.
The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the Internal Revenue Service (IRS), which are set out in Title 31, Code of Federal Regulations, Part 10, and which are published in pamphlet form as Treasury Department Circular No. 230. The regulations prescribe the duties and restrictions relating to such practice and prescribe the disciplinary sanctions for violating the regulations.
Rev. Proc. 2024-36, page 737.
This revenue procedure provides specifications for the private printing of red-ink and black-and-white substitutes for the June 2024 revisions of Forms W-2c and W-3c. This revenue procedure will be produced as the next revision of Publication 1223. Rev. Proc. 2023-39, 2023-52 IRB dated December 26, 2023, is superseded.
ADMINISTRATIVE, INCOME TAX
Notice 2024-68, page 729.
Optional special per diem rates. This notice provides the 2024-2025 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home. The notice includes (1) the special transportation industry rate, (2) the rate for the incidental expenses only deduction, and (3) the rates and list of high-cost localities for the high-low substantiation method.
EMPLOYEE PLANS
Notice 2024-67, page 726.
This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for August 2024 used under § 417(e)(3)(D), the 24-month average segment rates applicable for September 2024, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).
INCOME TAX
Notice 2024-69, page 733.
This notice publishes the inflation adjustment factor and reference price for calendar year 2024 for the renewable electricity production credit under section 45 of the Internal Revenue Code. The 2024 inflation adjustment factor and reference price are used in determining the availability of the credit and apply to calendar year 2024 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources. This notice also provides the credit amounts for calendar year 2024 under section 45.
REG-118269-23, page 761.
These proposed regulations provide guidance on how to calculate the credit under § 30C, as amended by IRA (§ 30C credit), including what constitutes an “item” of qualified alternative fuel vehicle refueling property, the additional costs taken into account in determining the cost of the item for purposes of calculating the credit, and how to treat dual-use property. The proposed regulations also provide rules for determining whether a population census tract is a qualified alternative fuel vehicle refueling property for purposes of the § 30C credit. The proposed regulations also provide definitions, general rules, and special rules in respect of §30C, including basis reduction and recapture. The proposed regulations would also amend proposed Treas. Reg. sections 1.48-9(e)(10) and 1.48E-2(g)(6) to clarify that certain storage property qualifies for a credit under section 30C and not for a credit under section 48. Additionally, he proposed regulations would amend Treas. Reg. sections 1.6417-6(b) (1) and 1.6418-5 to clarify the effects of basis reduction and recapture provisions.
Rev. Proc. 2024-37, page 755.
This revenue procedure provides guidance to issuers of tax-exempt and other tax-advantaged bonds regarding the procedures for filing claims for recovery of overpayments of rebate, penalty in lieu of rebate, and yield reduction payments under section 148(f) of the Internal Revenue Code. This revenue procedure also modifies and supersedes Rev. Proc. 2008-37, 2008-2 (Vol.1) C.B. 137, as modified by Rev. Proc. 2017-50, 2017-37 I.R.B. 234, and supersedes Rev. Proc. 2017-50.
Rev. Rul. 2024-21, page 724.
Federal rates; adjusted federal rates; adjusted federal long term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for October 2024