e-News for Tax Professionals 2024-01

important role tax professionals play in helping to ensure the integrity of the tax system,
steps needed to become an Authorized e-file Provider,
requirement to have a preparer tax identification number (PTIN) and
ways to better protect your data from cybercriminals specifically targeting the tax preparer community.

To help ensure paid tax professionals are aware of their due diligence requirements when filing returns claiming the Earned Income Tax Credit and other tax benefits, the IRS is offering two free educational webinars:

Answering Your Frequently Asked Questions on Due Diligence on Jan. 10 and
Sailing Through the Rules of Refundable Credits on Jan. 12.

The webinars will include free online tools, tips and resources. Tax pros can also earn one free continuing education credit per webinar. Thank you for your continued professionalism and the support you provide to the nation?s taxpayers.

2.??Get Ready: IRS.gov has helpful filing season resources for taxpayers

Tax pros: Encourage your clients to visit IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax returns. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can take now to make filing easier in 2024. Later this month, the IRS anticipates announcing a start date for the 2024 filing season when the agency will begin accepting tax returns.

3.??Certain entities must report beneficial ownership information to Treasury

As a tax professional, you may be required to report beneficial ownership information (BOI) to the U.S. Department of the Treasury?s Financial Crimes Enforcement Network (FinCEN). As of Jan. 1, 2024, certain types of corporations, limited liability companies and other similar entities created in or registered to do business in the United States must report information to FinCEN about their beneficial owners?the persons who ultimately own or control the company. BOI reporting is not an IRS program; all inquiries must be directed to FinCEN. FinCEN?s BOI e-filing system is available for you to e-file the beneficial ownership information report. Visit the Beneficial Ownership Information Reporting webpage for more information.

4.??Dealers, sellers of clean vehicles have more time to submit time-of-sale reports

To provide dealers and the IRS more time to submit and intake seller reports into the new IRS Energy Credits Online (IRS ECO) system, the IRS is temporarily extending the 3-day time period to submit time-of-sale reports. This means dealers and sellers have until Jan. 19 to submit a time-of-sale report for clean vehicles sold on Jan. 1 through Jan. 16. While the IRS fine-tunes this new system and the intake of time-of-sale reports, dealers and sellers should continue to submit their time-of-sale reports using IRS ECO.

5.??IRS opens free IRA and CHIPS pre-filing registration tool

Qualifying businesses, tax-exempt organizations or entities such as state, local and Indian tribal governments can register for elective payments or transfer of credits using the new IRA/CHIPS Pre-filing Registration Tool, available free from the IRS. Elective payment and the transfer election create alternative ways for applicable entities and eligible taxpayers who have earned one of the Inflation Reduction Act (IRA) clean energy or the Creating Helpful Incentives to Produce Semiconductors Act (CHIPS) credits to get the benefit of the credit even if the taxpayer cannot use the credit to offset their tax liability.

6.??Technical Guidance

Notice 2024-09 provides procedures for applicable entities to claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 that fail to satisfy the domestic content requirement.

Notice 2024-11 updates the list of treaties that meet the requirements of section 1(h)(11) (qualified dividends).

Notice 2024-13 announces that the Department of the Treasury and the IRS intend to propose regulations to implement the product identification number (PIN) requirement with respect to the energy efficient home improvement credit under section 25C of the Internal Revenue Code. This notice requests comments on the PIN requirement under section 25C(h).

Notice 2024-16 announces that Treasury and the IRS intend to issue proposed regulations that will address certain basis consequences of internal restructuring transactions in which a U.S. corporation acquires stock of a controlled foreign corporation (CFC) from another CFC.

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