e-News for Tax Professionals 2023-47

Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service this week released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn't expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023. This news release is also available in Spanish and Simplified Chinese.

2.??Tax pros may be contacted to participate in an IRS survey

Between Nov 27, 2023, and Jan 19, 2024, tax pros may be randomly selected to participate in a voluntary phone survey. This is not a scam. Please don?t hang up. Responses will help the IRS improve services to the tax pro community and the taxpayers they serve.

The survey will be conducted by ICF, an independent research firm hired by the IRS. It will take about 20 minutes to complete, and covers topics including e-filing, due diligence requirements, data security, and electronic document submission. All responses are anonymous and confidential. Tax pros will not be asked to provide any personal info about themselves or their clients

If tax pros are contacted, it will be Monday through Friday between 8:30AM - 6:30PM local time and they?ll see a Kansas City (816) area code on their caller ID.

For more information or questions about the survey tax pros can email [email protected] or call (888) 504-6387.

3.??Saver?s Credit can help low- and moderate-income taxpayers to save more in 2024

The Internal Revenue Service reminds?low- and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver?s Credit, helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k) plans and similar workplace retirement programs. The maximum Saver?s Credit is $1,000 ($2,000 for married couples). The credit can increase a taxpayer?s refund or reduce the tax owed but is affected by other deductions and credits. This news release is also available in Spanish and Simplified Chinese.

4.??Nationwide Tax Forum Online: Learn directly from the IRS, earn CE credits

Tax pros: If you?re in need of continuing education (CE) credits before the end of the year, visit the IRS Nationwide Tax Forums Online webpage. The IRS tax forum online webpage features 18 self-study seminars that offer options for Ethics, Federal Tax Law and Federal Tax Law Update CE credits. These self-study seminars, which were recorded during the in-person 2023 IRS Nationwide Tax Forums, are available for CE credit or review. For a complete list of seminars and to register, visit the Nationwide Tax Forums Online.

5.??Changes to energy efficient home improvements, residential clean energy credits may benefit your clients

If your client makes energy improvements to their home, they may be eligible for the energy efficient home improvement and residential clean energy tax credits for part of the qualifying expenses. Check out an IRS video to learn more.

6.??Video: Benefits of the Work Opportunity Tax Credit

Giving someone a work opportunity may translate into a business tax credit for your client and greater stability for a family. Watch a video about Work Opportunity Tax Credit (WOTC) benefits. WOTC is a federal tax credit available to employers who hire individuals from certain targeted groups who have faced significant barriers to employment.

7.??Small business tax workshop now available in seven languages

IRS?s small business tax workshop is now available in seven languages: English, Spanish, Chinese, Russian, Haitian Creole, Vietnamese and Korean. This free workshop helps small business owners learn about their rights and tax responsibilities.?

8.??Technical Guidance

Revenue Procedure 2023-37 sets forth the rules regarding qualified pre-approved plans and section 403(b) pre-approved plans, and combines, conforms, clarifies, and updates rules for those plans previously set forth in prior revenue procedures.

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