Avoid ERC scams; IRS Tax Forums; 2023 third quarter interest rates; tax pro webinars; and more
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Issue Number: 2023-21Inside This Issue
1.??Beware of the warning signs for misleading Employee Retention scams As aggressive marketing continues, the IRS renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit (ERC). The IRS and tax professionals continue to see a barrage of aggressive broadcast advertising, direct mail solicitations and online promotions involving the ERC. While the credit is real, aggressive promoters are wildly misrepresenting and exaggerating who can qualify for the credits. The IRS continues to increase compliance work involving ERC; for example, the agency has trained auditors examining ERC claims posing the greatest risk, and the IRS Criminal Investigation division is working to identify fraud and promoters of fraudulent claims. Remind your clients to beware of these scams because anyone who improperly claims the ERC must pay it back, possibly with penalties and interest. This article is available in Spanish and Simplified Chinese. 2.??Learn directly from the IRS: Register for the IRS Nationwide Tax Forums Attend the upcoming IRS Nationwide Tax Forums and have access to the latest insights and expertise straight from the IRS. Each of the five tax forums is a three-day event with more than 40 seminars and workshops on a wide variety of federal and state tax issues presented by experts from the IRS and partner organizations from the tax community. Attendees may earn up to 18 continuing education credits. In addition to continuing professional education, attendees get access to the popular Case Resolution Program as well as dozens of exhibitors in the Exhibit Hall. Attendees can also participate in focus groups and network with colleagues. The IRS Nationwide Tax Forums are back in-person and will take place in the following five cities:
For more information or to register, visit IRStaxforum.com. 3.??Interest rates remain the same for the third quarter of 2023 Interest rates will remain the same for the calendar quarter beginning July 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:
4.??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.
5.??News from the Justice Department?s Tax Division Georgina Gonzalez, a Columbia, S.C., return preparer and regional manager of multiple tax preparation business locations, pleaded guilty to conspiracy to defraud the United States by preparing and filing false tax returns. Gonzalez is scheduled to be sentenced at a later date and faces a maximum sentence of five years in prison, as well as a period of supervised release, restitution and other monetary penalties. 6.??Technical Guidance Notice 2023-43 provides guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS). Revenue Ruling 2023-11 provides the third quarter interest rates for 2023, including the rates for underpayments and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter will begin July 1, 2023. Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service. If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site. |
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