Highlights of Internal Revenue Bulletin 2024-48 – 11/25/2024

Posted by Lee Reams Sr., BSME, EA on

IRS Bulletin 2024-46 covers updates on cost of living adjustments for employee plans, new excise tax rules for preventive services, and changes affecting exempt organizations under IRC 501(c)(3).

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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.

 

ADMINISTRATIVE

 T.D. 10011, page 1177.

This Treasury Decision modernizes regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy. The final regulations allow the IRS to maximize sale proceeds for the benefit of the taxpayer whose property the IRS has seized and the public fisc. The final regulations affect all sales of property the IRS seizes by levy.