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