File now to avoid penalties; IRS Tax Forums; tax withholding estimator; 2023 ALE standards; and more

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e-News for Tax Professionals April 21, 2023

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Issue Number:? 2023-16

Inside This Issue

* Missed the tax filing deadline? File now to limit penalties, interest [ #First ]
* IRS Nationwide Tax Forums: Register now, take advantage of the Early Bird rate [ #Second ]
* Get ready for the 2024 filing season with the IRS Tax Withholding Estimator [ #Third ]
* IRS to update Allowable Living Expense standards for 2023 [ #Fourth ]
* Tax-exempt organizations: Remember annual May filing deadline [ #Fifth ]
* FAQs about changes to COVID-19 coverage, payment requirements [ #Sixth ]
* Prepare now for new Form 1099-K reporting threshold [ #Seventh ]
* Tax relief for Indiana storm victims [ #Eighth ]
* Career opportunities in the IRS Independent Office of Appeals [ #Ninth ]
* Proposed regulations related to the new clean vehicle critical mineral, battery components [ #Tenth ]
* News from the Justice Department?s Tax Division [ #Eleventh ]
* Technical Guidance [ #Twelfth ]
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*1.??Missed the tax filing deadline? File now to limit penalties, interest*________________________________________________________________________

Urge taxpayers who missed Tuesday's April 18 tax-filing deadline to file as soon as possible [ [link removed] ]. Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. For struggling taxpayers unable to pay their tax bill, the IRS has several options available to help. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??IRS Nationwide Tax Forums: Register now, take advantage of the Early Bird rate*________________________________________________________________________

This summer, the IRS will deliver its premier event for tax professionals in five cities across the country. The 2023 IRS Nationwide Tax Forums [ [link removed] ] will take place at the following locations:


* *New Orleans:* July 11-13
* *Atlanta:* July 25-27
* *Washington, D.C. area:* Aug. 8-10
* *San Diego:* Aug. 22-24
* *Orlando:* Aug. 29-31

Take advantage of the Early Bird registration rate, available now until June 15, and earn up to 18 continuing education credits. Each Tax Forum offers more than 40 seminars and workshops on variety of federal and state tax issues presented by experts from the IRS and partner organizations from the tax community. In addition to continuing professional education, attendees get access to the popular Case Resolution Program as well as dozens of industry exhibitors in the Exhibit Hall. For more information and to reserve your accommodations, visit the IRS Nationwide Tax Forums website [ [link removed] ].

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*3.??Get ready for the 2024 filing season with the IRS Tax Withholding Estimator*________________________________________________________________________

Tax pros: Use the IRS Tax Withholding Estimator [ [link removed] ] to update the amount of tax your clients have deducted from their 2023 pay. This online tool, which is available in English and Spanish, can help people adjust how much is withheld and could put more cash in their pocket or help them avoid a tax bill for 2023. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*4.??IRS to update Allowable Living Expense standards for 2023*________________________________________________________________________

Allowable Living Expense (ALE) standards for 2023 [ [link removed] ] will be available April 24. The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for necessities for citizens in similar geographic areas.

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*5.??Tax-exempt organizations: Remember annual May filing deadline*________________________________________________________________________

The IRS reminded thousands of tax-exempt organizations of their May 15 filing deadline [ [link removed] ]. The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization's accounting period. Those operating on a calendar-year (CY) basis must file a return by May 15.

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*6.??FAQs about changes to COVID-19 coverage, payment requirements*________________________________________________________________________

The IRS, Department of Labor and Department of Health and Human Services have jointly issued frequently asked questions [ [link removed] ] to clarify how the COVID-19 coverage and payment requirements under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act) will change when the public health emergency ends. Based on current COVID-19 trends, the Department of Health and Human Services is planning for the federal public health emergency for COVID-19 to end on May 11. Once it ends, the coverage and payment requirements will change.

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*7.??Prepare now for new Form 1099-K reporting threshold*________________________________________________________________________

A new reporting threshold for Form 1099-K, Payment Card and Third-Party Network Transactions, will start in tax year 2023. Encourage your clients to start keeping good records now for the next filing season. Find more information at IRS.gov/1099k [ [link removed] ].

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*8.??Tax relief for Indiana storm victims*________________________________________________________________________

Indiana storm victims [ [link removed] ] now have until July 31, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) due to tornadoes, severe storms and straight-line winds that occurred on March 31 and April 1. The current list of eligible localities is always available on the Tax Relief in Disaster Situations page [ [link removed] ] on IRS.gov.

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*9.??Career opportunities in the IRS Independent Office of Appeals*________________________________________________________________________

The IRS Independent Office of Appeals [ [link removed] ] is hiring Appeals Officers. This job announcement [ [link removed] ] will remain open for 12 months, but selections can take place throughout the 12-month timeframe. An Appeals Officer has the responsibility for administratively resolving tax controversies brought before the IRS. They conduct research, hold conferences and negotiate issues with taxpayers and/or their representative to resolve tax disputes in a fair and impartial manner. The IRS offers a wealth of workplace flexibilities, highly competitive pay and benefits. We invite members of the tax pro community to share and consider applying for this exciting career opportunity.

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*10.? Proposed regulations related to the new clean vehicle critical mineral, battery components*________________________________________________________________________

The IRS published proposed regulations in the Federal Register related to certain requirements that must be met for critical mineral and battery components [ [link removed] ] for the new clean vehicle credit. The critical mineral and battery component requirements apply to vehicles placed in service on or after April 18, 2023, the day after the Notice of Proposed Rulemaking is published in the Federal Register.

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*11.??News from the Justice Department?s Tax Division*________________________________________________________________________

A federal court in Detroit entered a permanent injunction against Jeanisia Saquise Allen [ [link removed] ] and First Choice Tax Solutions, LLC, The Tax Experts, Inc., The Tax Experts, LLC, and Top Notch Taxes, Inc., prohibiting them from preparing federal tax returns for others and owning, operating, or franchising a tax return preparation business. Following a payment by Allen to the government pursuant to a settlement agreement, the court, with the government?s consent, dismissed claims against Allen and her businesses seeking the disgorgement of ill-gotten gains that they received for the preparation of tax returns.

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*12.??Technical Guidance*________________________________________________________________________

Notice 2023-33 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for April 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for April 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2023-21 [ [link removed] ] applies to foreign insurance companies and provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code for taxable years beginning after Dec. 31, 2021.

Revenue Procedure 2023-22 [ [link removed] ] provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in each state, the District of Columbia, Puerto Rico, the Northern Mariana Islands, American Samoa, the Virgin Islands and Guam.

Revenue Ruling 2023-09 [ [link removed] ] provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.

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