This is the table of contents of Internal Revenue Bulletin IRB 2023-34. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
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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.
The 2023 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estate of decedents.
26 CFR 20.2032A-4: Method of valuing farm real property.
The notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2023 calendar year. The format of the notice is identical to the format of previously published notices on this issue. The notice concludes that because the reference price for the 2022 calendar year ($93.97) exceeds $28 multiplied by the inflation adjustment factor for the 2023 calendar year ($28 multiplied by 1.9998 = $55.99) by $37.98, the enhanced oil recovery credit for qualified costs paid or incurred in 2023 is phased-out completely.
The notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2023 for the purpose of determining the marginal well production credit under § 45I. The applicable reference price for taxable years beginning in calendar year 2023 is $5.57 per 1,000 cubic feet. The notice also provides the credit amount used for the purpose of determining the marginal well production credit. The credit amount for taxable years beginning in calendar year 2023 is $0.00 per 1,000 cubic feet.
The notice announces forthcoming proposed regulations and provides interim guidance regarding Home Energy Audits for purposes of the § 25C energy efficient home improvement credit, as well as a transition rule for certain Home Energy Audits conducted during taxable years ending in calendar year 2023.
These proposed regulations revise the consolidated return regulations to reflect statutory changes, modernize language, and enhance clarity.
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