Tax Forum early bird rate deadline is 6/15; balance due notices; options if missed April tax deadline; and more?

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e-News for Tax Professionals June 9, 2023

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Issue Number: 2023-23

Inside This Issue

* IRS Nationwide Tax Forums early bird registration deadline is June 15; take advantage of the savings [ #First ]
* IRS statement on mailing of balance due notices [ #Second ]
* Special options available to help taxpayers who missed the April deadline [ #Third ]
* Estimated tax payment due June 15 [ #Fourth ]
* Taxpayers must file by July 17 to claim refunds for 2019 [ #Fifth ]
* Understanding the Form 1099-K [ #Sixth ]
* Webinar ? Americans Abroad: Tax Obligation and Reporting Requirements [ #Seventh ]
* Helpful information for military personnel [ #Eighth ]
* IRS grants penalty relief for corporations that did not pay estimated tax related to new corporate alternative minimum tax [ #Ninth ]
* Credit for builders of energy-efficient homes [ #Tenth ]
* Technical Guidance [ #Eleventh ]
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*1.??IRS Nationwide Tax Forums early bird registration deadline is June 15; take advantage of the savings*________________________________________________________________________

Tax pros, take advantage of the *2023 IRS Nationwide Tax Forums* early bird registration savings, which is available *only through June 15*. The tax forums will offer attendees multiple opportunities to learn about tax law changes and IRS transformation efforts. "We are working with our association partners to provide a timely look at some of the most important issues facing tax professionals during a dramatic period of change,? said IRS Commissioner Danny Werfel. ?Following three years of virtual sessions, the in-person seminars provide a unique opportunity for tax professionals in larger and smaller practices to get an inside look at key changes that can help their clients and their businesses.?

Attendees who register by the early bird registration deadline can benefit from the lowest rate at $245 per person. That is a savings of $54 off the standard rate and $135 off the on-site registration price. Members of the following partner associations can get an additional $10 off the early bird rate if they register by June 15: American Bar Association (ABA); American Institute of Certified Public Accountants (AICPA); National Association of Enrolled Agents (NAEA); National Association of Tax Professionals (NATP); National Society of Accountants (NSA); and National Society of Tax Professionals (NSTP). Those interested should contact their association directly for more information.

Each forum is a three-day session, offering more than 40 seminars [ [link removed] ] for which tax pros can earn up to 18 continuing education credits. This year, the forums will be held in the following cities:


* *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

For more information and to register online, visit irstaxforum.com [ [link removed] ].

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*2.??IRS statement on mailing of balance due notices*________________________________________________________________________

The IRS reassures California taxpayers that they continue to have an automatic extension until later this year to file and pay their taxes for those covered by disaster declarations in the state [ [link removed] ]. The IRS Notice CP14, the current mailings being received by some taxpayers, are for taxpayers who have a balance due, and they are sent out as a legal requirement. While the notice received by taxpayers says they need to pay in 21 days, most California taxpayers have until later this year to pay under the disaster declaration. Taxpayers in federally declared disaster areas in other states who receive this notice also have additional time to pay; a full listing of disaster areas in various states is available [ [link removed] ]. These letters include a special insert that notes the payment date listed in the letter does not apply to those covered by a disaster declaration, and the disaster dates remain in effect.

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*3.??Special options available to help taxpayers who missed the April deadline*________________________________________________________________________

Encourage your clients who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid a larger late-filing penalty [ [link removed] ]. The IRS must receive the return by June 14; returns mailed on that date normally won?t avoid the larger penalty. For that reason, the IRS recommends taxpayers file electronically by the June 14 deadline. Visit IRS.gov for more about available options for those who are unable to pay, and about those who automatically have additional time to file. This article is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*4.??Estimated tax payment due June 15*________________________________________________________________________

Remind your clients about the upcoming 2023 second quarter estimated tax payment deadline [ [link removed] ]. Taxpayers who pay estimated taxes should consider the June 15 deadline to stay current with their taxes. Visit IRS.gov for more information about who must pay estimated tax, how to avoid an underpayment penalty, understanding Form 1099-K and more. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*5.??Taxpayers must file by July 17 to claim refunds for 2019*________________________________________________________________________

The IRS estimates almost $1.5 billion in refunds remain unclaimed because taxpayers haven't yet filed their 2019 tax returns. Tax pros, if your client falls in this category, encourage them to submit a tax return to claim their refunds for tax year 2019 [ [link removed] ] by the July 17, 2023, deadline. Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don't file within three years, the money becomes the property of the U.S. Treasury. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*6.??Understanding the Form 1099-K*________________________________________________________________________

The IRS redesigned the Understanding Your Form 1099-K [ [link removed] ]?webpage, making it easier to understand and navigate. The page separates information for personal items sold versus selling goods, renting property and providing services. It also includes important information about:


* What shouldn?t be reported on Form 1099-K;
* What to do if the information on the form is incorrect; and
* Who gets the form.

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*7.??Webinar ? Americans Abroad: Tax Obligation and Reporting Requirements*________________________________________________________________________

The upcoming webinar, *Americans Abroad: Tax Obligation and Reporting Requirements*, takes place June 13 at 1 p.m. ET. Certificate of completions will be offered to all participants who qualify. Tax professionals can earn up to two continuing education credits. Visit the Webinars for Tax Practitioners [ [link removed] ] webpage for more information about the course and to register.

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*8.??Helpful information for military personnel*________________________________________________________________________

Do you have clients in the military? Encourage these taxpayers and their families to learn more about the special tax benefits available to them [ [link removed] ].

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*9.??IRS grants penalty relief for corporations that did not pay estimated tax related to new corporate alternative minimum tax*________________________________________________________________________

The Department of Treasury and the IRS issued Notice 2023-42, which will grant penalty relief for corporations [ [link removed] ] that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after Dec. 31, 2022. CAMT generally applies to large corporations with average annual adjusted financial statement income exceeding $1 billion. See Technical Guidance section for more information about Notice 2023-42.

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*10.? Credit for builders of energy-efficient homes*________________________________________________________________________

Contractors who build or substantially reconstruct qualified energy-efficient homes may be eligible for tax credits [ [link removed] ] up to $5,000 per home. The amount of the credit depends on factors including the type of home, its energy efficiency rating and the date when someone buys or rents it. Visit IRS.gov for more information about how to qualify, credit amounts, how to claim the credit and more. This article is also available in Spanish [ [link removed] ].

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*11.??Technical Guidance*________________________________________________________________________

Notice 2023-42 [ [link removed] ] provides relief from the addition to tax under section 6655 of the Internal Revenue Code (Code) in connection with the application of the new corporate alternative minimum tax (CAMT), as added to Code by the enactment of section 10101 of Public Law 117-169, 136 Stat. 1818 (Aug. 16, 2022), commonly referred to as the Inflation Reduction Act of 2022 (IRA).

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