The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. These individuals are subject to the regulations governing practice before the Internal Revenue Service (IRS), which are set out in Title 31, Code of Federal Regulations, Part 10, and which are published in pamphlet form as Treasury Department Circular No. 230. The regulations prescribe the duties and restrictions relating to such practice and prescribe the disciplinary sanctions for violating the regulations.

Notice 2024-37 discusses the new 40BSAF-GREET 2024 model as a qualifying method under section 40B(e)(2) and provides a safe harbor for calculating emissions reduction using the 40BSAF-GREET 2024 model and a safe harbor for the related certification requirements. Notice 2024-37 also provides a safe harbor for using the United States Department of Agriculture Climate Smart Agriculture Pilot Program to further reduce the emissions reduction calculated using 40BSAF-GREET 2024 for domestic soybean and domestic corn feedstocks, as well as a safe harbor for the related certification requirements for that program.

Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

This notice accompanies Rev. Proc. 2024-24, which provides procedures for requesting private letter rulings from the IRS regarding certain matters pertaining to section 355 transactions. Specifically, this notice requests public feedback on the provisions set forth in Rev. Proc. 2024-24 and describes the Treasury Department’s and IRS’s views and concerns relating to certain matters addressed in the revenue procedure.

This document supplements the notice of proposed rulemaking issued by the Treasury Department and the IRS on December 26, 2023, relating to the Section 45V credit for the production of clean hydrogen and the Section 48(a)(15) election to treat clean hydrogen production facilities as energy property. This document contains supplemental information for taxpayers to request an emissions value from the Department of Energy to petition the Secretary of the Treasury for a provisional emissions rate as described in Section 45V(c)(2)(C) and proposed § 1.45V-4.

This revenue procedure provides updated procedures for taxpayers requesting private letter rulings from the IRS regarding certain matters pertaining to section 355 transactions, including representations, information, and analysis to be submitted with those requests. This revenue procedure modifies Rev. Proc. 2017-52, 2017-41 I.R.B. 283, and supersedes Rev. Proc. 2018-53, 2018-43 I.R.B. 667.

26 CFR 601.201: Rulings and determination letters.

(Also Part I, §§ 355, 1.355-1.)

This document contains final regulations that address the determination of whether a qualified investment entity is domestically controlled, including the treatment of qualified foreign pension funds for this purpose. In particular, these final regulations provide guidance as to when foreign persons are considered to hold directly or indirectly stock in a qualified investment entity. The final regulations primarily affect foreign persons that own stock in a qualified investment entity that would be a United States real property interest if the qualified investment entity were not domestically controlled.