e-News for Tax Professionals 2023-42

As part of a larger effort to protect small businesses and organizations from scams, the IRS outlines the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new withdrawal option allows certain employers that filed an ERC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties.

IRS will host a webinar on Employee Retention Credit: "Latest information on the moratorium and options for withdrawing or correcting previously filed claims,? at 2:00 p.m. Eastern on Thursday, Nov. 2, 2023. Register here.

2.??IRS launches new initiatives using Inflation Reduction Act funding to ensure large corporations pay taxes owed

Following a dramatically improved 2023 filing season thanks to Inflation Reduction Act (IRA) investments, today the IRS announced new initiatives to ensure large corporations pay taxes owed. As these initiatives to improve compliance among high-income individuals, complex partnerships and large corporations ramp up, the IRS is continuing its work to improve customer service and modernize core technology infrastructure, most notably with the launch of business tax account.

3.??Most popular seminars at the 2023 IRS Nationwide Tax Forums now available online

Tax pros: If you missed the in-person 2023 IRS Nationwide Tax Forums over the summer, you?re now able to view and earn continuing education credits for the most popular seminars presented there. The IRS Nationwide Tax Forums Online has launched and includes 18 new self-study seminars that satisfy continuing education requirements in the categories of federal tax law, federal tax law update and ethics, for a fee of $29 per seminar. In addition to the recently added seminars, the Nationwide Tax Forums Online also offer numerous seminars from prior-year IRS Nationwide Tax Forums. This news release is also available in Simplified Chinese.

4.??Tax-filing, payment deadline postponed for most California storm victims

The IRS further postponed tax deadlines to Nov. 16 for most California taxpayers to file their 2022 returns and pay any tax due. Fifty-five of California's 58 counties?all except Lassen, Modoc and Shasta counties?qualify. This news release is also available in Spanish and Simplified Chinese.

5.??IRS advances innovative Direct File project for 2024 tax season

As part of larger transformation efforts underway, the IRS announced key details about the Direct File pilot for the 2024 filing season with several states planning to join the innovative effort. The IRS will conduct a limited-scope pilot during the 2024 tax season to further assess customer support and technology needs. It will also provide a platform for the IRS to evaluate successful solutions for potential operational challenges identified in the report the IRS submitted to Congress earlier this year. This news release is also available in Spanish and Simplified Chinese.

6.??2024 Tax Counseling for the Elderly, Volunteer Income Tax Assistance Program Grants

The IRS recently awarded 45 Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants, totaling $51 million, to organizations that provide free federal tax return preparation. "As a part of the transformation of IRS, connecting with communities and providing resources through partnerships is part of our effort to ensure fair and equitable administration of taxes and provide valuable credits to those in need," said Ken Corbin, the IRS Wage and Investment commissioner. "Grants ensure that these partners have access and are available."

7.??News from the Justice Department?s Tax Division

Lance K. Bradford, a CPA of Henderson, Nev., pleaded guilty to aiding and assisting the filing of false tax returns for his role in a purported investment scheme to sell false tax deductions. In total, Bradford?s scheme caused a tax loss to the IRS of at least $8 million. Bradford is scheduled to be sentenced on Jan. 16, 2024, and faces a maximum penalty of three years in prison. He also faces a period of supervised release, restitution and monetary penalties.

8.??Technical Guidance

Notice 2023-70 provides that the adjusted applicable dollar amount that applies for determining the Patient-Centered Outcomes Research Trust Fund (PCORTF) fee for policy years and plan years ending on or after Oct. 1, 2023, and before Oct. 1, 2024, is $3.22.

Notice 2023-71 postpones various time-sensitive deadlines for taxpayers affected by the Oct. 7, 2023, terrorist attacks in the State of Israel. The notice defines the covered area, identifies categories of ?affected taxpayers,? and provides a list of the acts postponed. The postponement period is Oct. 7, 2023, to Oct. 7, 2024.

Notice 2023-72 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for October 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for October 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Ruling 2023-20 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate.

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