e-News for Tax Professionals 2023-37

Amid rising concerns about a flood of improper Employee Retention Credit (ERC) claims, the IRS ordered an immediate moratorium 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 and Simplified Chinese.

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 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.

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 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 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 and Simplified Chinese.

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 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.

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

Georgia individuals and businesses affected by Idalia 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 and Simplified Chinese.

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 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, which is now also available in Korean, Russian, Chinese and Spanish.

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 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.

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

The IRS is requesting comments 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.

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 on IRS.gov, scroll to the e-News for Businesses section, select e-News for Clean Vehicle Industry and click on the subscribe link.

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 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.

11.??Technical Guidance

Notice 2023-63 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 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 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 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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