ARTICLE · 11 MAY 2023

Weekly IRS Roundup May 1 – May 5, 2023

McDermott Will & Emery

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2023 – May 5, 2023.

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2023 - May 5, 2023.

May 1, 2023: The IRS released Internal Revenue Bulletin 2023-18, which highlights the following:

Announcement 2023-13: The Office of Professional Responsibility announced recent disciplinary sanctions involving lawyers, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents and appraisers.

Revenue Procedure 2023-15: This revenue procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace or improve natural gas transmission and distribution property must be capitalized. This revenue procedure also provides procedures for obtaining automatic consent to change to the safe harbor method for linear property and non-linear property.

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