Highlights of Internal Revenue Bulletin 2024-25 – 6/14/2024

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Welcome to "IRS Bulletin Notes," your go-to for the latest IRS tax updates. We simplified IRS Bulletin No. 2024-25 to keep you efficiently informed. Explore the key changes and updates crucial for tax professionals.


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 The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest. 


T.D. 9997, page 1730.

Tax return preparers must use a preparer tax identification number (PTIN) on returns they prepare for compensation. The PTIN must be renewed annually. The IRS charges a user fee for each PTIN application or application for renewal to recover costs for issuing and renewing PTINs. The fee was established at $11 per application or application for renewal, in addition to an amount payable directly to a third-party contractor, by interim final rule (TD 9980) and cross-referencing notice of proposed rulemaking (REG-106203-23) published in the Federal Register on October 4, 2023. These final regulations adopt the $11 fee per application or application for renewal, in addition to an amount payable directly to a third- party contractor. TD 9997. Published May 15, 2024.


Notice 2024-42, page 1732.

This notice specifies updated static mortality tables to be used for defined benefit pension plans under § 430(h)(3) (A) of the Code and section 303(h)(3)(A) of ERISA. This notice also specifies a mortality table for use in determining minimum present value under § 417(e)(3) of the Code and section 205(g)(3) of ERISA for distributions with annuity starting dates that occur during stability periods beginning in the 2025 calendar year.


Announcement 2024-25, page 1741.

This announcement provides the total amount of unallocated environmental justice solar and wind capacity limitation (Capacity Limitation) for the Low-Income Communities Bonus Credit Program (Program) under § 48(e) of the Internal Revenue Code and § 1.48(e)-1 of the Income Tax Regulations that has been carried over from the 2023 Program year to the 2024 Program year. Additionally, this announcement sets forth the distribution of the carried over Capacity Limitation among the facility categories, category 1 sub-reservations, and application options for the 2024 Program year.

Notice 2024-43, page 1737.

This Notice announces that the Treasury Department and the IRS intend to amend the regulations under sections 59A and 6038A to defer the applicability date of certain provisions of the regulations relating to the reporting of qualified derivative payments until taxable years beginning on or after January 1, 2027.

Notice 2024-44, page 1737.

This Notice announces that Treasury and the IRS intend to amend the section 871(m) regulations to delay the effective/applicability date of certain rules in those final regulations and extends the phase-in period provided in Notice 2022-37, 2022-37 I.R.B. 234, for certain provisions of the section 871(m) regulations.

REG-133850-13, page 1742.

These proposed regulations would remove the associated property rule and similar rules from the existing regulations under § 1.263A-11(e) on the interest capitalization requirements for improvements to designated property. In addition, these proposed regulations would update the definition of “improvement” under § 1.263A-8(d)(3) for purposes of applying those existing regulations. Lastly, these proposed regulations would clarify the application of other rules in those existing regulations in light of the proposed removal of the associated property rule.

Rev. Rul. 2024-12, page 1677.

Federal rates; adjusted federal rates; adjusted federal long term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for June 2024.

T.D. 9993, page 1679.

The final regulations describe the rules for the transfer of eligible credits in a taxable year, including definitions and specific rules for partnerships and S corporations to follow. In addition, the final regulations provide rules related to a required IRS pre-filing registration process. Temporary regulations that were previously issued to describe rules for the pre- filing registration process are removed. The pre-filing registration process is necessary to complete before making a transfer election for eligible credits.