20 January 2025

2024 Year in Review | Tax Alerts: U.S. Federal Tax

Federal Tax | State & Local Tax | International Tax
Human Capital & Workforce, Individual and Indirect Tax

This year in review lists all EY Tax Alerts concerning significant domestic U.S. federal tax developments during 2024.

 
Key U.S. federal tax developments, 2024
 
01.17.2025IRS pilot program expands taxpayer access to Fast Track Settlement and mediation programs (2025-0272)
01.16.2025Treasury nominee Bessent appears before Senate Finance Committee (2025-0259)
01.16.2025IRS concludes operator of carbon offset project must include state carbon offset credits in gross income upon grant (2025-0256)
01.16.2025IRS and California provide tax disaster relief for victims of California wildfires (2025-0248)
01.15.2025Final regulations released on DeFi reporting and sales of digital assets (2025-0242)
01.13.2025IRS finalizes Form 1099-DA and instructions with further details, adds digital asset reporting to draft 2025 General Instructions for Certain Information Returns (2025-0213)
01.10.2025January 30, 2025 | Deadline for REIT shareholder demand letters (2025-0199)
01.09.2025Newly released draft instructions reveal how IRS expects taxpayers to complete Form 6765 (2025-0191)
01.07.2025WCEY guide to Washington in 2025 (2025-0163)
01.03.2025Final regulations update consolidated return guidance and reinstate proposed regulations on adjustments to income (2025-0121)
01.02.2025Final legislation eases employer filing and furnishing requirements under Affordable Care Act (2025-0103)
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12.20.2024Tax Court allows organization to withdraw petition for declaratory relief on application for exempt status (2024-2360)
12.19.2024IRS again provides partnerships with additional time to furnish information on IRC Section 751 property (2024-2352)
12.19.2024US Court of Federal Claims again holds that US citizen may offset net investment income tax with treaty-based credit under US - Canada income tax treaty (2024-2350)
12.19.2024IRS rules corporation and trust income used by school districts to self-insure casualty and workers compensation claims is not subject to federal income tax (2024-2343)
12.18.2024Letter calls on IRS to increase oversight of nonprofit hospitals, suggests changes (2024-2329)
12.17.2024IRS extends availability of automatic consent to change to an accounting method for specified research or experimental expenditures under IRC Section 174 (2024-2319)
12.16.2024Final regulations address allocation of partnership recourse liabilities (2024-2308)
12.13.2024Final regulations address eligible energy property for IRC Section 48 investment tax credits (2024-2290)
12.06.2024Long-awaited US proposed regulations address certain PTEP complexities (2024-2229)
12.06.2024IRS delays new $600 reporting threshold for third-party settlement organizations for final time to 2026, grants final transition relief (2024-2220)
12.05.2024IRS increases dollar amount for PCORI fee calculation to $3.47 per covered life (2024-2219)
12.02.2024US Treasury and IRS propose long-awaited regulations on previously taxed earnings and profits of foreign corporations (2024-9006)
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11.25.2024Federal court vacates US Department of Labor's increase in the standard salary level for certain employees exempt from overtime pay (2024-2153)
11.22.2024Fifth Circuit Court of Appeals affirms that accountable care organization does not qualify as tax-exempt social welfare organization under IRC Section 501(c)(4) (2024-2146)
11.18.2024Post-election health policy outlook (2024-2109)
11.15.2024IRS provides automatic six-month extension and electronic filing relief for making elective payment elections for IRC Section 6417 energy credits on Form 990-T (2024-2102)
11.15.2024TE/GE FY 2025 Program Letter describes how division plans to contribute to overall IRS initiative (2024-2097)
11.15.2024Republicans to control Washington in 2025 (2024-2092)
11.12.2024IRS releases 2025 inflation adjustments for fringe benefits and Form W-2/1099 information reporting penalties (2024-2076)
11.12.2024IRS releases qualified retirement plan limitations for 2025: 401(k) pretax limit increases to $23,500 (2024-2075)
11.11.2024IRS creates IRC Section 83(b) election form (2024-2073)
11.08.2024IRS provides tax-exempt entities with exemption from filing Form 4626 for 2023 tax year while it reviews comments on specific statutory AFSI adjustments (2024-2060)
11.08.2024IRS finalizes regulations on IRC Section 45X advanced manufacturing credit (2024-2057)
11.05.2024Final regulations implement the advanced manufacturing investment credit established by the CHIPS Act of 2022 (2024-2023)
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10.28.2024IRS formally launches LB&I pass-through compliance unit (2024-1973)
10.24.2024Grant from joint venture affiliate may be treated as unusual and won't affect organization's status as publicly supported (2024-1957)
10.24.2024IRS updates draft Form 1099-DA for digital asset brokers with more details (2024-1956)
10.23.2024IRS releases standard deductions and exclusions for 2025, including estate and gift tax (2024-1952)
10.16.2024Postponed May 1, 2025, due date for filing tax returns and making tax payments now applies to all parts of Florida as a result of Hurricane Milton (2024-1899)
10.16.2024IRS releases Draft Form 7217 and instructions for reporting property distributed by a partnership (2024-1897)
10.15.2024FY2025 priorities for IRS Tax Exempt & Government Entities division provided in annual Priority Guidance Plan (2024-1895)
10.11.2024IRS concludes for first time that zero gross income and zero assets did not cause REIT to fail gross income tests or 75% asset test (2024-1877)
10.11.2024Social Security wage base to increase in 2025 (2024-1870)
10.04.2024IRS TE/GE releases three new, comprehensive technical guides on IRC Section 509(a)(3) supporting organizations (2024-1826)
10.04.2024IRS extends due dates for filing tax returns and making tax payments to May 1, 2025, for victims of Hurricane Helene in all or parts of seven states (2024-1823)
10.02.2024Employers should confirm their Affordable Care Act affordability safe harbors for 2024 (2024-1807)
10.01.2024US proposed CAMT regulations offer some clarification, but AFSI adjustments are significantly complicated (2024-1798)
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09.30.2024Majority of states require that employees get time off to vote (2024-1793)
09.23.2024TIGTA recommends improvements to Tax-Exempt Compliance Unit's compliance check practices (2024-1746)
09.17.2024New IRS FAQ clarifies sunset of credit forward framework described in Notice 2010-46 (2024-1707)
09.13.2024US IRS issues penalty relief for failure to pay remaining estimated CAMT installments for 2024 (2024-1688)
09.12.2024Finance Committee holds hearing on 2025 and tax avoidance (2024-1680)
09.12.2024State law developments could impact tax-exempt organizations (2024-1679)
09.12.2024Taxpayer may not deduct penalties imposed for violating a law (2024-1678)
09.09.2024ACA affordability percentage increases after three years of decreases (2024-1657)
09.05.2024IRS modifies procedures for obtaining automatic consent to change to an accounting method to comply with IRC Section 174 or interim guidance in Notice 2023-63 (2024-1643)
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08.20.2024Basket contract transactions would be listed transactions under proposed regulations (2024-1583)
08.20.2024IRS extends due dates for filing tax returns and making tax payments to February 3, 2025, for victims of Hurricane Debby and other severe weather impacting the mid-west (2024-1580)
08.19.2024Compliance Assurance Process program accepting applications for 2025 cycle (2024-1572)
08.19.2024Updated draft Form 1099-DA for digital asset reporting simplifies some reporting requirements (2024-1570)
08.12.2024IRS gives update on processing of employee retention credit claims (2024-1539)
08.11.2024S corporation did not lose its status due to misappropriated distributions, leaving shareholder liable for taxes on income he never received (2024-1526)
08.06.2024IRS releases proposed regulations and other guidance on recapturing interest paid on erroneous employee retention credit claims, continues to process valid claims (2024-1507)
08.06.2024IRS extends due dates for filing tax returns and making tax payments to February 3, 2025, for victims of Hurricane Beryl (2024-1504)
08.01.2024Tax bill vote fails in Senate (2024-1478)
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07.30.2024US Court of Appeals holds that a nonresident's gain from the sale of its US partnership interest attributable to inventory is not US-source income, reversing an earlier Tax Court decision (2024-1462)
07.30.2024Senate sets up tax bill vote (2024-1461)
07.18.2024IRS releases guidance on application process for IRC Section 45Z clean fuel production credit (2024-1404)
07.16.2024Treasury and IRS release final digital asset broker reporting regulations and certain transition relief (2024-1385)
07.12.2024IRS releases three rulings on public-utility ratemaking where tax returns and financial statements differ (2024-1373)
07.12.2024IRS releases revised draft Form 6765 following public comments (2024-1365)
07.12.2024IRS issues guidance on obtaining automatic consent to change to the allowance charge-off method (2024-1360)
07.11.2024IRS issues 2024 inflation adjustments for renewable energy production tax credits (2024-1358)
07.11.2024Final regulations on reporting and paying stock repurchase excise tax apply to filings due beginning October 31, 2024 (2024-1357)
07.11.2024House Financial Services Committee questions Federal Reserve Chair Powell on Basel III, stress tests, liquidity rules (2024-1354)
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06.27.2024Treasury and IRS issue guidance on certain partnership related-party basis adjustment transactions (2024-1273)
06.27.2024Final regulations on prevailing wage and apprenticeship requirements provide more details for taxpayers seeking bonus renewable energy tax credits (2024-1269)
06.26.2024IRS updates information required for R&D credit claims for refund via amended returns (2024-1261)
06.24.2024IRS obsoletes guidance enabling exempt organizations to rely upon state law to meet certain exemption standards (2024-1251)
06.24.2024IRS clarifies changes to 2023 QI agreement in new FAQs (2024-1246)
06.21.2024US Department of Labor raises standard salary level for certain employees exempt from overtime pay starting July 1, 2024 (2024-1240)
06.18.2024Increased PCORI fee of $3.22 per covered life due by July 31, 2024 (2024-1214)
06.14.2024IRS outlines registration requirements for IRC Section 45Z clean fuel production credit (2024-1193)
06.13.2024House Energy and Commerce Health Subcommittee hearing on the Center for Medicare and Medicaid Innovation (2024-1212)
06.13.2024House Education and the Workforce Committee advances workers' compensation bill (2024-1203)
06.13.2024IRS extends penalty relief for failure to pay estimated CAMT to installment due August 15, 2024 (2024-1179)
06.12.2024House Energy and Commerce Committee advances 13 health care bills (2024-1201)
06.10.2024IRS releases Health Savings Account limits for 2025 (2024-1169)
06.06.2024House Energy & Commerce Oversight and Investigations Subcommittee holds hearing on the 340B drug pricing program (2024-1145)
06.05.2024Final regulations on clean vehicle credits and critical mineral standards modify critical minerals test, extend compliance until 2027 (2024-1142)
06.04.2024IRS rules that failing to identify an interest rate cap as a hedging transaction was an inadvertent error (2024-1130)
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05.30.2024IRS provides further transitional relief under IRC Section 871(m) for treatment of dividend equivalents (2024-1100)
05.22.2024IRS creates new elective safe harbor using default percentages for determining domestic content bonus for energy credits for certain applicable project components (2024-1041)
05.21.2024House Energy and Commerce Subcommittee advances 21 health care bills (2024-1029)
05.21.2024Ways & Means Tax Subpanel holds hearing on business provisions (2024-1028)
05.17.2024IRS issues proposed regulations in response to Dominion Resources, modifying the interest capitalization requirements for affected improvements (2024-1010)
05.15.2024State law developments could impact tax-exempt organizations (2024-0981)
05.15.2024Latest congressional call to strengthen tax-exempt hospital regulations and enforcement coincides with increased examinations of tax-exempt hospitals (2024-0980)
05.15.2024Second allocation round for Low-Income Communities Bonus Credit Program opens on May 28, 2024 (2024-0979)
05.10.2024Treasury and the IRS provide updated procedures for private letter ruling requests on spin-offs, indicate potential for substantive guidance (2024-0949)
05.10.2024Proposed regulations on stock repurchase excise tax have implications for brokers and IRC Section 302 certifications (2024-0946)
05.09.2024IRS updates automatic accounting method change revenue procedure (2024-0938)
05.09.2024Social Security Administration publishes wage base projections for 2025 through 2033 (2024-0936)
05.08.2024IRS final regulations on transferring energy credits under IRC Section 6418 adopt proposed regulations with few modifications (2024-0933)
05.03.2024US IRS releases guidance on second round of allocations for IRC Section 48C credits for qualifying advanced energy projects (2024-0909)
05.03.2024TEGE Exempt Organizations Council identifies issues and growing concerns with the IRS Exempt Organizations Business Master File and recommends priority updates (2024-0905)
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04.26.2024IRS rules that public utility commission's ratemaking methodology conflicts with normalization rules (2024-0869)
04.24.2024Draft Form 1099-DA for reporting digital assets from broker transactions leaves questions unanswered (2024-0854)
04.23.2024IRS again rules on whether certain independent retirement living communities are health care facilities under the REIT rules (2024-0846)
04.23.2024Tax Court denies government's summary judgment motion in research credit case, finding pilot model production costs are not categorically excluded in satisfying the process-of-experimentation test (2024-0842)
04.19.2024House Energy and Commerce Subcommittee hearing on Americans' data privacy rights and protecting kids online (2024-0823)
04.18.2024IRS clarifies that eligible work-life referral services are a nontaxable fringe benefit (2024-0815)
04.17.2024IRS issues last-minute waiver on penalty for failure to pay estimated CAMT installment due April 15, 2024 (2024-0802)
04.15.2024IRS reclassifies two supporting organizations as private foundations (2024-0794)
04.15.2024Much-anticipated proposed regulations on stock repurchase excise tax follow earlier guidance with some modifications, including to funding rule, redemptions (2024-0786)
04.15.2024IRS releases proposed regulations with the procedure for reporting and paying stock repurchase excise tax (2024-0785)
04.12.2024CMS issues FY 2025 proposed Medicare inpatient and long-term care hospital payment rule (2024-0784)
04.12.2024House Energy & Commerce Health Subcommittee holds hearing on telehealth access (2024-0783)
04.12.2024Ways & Means holds TCJA hearing (2024-0775)
04.04.2024IRS issues guidance on applying for 2024 Low-Income Communities Bonus Credit Program (2024-0733)
04.01.2024IRS grants extension of time to make a late success-based fee safe harbor election to a taxpayer that was not a party to the relevant transaction (2024-0715)
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03.29.2024IRS rules that REIT's income attributable to outdoor industrial storage space and EV charging stations are rents from real property (2024-0702)
03.28.2024CMS issues final rules updating standards for STLDI, defers key changes to fixed indemnity insurance (2024-0699)
03.26.2024IRS releases more guidance on defining energy communities for bonus credits under IRC Sections 45 and 48 (2024-0691)
03.22.2024Biden Administration's FY 2025 budget and Green Book proposals address partnership issues relevant to alternative asset management funds and BBA proceedings (2024-0671)
03.21.2024Employers receiving name/TIN mismatches during ACA AIR transmission should put a system in place to avoid or mitigate potential IRS penalties (2024-0644)
03.19.2024IRS rules that REIT's allocable share of income from tariffs for the use of regulated pipelines is rents from real property (2024-0627)
03.18.2024IRS issues final regulations with few changes on direct-pay elections for certain energy credits under IRC Section 6417 and advanced manufacturing investment credits under IRC Section 48D (2024-0624)
03.15.2024Taxes on businesses and high-net-worth individuals would increase significantly under Biden Administration's FY 2025 Budget proposal (2024-0621)
03.15.2024FY2025 budget proposes extending IRS statute of limitations on complex cases (2024-0620)
03.15.2024President's FY 2025 budget includes proposals affecting accounting methods and calculation of taxable income, as well as certain fossil fuel credits (2024-0619)
03.15.2024FY2025 Budget proposals could have state income tax implications (2024-0615)
03.15.2024Biden FY2025 budget proposals on corporate M&A issues contain few changes from last year (2024-0612)
03.12.2024IRS finalizes revised Form W-9 with new requirement for flow-through entities (2024-0584)
03.12.2024Senate Finance Committee holds manufacturing hearing (2024-0582)
03.11.2024Biden FY2025 Budget calls for corporate, individual tax increases (2024-0578)
03.08.2024EY-annotated Form 990-series returns highlight changes to 2023 forms, schedules and instructions (2024-0554)
03.08.2024Biden delivers State of the Union address (2024-0551)
03.06.2024Tax Court rules that real estate developer correctly included financing costs in eligible basis for low-income housing credit calculation (2024-0531)
03.06.2024IRS announces additional office hours focused on pre-filing registration process for elective payment and transfer of clean energy and CHIPS credits (2024-0529)
03.06.2024IRS again rules that REIT's gross income from state brownfield tax credits is qualifying income (2024-0524)
03.01.2024IRS guidance expands the scope of public utility financing arrangements that will qualify to be treated as non-taxable (2024-0500)
03.01.2024IRS Exempt Organizations update reminds taxpayers in disaster areas of extended June 17, 2024 filing deadline, provides resources for maintaining IRC Section 501(c)(3) status (2024-0499)
03.01.2024US IRS delays Form 1042 electronic filing requirement for US and foreign withholding agents (2024-0497)
03.01.2024House Financial Services approves bills on SEC's crypto custody rule, cyber money-laundering, HUD Secretary (2024-0495)
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02.27.2024IRS announces plans to begin audits on the use of business aircraft by high-income taxpayers (2024-0477)
02.22.2024IRS announces continuation of pilot program giving qualified retirement plan sponsors chance to review and correct plan documents and operations (2024-0448)
02.22.2024Employers seeing increased Affordable Care Act penalties for 2021 and may continue to do so (2024-0442)
02.19.2024IRS revokes tax-exempt status of inactive organization for failure to meet operational test for exemption (2024-0431)
02.15.2024Penalties for failing to offer affordable health care with minimum coverage decrease for 2025 (2024-0412)
02.14.2024Proposed changes to domestic research and experimental expenditures raise questions for taxpayers (2024-0405)
02.14.2024What the proposed changes to domestic research and experimental expenditures in H.R. 7024 mean for taxpayers' returns for tax years beginning after December 31, 2021 (2024-0403)
02.14.2024Certain income attributable to government bonds and reimbursements incentivizing rental property construction constitutes qualifying REIT income (2024-0402)
02.07.2024Our US employment tax rates and limits report for 2024 is now available (2024-0352)
02.06.2024TE/GE Commissioner highlights strategic achievements in fiscal 2023 Accomplishments Letter, will be launching AI screening program in FY 2024 (2024-0350)
02.01.2024House approves tax bill (2024-0325)
02.01.2024Tax Court allows an S corporation owner to claim losses based on holding that transfers between commonly owned businesses were equity, not debt (2024-0324)
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01.31.2024Proposed regulations would apply disallowance and deferment rules at the partnership level for certain transactions (2024-0318)
01.29.2024Delayed e-filing for Forms 990-T and 1120-POL may require affected taxpayers to file late and request penalty abatement for reasonable cause (2024-0286)
01.23.2024IRS extends due dates for QI/WP/WT certifications due in 2024 (2024-0256)
01.19.2024Ways & Means approves tax bill (2024-0238)
01.18.2024IRS will issue exemption determination letters to 501(c)(3) entities seeking recognition as a different type of tax-exempt entity (2024-0222)
01.16.2024IRS rules that utility can adjust its amortization schedule under the normalization rules (2024-0211)
01.14.2024IRS gives partnerships additional time to furnish information on IRC Section 751 property (2024-0203)
01.14.2024IRS rules income attributable to the issuance of carbon emission offsets constitutes qualifying REIT income (2024-0201)
01.14.2024House Education and the Workforce Health Subcommittee hearing on competition and transparency (2024-0200)
01.09.2024January 30, 2024 | Deadline for REIT shareholder demand letters (2024-0151)
01.08.2024IRS continues to focus on the proper location of sell-side transaction costs in a ruling granting target’s request to make a late success-based fee election (2024-0145)
01.08.2024What to expect in Washington: Congress returns (January 8) (2024-0137)
01.05.2024Proposed regulations on IRC Section 45V clean hydrogen production credit give details on new requirements (2024-0131)
01.05.2024IRS revises method change procedures under Revenue Procedure 2023-24 to allow taxpayers to rely on IRC Section 174 interim guidance in Notice 2023-63 (2024-0129)
01.04.2024Staffing agency satisfied qualified-trade-or-business requirement for purposes of IRC Section 1202 gain exclusion (2024-0120)
01.03.2024IRS outlines guidance on sustainable aviation fuel credit (2024-0107)
01.02.2024IRS modifies recently released guidance under IRC Section 174 (2024-0105)

Document ID: 2025-0005