ERC processing moratorium; ERC Q&A resource; IRS to hire 3,700 employees nationwide; and more

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e-News for Tax Professionals September 15, 2023

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Issue Number: 2023-37

Inside This Issue

* IRS orders immediate stop to new ERC processing amid surge of questionable claims, concerns from tax pros [ #First ]
* Client not convinced they?re ineligible for Employee Retention Credit? New IRS Q&A document may help. [ #Second ]
* Beware of warning signs of aggressive promotions that can mislead businesses into improper ERC claims [ #Third ]
* IRS looks to hire 3,700 employees nationwide to help expand compliance for large corporations, complex partnerships [ #Fourth ]
* Georgia taxpayers affected by Idalia qualify for tax relief [ #Fifth ]
* Form 1099-K informational video now available in Korean, Russian, Chinese and Spanish [ #Sixth ]
* IRS clarifies rules for new corporate alternative minimum tax [ #Seventh ]
* Comments requested on expanding tax certainty, issue resolution programs for business taxpayers [ #Eighth ]
* Newsletter for the clean vehicle industry now available [ #Ninth ]
* Webinars for tax practitioners [ #Tenth ]
* Technical Guidance [ #Eleventh ]
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*1.??IRS orders immediate stop to new ERC processing amid surge of questionable claims, concerns from tax pros*________________________________________________________________________

Amid rising concerns about a flood of improper *Employee Retention Credit* (ERC) claims, the IRS ordered an immediate moratorium [ [link removed] ] through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams. The IRS continues to work previously filed ERC claims received prior to the moratorium but renewed a reminder that increased fraud concerns means processing times will be longer. IRS Commissioner Danny Werfel ordered the immediate moratorium, beginning Sept. 14 through at least Dec. 31, following growing concerns inside the tax agency, from tax professionals as well as media reports that a substantial share of new claims from the aging program are ineligible and increasingly putting businesses at financial risk. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??Client not convinced they?re ineligible for Employee Retention Credit? New IRS Q&A document may help.*________________________________________________________________________

Following concerns raised by tax professionals and as part of this week?s Employee Retention Credit (ERC) announcement, the IRS has developed a special plain language question and answer document [ [link removed] ] that provides a high-level look at potential eligibility for the complex credits. The document highlights common areas where promoters have caused confusion, like supply chain issues. The document was created following feedback from tax professionals at the IRS Nationwide Tax Forums this summer as well as national tax association leaders. The IRS encourages tax professionals to share this document along with other key IRS materials.

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*3.??Beware of warning signs of aggressive promotions that can mislead businesses into improper ERC claims*________________________________________________________________________

The IRS continues to warn businesses to watch out for aggressive marketing [ [link removed] ] by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. Visit IRS.gov for more information [ [link removed] ] about the ERC warning signs to avoid, how businesses and others can protect themselves, and how to report ERC abuse. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*4.??IRS looks to hire 3,700 employees nationwide to help expand compliance for large corporations, complex partnerships*________________________________________________________________________

As part of larger transformation work underway to make improvements, the IRS is hiring for 3,700 positions in more than 250 locations [ [link removed] ] nationwide to help with expanded enforcement work focusing on complex partnerships and large corporations. These compliance positions are part of a larger effort to add fairness to the tax system and expand tax enforcement involving areas of concern with high-income earners, partnerships, large corporations and promoters. The hiring will be for higher-graded revenue agents, which are specialized technical positions that generally focus on audits. Visit IRS.gov for more information about the revenue agent positions, how to apply and how to attend a virtual information session for more details.

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*5.??Georgia taxpayers affected by Idalia qualify for tax relief*________________________________________________________________________

Georgia individuals and businesses affected by Idalia [ [link removed] ] in 28 of the state's 159 counties now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. This is similar to relief already being provided in Florida and South Carolina. This news release is available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*6.??Form 1099-K informational video now available in Korean, Russian, Chinese and Spanish*________________________________________________________________________

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 [ [link removed] ] reporting those transactions. A new video instructs taxpayers to keep good records of these payments throughout the year. Learn more by watching a short IRS video [ [link removed] ], which is now also available in Korean [ [link removed] ], Russian [ [link removed] ], Chinese [ [link removed] ] and Spanish [ [link removed] ].

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*7.??IRS clarifies rules for new corporate alternative minimum tax*________________________________________________________________________

The Department of Treasury and the IRS issued Notice 2023-64 to provide additional interim guidance designed to help corporations determine whether the new corporate alternative minimum tax (CAMT) applies [ [link removed] ] to them and how to compute the tax. Notice 2023-64 clarifies and supplements Notice 2023-07 and Notice 2023-20, issued earlier this year. Treasury and IRS anticipate that forthcoming proposed regulations will be consistent with this interim guidance.

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*8.??Comments requested on expanding tax certainty, issue resolution programs for business taxpayers*________________________________________________________________________

The IRS is requesting comments [ [link removed] ] from taxpayers and advisors about improving and expanding tax certainty and issue resolution options for business taxpayers. Taxpayers and representatives are welcome to submit comments by March 31, 2024. Stakeholder feedback is critical to the success of these efforts. Visit IRS.gov for criteria for comments and how to submit them.

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*9.??Newsletter for the clean vehicle industry now available*________________________________________________________________________

The IRS has created *e-News for Clean Vehicle Industry*, a new e-newsletter for clean vehicle manufacturers, dealers and the auto industry. Subscribe to get information to navigate the clean vehicle tax credits. To subscribe, visit the e-News Subscriptions page [ [link removed] ] on IRS.gov, scroll to the e-News for Businesses section, select e-News for Clean Vehicle Industry and click on the subscribe link.

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*10.? Webinars for tax practitioners*________________________________________________________________________

Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit the Webinars for Tax Practitioners [ [link removed] ] page on IRS.gov.


* *Preparation of Form 1040-NR, U.S. Nonresident Alien Income Tax Returns*, on Sept. 26 at 2 p.m. ET. Earn up to 2 continuing education credits.
* *Mortgage & Other Interest Expense Allocation & Apportionment for Individuals with Partnership Interests Form 1116 and Schedule K-3*, on Sept. 28 at 2 p.m. ET. Earn up to 1 continuing education credit.
* *Beneficial Ownership Information*, on Oct. 4 at 2 p.m. ET. No continuing education credit is offered for this webinar.

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*11.??Technical Guidance*________________________________________________________________________

Notice 2023-63 [ [link removed] ] provides interim guidance intended to clarify the application of section 174 of the Internal Revenue Code, as amended by Public Law 115-97, 131 Stat. 2054 (Dec. 22, 2017), commonly referred to as the Tax Cuts and Jobs Act (TCJA).

Notice 2023-64 [ [link removed] ] provides additional interim guidance that is intended to further clarify the application of the new corporate alternative minimum tax (CAMT), as added to the Code by the Inflation Reduction Act of 2022.

Notice 2023-66 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for September 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for September 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2023-31 [ [link removed] ] supersedes Rev. Proc. 2015-47, 2015-39 IRB 419, which sets forth procedures for filers of Forms 8955-SSA and 5500-EZ to request a hardship waiver of the requirement to file those forms electronically.

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