Post-tax season IRS news recap

It’s been almost three months since the end of the 2023 spring filing season, but tax world continues to buzz with activity. While individuals and businesses are no longer under the immediate pressure to submit their tax returns, there are numerous ongoing activities and developments that keep the tax landscape in constant motion.

Here’s a recap of the top stories we’re watching from the IRS:

National Taxpayer Advocate issues midyear report to Congress; highlights filing season challenges and focuses on strategic priorities June 21, 2023 — National Taxpayer Advocate Erin M. Collins released her statutorily mandated midyear report to Congress. The report says the tax-return filing season generally ran smoothly this year, urges the IRS to prioritize a broad array of technology upgrades and sets forth key objectives of the Office of the Taxpayer Advocate for the upcoming fiscal year. 

IRS, Treasury update Notice 2023-29 related to energy community bonus credit amounts under the Inflation Reduction Act June 15, 2023 — The IRS issued Notice 2023-45, which updates Notice 2023-29, that describes certain rules that the IRS intends to include in forthcoming proposed regulations for determining what constitutes an energy community for the production and investment tax credits.

Treasury, IRS issue guidance for the advanced manufacturing investment credit  June 14, 2023 — The IRS issued proposed regulations that provide guidance regarding the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit, established by the Creating Helpful Incentives to Produce Semiconductors Act of 2022, commonly known as the CHIPS Act.

Time is running out: Taxpayers missing $1.5 billion in refunds for 2019 must file by July 17 June 8, 2023 ― The IRS encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. 

IRS provides additional guidance for advanced energy projects May 31, 2023 — The Department of the Treasury and the IRS issued Notice 2023-44 to provide more details for applicants seeking section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act.

IRS alerts businesses, tax-exempt groups of warning signs for misleading Employee Retention scams; simple steps can avoid improperly filing claims May 25, 2023 — As aggressive marketing continues; the IRS renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.

Interest rates remain the same for the third quarter of 2023 May 22, 2023 — The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2023. 

IRS submits Direct File report to Congress; Treasury Department directs pilot to evaluate key issues May 16, 2023 — The IRS submitted a report to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.

Improving nationwide access to IRS Appeals; public input wanted May 11, 2023 — The IRS Independent Office of Appeals invited public input on how best to improve access to Appeals for taxpayers who do not live near an Appeals office.