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e-News for Tax Professionals October 13, 2023

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Issue Number:? 2023-41

Inside This Issue

* Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief [ #First ]
* IRS updates tax gap projections for 2020, 2021 [ #Second ]
* A Closer Look: Get to know the IRS, its people, the issues affecting taxpayers [ #Third ]
* News from the Justice Department?s Tax Division [ #Fourth ]
* Technical Guidance [ #Fifth ] [ #Thirteenth ]
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*1.??Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief*________________________________________________________________________

The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel [ [link removed] ]. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. See more in Notice 2023-71 [ [link removed] ].

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*2.??IRS updates tax gap projections for 2020, 2021*________________________________________________________________________

The IRS released new tax gap projections [ [link removed] ] for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant jump from previous estimates. ?This increase in the tax gap underscores the importance of increased IRS compliance efforts on key areas," said IRS Commissioner Danny Werfel. "With the help of Inflation Reduction Act funding, we are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations.?

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*3.??A Closer Look: Get to know the IRS, its people, the issues affecting taxpayers*________________________________________________________________________

The executive column ?A Closer Look? covers a variety of timely issues of interest to taxpayers and the tax community. It also provides a detailed look at key issues affecting everything from IRS operations and employees to issues involving taxpayers, tax and payroll professionals. Take a closer look [ [link removed] ].

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*4.??News from the Justice Department?s Tax Division*________________________________________________________________________

Jessica Avras [ [link removed] ] of Nevada pleaded guilty to assisting in the preparation of false income tax returns. Avras, who admitted that her conduct caused a tax loss to the IRS of approximately $525,000, faces a maximum penalty of three years in prison, a period of supervised release and monetary penalties.?

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*5.??Technical Guidance*________________________________________________________________________

Revenue Procedure 2023-33 [ [link removed] ] sets forth the procedures under sections 30D(g) and 25E(f) of the Internal Revenue Code for the transfer of the clean vehicle credit or previously owned clean vehicle credit from the taxpayer who elects to transfer such credit to an eligible entity. These procedures will apply to transfers of credits after Dec. 31, 2023.

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