N-2023-56: IRS issues guidance on state tax payment

Notice 2023-56 describes the rules that the Internal Revenue Service (IRS) applies in determining the Federal income tax consequences of tax refunds and certain other payments made by States to individual taxpayers (State payments) and includes examples illustrating the application of these rules. This notice also describes the applicable information reporting requirements. Section 5 of this notice requests comments, including comments on the application of the rules described in this notice.

WILL BE IN IRB: 2023-39 DATED: September 25, 2023

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