e-News for Tax Professionals 2023-17

The IRS is accepting applications for the 2024 Internal Revenue Service Advisory Council (IRSAC) through May 31. The IRSAC serves as an advisory body to the IRS commissioner and provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. IRSAC members are appointed to three-year terms by the IRS commissioner and submit a report to the commissioner annually at a public meeting. The IRS is accepting applications for terms that begin in January 2024. More information, including the application form, is available on the IRSAC webpage.

2.??National Small Business Week resources, information

Tax pros: As part of National Small Business Week, April 30 to May 6, the IRS has a variety of resources available for small business owners to help them understand and meet their tax responsibilities. Next week, the IRS will be highlighting some of these resources, and @IRSnews also plans a special Twitter chat on Thursday, May 4 at 3 p.m. ET. This news release is also available in Spanish and Simplified Chinese.?

3.??Webinars for tax practitioners

Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit IRS.gov.

Bankruptcy and the IRS on May 9 at 2 p.m. ET. Earn up to 2 CE credits; certificates of completion are being offered.
Digital Day by IRS?s Online Services on May 18 at 2 p.m. ET. Earn up to 2 CE credits; certificates of completion will be offered to all participants who qualify.
Americans Abroad: Tax Obligations and Reporting Requirements on June 13 at 1 p.m. ET. Earn up to 2 CE credits; certificates of completion will be offered to all participants who qualify.

4.??Tax relief for Oklahoma storm victims

Oklahoma victims of severe storms, straight-line winds and tornadoes April 19 and 20, now have until Aug. 31, to file various individual and business tax returns and make tax payments. Individuals and households affected by severe storms, straight-line winds and tornadoes that reside or have a business in McClain and Pottawatomie counties qualify for tax relief.

5.??IRS seeks applications for TCE, VITA grants

The IRS is accepting applications for Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants, which allow eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years. Applications are accepted from May 1 to May 31. This news release is also available in Simplified Chinese.

6.??Changes to the energy efficient home improvements, residential clean energy credits may benefit your clients

If your client makes energy efficiency improvements to their home, they may be eligible for the energy efficient home improvement and residential clean energy tax credits for part of the qualifying expenses. Check out an IRS video on energy efficient home improvements and residential clean energy credits to learn more.

7.??News from the Justice Department?s Tax Division

South Carolina return preparer Jeffrey Harmon pleaded guilty to two counts of filing false tax returns. In his plea, Harmon admitted to filing a false 2012 tax return for himself and to aiding and assisting in the preparation of a 2016 tax return claiming false deductions for rent and depreciation for one of his clients. Harmon agreed that the total tax loss from his criminal conduct was approximately $320,000. Harmon faces a maximum penalty of three years in prison for each false return count. He also faces a period of supervised release, monetary penalties and restitution.

8.??Technical Guidance

Announcement 2023-16 informs the public that the IRS will no longer conduct public hearings on notices of proposed rulemaking solely by telephone for proposed regulations published in the Federal Register after May 11, 2023, following the end of the national emergency concerning the Coronavirus Disease 2019 (COVID-19) pandemic. A telephonic option will remain available for those who prefer to attend or testify at a public hearing by telephone.

Notice 2023-34 updates Notice 2014-21 because it stated that digital currencies were not legal tender; however, since then foreign jurisdictions have enacted laws that characterize Bitcoin as legal tender. Thus, the sentence in the Background section of Notice 2014-21 stating that virtual currency does not have legal tender status in any jurisdiction is no longer accurate as to Bitcoin.

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