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Highlights

Highlights of This Issue
(back to all Revenue Procedures, or view IRB 2024-06)



HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

ADMINISTRATIVE

Announcement 2024-4 (page 665)

Section 80603(b)(3) of the Infrastructure Investment and Jobs Act, Pub. L. No. 117-58, 135 Stat. 429, 1339 (2021) (Infrastructure Act) amended section 6050I of the Internal Revenue Code to add digital assets to the list of assets included in the definition of cash in section 6050I(d). This Announcement clarifies that until the IRS issues new final regulations under section 6050I to implement the Infrastructure Act, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) has a value in excess of the $10,000 reporting threshold for purposes of determining whether reporting is required under section 6050I.

EMPLOYEE PLANS

Notice 2024-21 (page 659)

This notice sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2024 used under § 417(e)(3)(D), the 24-month average segment rates applicable for December 2023, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

Notice 2024-22 (page 662)

The IRS is issuing initial guidance on pension-linked emergency savings accounts (PLESAs), which are individual accounts, in defined contribution plans, that are designed to encourage employees to save for financial emergencies. The notice provides initial guidance regarding anti-abuse rules under section 402A(e)(12) of the Internal Revenue Code (Code) to assist in the implementation of SECURE 2.0 Act section 127 provisions.

T.D. 9987 (page 648)

These regulations provide guidance relating to the minimum present value requirements applicable to certain defined benefit pension plans. These regulations provide guidance on changes made by the Pension Protection Act of 2006 to the prescribed interest rate and mortality table and other guidance, including rules regarding the treatment of preretirement mortality discounts and Social Security level income options.

26 CFR 411(d)-3; 26 CFR 417(e)-1

INCOME TAX

Rev. Rul. 2024-3 (page 646)

Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for February 2024.

(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)



The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.