ESOP alert; final tax forum; new way to electronically request relief; ID theft red flags; 1099-K; and more 

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e-News for Tax Professionals August 11, 2023

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Issue Number: 2023-32

Inside This Issue

* Be alert to compliance issues associated with Employee Stock Ownership Plans [ #First ]
* Final opportunity to participate in the 2023 IRS Nationwide Tax Forums [ #Second ]
* New, easier way to electronically request relief for late-filed international documents and forms [ #Third ]
* Identity theft red flags you should know [ #Fourth ]
* Does your client make extra cash selling things or providing a service? [ #Fifth ]
* IRS, Treasury issue guidance for owners of solar and wind powered energy facilities in low-income communities for increased energy credit [ #Sixth ]
* IRS: Builders of qualified new energy efficient homes might qualify for an expanded tax credit under Section 45L [ #Seventh ]
* Webinar: Taxation of Nonresident Alien Individuals [ #Eighth ]
* Technical Guidance [ #Ninth ]
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*1.  Be alert to compliance issues associated with Employee Stock Ownership Plans*________________________________________________________________________

As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to a range of compliance issues that can be associated with Employee Stock Ownership Plans [ [link removed] ] (ESOPs), retirement plans that allow employees to own stock in their employer's company. In light of the complexity of ESOPs, the IRS has and will continue to undertake enforcement strategies to ensure compliance with tax law requirements by employers sponsoring an ESOP.

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*2.  Final opportunity to participate in the 2023 IRS Nationwide Tax Forums*________________________________________________________________________

The IRS Tax Forum in Orlando is your last opportunity to participate in this year's educational series and hear directly from the IRS about the latest tax law updates. The IRS Nationwide Tax Forums provide attendees with direct access to the most relevant and important information regarding tax laws and regulations. Take part in the three-day event offering more than 40 seminars [ [link removed] ] and workshops, where you can earn up to 18 continuing education credits; share your opinions in various focus groups; attend four special events [ [link removed] ] designed with the tax pro in mind; network with fellow tax professionals; and more.

Attendees can still register for the Orlando program by Aug. 15 at the standard rate of $299. For more information, visit the IRS Nationwide Tax Forum website [ [link removed] ].

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*3.  New, easier way to electronically request relief for late-filed international documents and forms*________________________________________________________________________

The IRS now offers an easier, more efficient way for taxpayers or their tax professionals to submit electronic requests for relief for certain late-filed international documents [ [link removed] ] to improve taxpayer service. As part of a step toward full digitalization [ [link removed] ] being taken across the IRS, the new option will apply to the following filings:


* Gain Recognition Agreements,
* Late-filed Dual Consolidated Losses and
* Partnership Gain Deferral Contributions.

"Across the IRS, our teams are working to make improvements to help people, and this electronic option removes a step in the paper process that can help save time and ease burden on international taxpayers as well as the tax pros serving them," said IRS Commissioner Danny Werfel. "This is part of our larger effort to transform the IRS and help taxpayers." Visit IRS.gov more for more information about how the process will work.

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*4.  Identity theft red flags you should know*________________________________________________________________________

Tax pros: The IRS and the Security Summit partners urge you to learn the signs of data theft [ [link removed] ] so you can respond quickly to protect your clients. "It's important for tax professionals to protect their systems from identity thieves who always look for new methods to steal data," said IRS Commissioner Danny Werfel. "There are practical ways for practitioners to keep on top of the latest trends and signs of data and identity theft." This is the fourth in a five-part "Protect Your Client; Protect Yourself [ [link removed] ]" summer series from the Security Summit, a public-private partnership that works to protect the tax system against tax-related identity theft and fraud. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*5.  Does your client make extra cash selling things or providing a service?*________________________________________________________________________

Taxpayers who sell items or provide a service and get paid by payment card or through a payment app, may get a Form 1099-K reporting those transactions. Remind them to keep good records throughout the year. Learn more by watching an IRS video [ [link removed] ], which is now also available in Spanish [ [link removed] ].

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*6.  IRS, Treasury issue guidance for owners of solar and wind powered energy facilities in low-income communities for increased energy credit*________________________________________________________________________

The Department of the Treasury and the IRS issued final regulations [ [link removed] ] and Revenue Procedure 2023-27 to provide guidance for owners of certain solar or wind facilities [ [link removed] ] built in connection with low-income communities. The guidance recently issued provides definitions, requirements and procedures applicable to the Section 48(e) low-income communities bonus energy investment credit program established under the Inflation Reduction Act. See more about Revenue Procedure 2023-27 in the Technical Guidance section below.

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*7.  IRS: Builders of qualified new energy efficient homes might qualify for an expanded tax credit under Section 45L*________________________________________________________________________

Eligible contractors who build or substantially reconstruct qualified new energy efficient homes [ [link removed] ] may qualify for a tax credit up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency and the date when someone buys or leases the home. This important credit was expanded as part of the Inflation Reduction Act of 2022. Visit IRS.gov for more information about properly claiming the credit and other resources. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*8.  Webinar: Taxation of Nonresident Alien Individuals*________________________________________________________________________

The IRS webinar *Taxation of Nonresident Alien Individuals* takes place on Thursday, Aug. 17 at 2 p.m. ET. Participants will be eligible to earn up to 2 CE credits for this webinar. For more information about the webinar and to register, visit the Webinars for Tax Practitioners webpage [ [link removed] ].

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*9.  Technical Guidance*________________________________________________________________________

Notice 2023-52 [ [link removed] ] announces that the Treasury Department and IRS intend to issue proposed regulations under section 5000D.

Notice 2023-60 [ [link removed] ] provides information to filers about the availability of administrative exemptions from and waivers of the requirements to file returns and other documents in electronic form.

Notice 2023-61 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for August 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for August 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2023-27 [ [link removed] ] provides clarifying and procedural guidance applicable to the low-income communities bonus credit program for the energy investment credit established pursuant to the Inflation Reduction Act of 2022 (Program).

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