This document contains proposed regulations that would provide guidance on how taxpayers will report liability for the excise tax imposed on manufacturers, producers, or importers of certain designated drugs. The proposed regulations affect manufacturers, producers, and importers of designated drugs that sell such drugs during certain statutory periods. The proposed regulations also would except such tax from semimonthly deposit requirements.

Notice 2023-69 provides guidance on certain charitable relief to aid victims of the Hawaii wildfires that began on August 8, 2023. Under employer sponsored leave-based donation programs, employees may elect to forgo vacation, sick, or personal leave in exchange for cash payments made by the employer to tax-exempt entities described in § 170(c) of the code that provide aid to victims of the Hawaii wildfires. This notice provides that an employee making the election to forgo such leave will not be treated as having constructively received gross income or wages and cannot claim a charitable contribution deduction under § 170. The employer may deduct the cash payments as business expenses or charitable contributions if the employer otherwise meets the respective requirements of either § 162 or § 170 of the Internal Revenue Code.

This notice provides guidance on the new energy efficient home credit under § 45L of the Internal Revenue Code, as amended by § 13304 of Public Law 117-169, 136 Stat. 1818, 1952 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA). The amendments made by § 13304 of the IRA apply to qualified new energy efficient homes (qualified homes) acquired after December 31, 2022. The guidance provided in this notice addresses the person that is eligible for the credit, determining the applicable amount of the credit, energy saving requirements, certification requirements, and substantiation requirements. This notice also obsoletes Notice 2008-35, 2008-1 C.B. 647, and Notice 2008-36, 2008-1 C.B. 650, for qualified homes acquired after December 31, 2022.

This notice explains the circumstances under which the four-year replacement period under section 1033(e)(2) is extended for livestock sold on account of drought. The Appendix to this notice contains a list of counties that experienced exceptional, extreme, or severe drought conditions during the 12-month period ending August 31, 2023. Taxpayers may use this list to determine if any extension is available.

This revenue procedure provides that a redemption of money market fund shares will not be treated as part of a wash sale under § 1091 of the Internal Revenue Code.

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability.

(Also: Part I, §§ 1091; 1.446-7.)