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Issue Number: 2023-24

Inside This Issue

1. IRS Nationwide Tax Forums: Four special events added to the program; Commissioner Werfel keynotes in Atlanta
2. IRS releases guidance on elective payments and transfers of certain credits under the Inflation Reduction Act
3. IRS releases home energy tax credits e-poster
4. Treasury, IRS issue guidance for the advanced manufacturing investment credit
5. Technical Guidance

Tax pros who attend this summer's IRS Nationwide Tax Forums will see a new series of special events, including sessions focused on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate. Also, IRS Commissioner Danny Werfel will make his first appearance at the Atlanta Tax Forum, where he will deliver the keynote speech.

Registration is open for this year's tax forums, returning to their in-person format in the following five cities:

• New Orleans: July 11-13
• Atlanta: July 25-27
• Washington, D.C. area: Aug. 8-10
• San Diego: Aug. 22-24
• Orlando: Aug. 29-31

The 2023 tax forums offer more than 40 seminars for which tax pros can earn up to 18 continuing education (CE) credits. The wide-ranging agenda includes a special focus on the Inflation Reduction Act's changes at the IRS. A special plenary session will explore changes outlined in the Strategic Operating Plan. Other sessions will focus on changes to retirement plan distributions under the Secure Act and how to handle virtual currency and digital assets. And other timely topics will touch on warnings related to the Employee Retention Credit and reporting changes to Form 1099-K, Payment Card and Third Party Network Transactions.

To register, visit the IRS Nationwide Tax Forums website.

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The IRS has issued proposed regulations and frequently asked questions describing rules for applicable entities that earn certain clean energy credits and choose to make an elective payment election and rules for eligible taxpayers that elect to transfer certain credits to unrelated parties. For tax years beginning after Dec. 31, 2022, applicable entities can choose to make an elective payment election, which will treat certain credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. This payment will first offset any tax liability of the entity and any excess will be refundable.

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If your clients make energy improvements to their home, tax credits are available for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. The IRS recently released an e-poster about the expanded home energy credits, outlined in an easy-to-understand format. You?re encouraged to share this resource with your clients. For more information, visit the Home Energy Tax Credits webpage on IRS.gov.

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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. This credit will incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.

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Notice 2023-45 clarifies section 5.02(3) of Notice 2023-29, which describes requirements for a brownfield site safe harbor for projects with a nameplate capacity of not greater than 5 megawatts (MW) in alternating current (AC).

Notice 2023-47 publishes lists of information that taxpayers may use to determine whether they meet certain requirements under the Statistical Area Category or the Coal Closure Category as described in sections 3.03 and 3.04 of Notice 2023-29 for purposes of qualifying for energy community bonus credit amounts or rates under sections 45, 45Y, 48 and 48E of the Internal Revenue Code (Code).

Notice 2023-48 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for June 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for June 2023 and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2023-24 provides the annual List of Automatic Changes to which the automatic method of accounting change procedures applies under the method of accounting change guidance.

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