Notice 2024-66 provides relief from the addition to tax under § 6655 for underpayment of estimated income tax by a corporation to the extent the amount of any underpayment is attributable to the corporation’s corporate alternative minimum tax (CAMT) liability under § 55. The notice also incorporates the relief provided in Notice 2024-33, 2024-18 I.R.B. 959, and Notice 2024-47, 2024-27 I.R.B. 1, and obsoletes those notices.

The proposed regulations would modify regulations applicable to qualified domestic trusts (QDOTs) under section 2056A of the Internal Revenue Code (Code). The proposed regulations would remove references to temporary regulations that have been finalized and replace references to obsolete official IRS titles, offices, office addresses, and an outdated publication with current references. The proposed regulations would also update the procedure for filing required security instruments and correct outdated information related to when the value of assets passing to a QDOT is finally determined for Federal estate tax purposes. The proposed regulations primarily would affect the estates of decedents passing property to or for the benefit of a noncitizen spouse in a QDOT pursuant to section 2056A of the Code.

Generally, the initial basis of property in the hands of a person acquiring the property from a decedent is the fair market of the property at the date of the decedent’s death. These final regulations provide guidance regarding when this initial basis may not exceed the final value of the property as determined for purposes of the estate tax imposed on the decedent’s estate, or if not finally determined, the value reported on a statement furnished to the person acquiring the property (the consistent basis requirement). In addition, these final regulations provide guidance on the basis reporting requirements that facilitate taxpayers’ compliance with the consistent basis requirement. These reporting requirements are applicable to executors and others required to file an estate tax return, as well as to trustees who distribute property they acquired from a decedent.

This document contains proposed regulations regarding the exclusion from gross income of certain Tribal general welfare benefits. The proposed regulations address the requirements that would apply to determine whether the benefits that an Indian Tribal government program provides qualify as Tribal general welfare benefits. These proposed regulations would affect Indian Tribal governments, agencies or instrumentalities of such governments, Federally-recognized Tribes, members of such Tribes, such members’ spouses and dependents, and other Tribal program participants. This document also requests comments on certain provisions and provides a notice of a public hearing on the proposed regulations that will be in addition to Tribal consultation on the proposed regulations.

These proposed regulations would amend the definition of “coverage month,” and amend certain other rules, in existing income tax regulations regarding the computation of an individual taxpayer’s premium tax credit (PTC). The proposed coverage month amendment generally would provide that, in computing a PTC, a month may be a coverage month for an individual if the amount of the premium paid, including by advance payments of the PTC (APTC), for the month for the individual’s coverage is sufficient to avoid termination of the individual’s coverage for that month. The proposed regulations also would amend the rule in the existing regulations relating to the amount of enrollment premiums a taxpayer considers in computing the taxpayer’s monthly PTC if a portion of the monthly enrollment premium for a coverage month is unpaid. In addition, the proposed regulations would clarify a rule in the existing regulations relating to when an individual is considered to be ineligible for coverage under a state’s Basic Health Program (BHP).

Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the Income Tax Regulations, relating to the rule for valuing non-commercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the second half of 2024 are set forth.

26 CFR 1.61-21: Taxation of Fringe Benefits