e-News for Tax Professionals 2024-08

The IRS and the Federal Trade Commission will host the webinar Scams, tax related identity theft and identity protection PIN on March 6 at 1 p.m. EST. Learn about tax-related identity theft scams, IRS Identity Protection Personal Identification Number (PIN) Program, reporting and recovery methods and more. To register for this webinar and for additional information on future webinars hosted by the IRS, visit the Webinars for Tax Practitioners webpage.

2.? IRS ramps up business jet audits to ensure large corporations pay taxes owed

The IRS plans to begin dozens of audits on business aircraft involving personal use. The audits will focus on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether the use of jets is being properly allocated between business and personal reasons. Advanced analytics and Inflation Reduction Act resources will be used to conduct the audits. This is part of a larger effort the IRS is taking to ensure large corporate, large partnerships and high-income individual filers pay the taxes they owe.

3.? Second quarter interest rates unchanged

The IRS announced no change in second quarter interest rates beginning April 1. The interest rates are computed from the federal short-term rate determined during January 2024. See Revenue Ruling 2024-6 for details.

4.? Avoid penalty, interest charges; pay taxes by April 15 deadline

Avoid interest and penalty charges by filing your clients? returns and paying any amounts due by the April 15 deadline. For more information, watch the video Avoiding Interest and Penalty Charges. The video is also available in Spanish, Chinese and Korean.

5.? IRS shares March 1 deadline for many farmers and fishers

Tax pros: Your farmer and fisher clients who chose to forego making estimated tax payments by Jan. 16 must file their 2023 federal income tax return and pay all taxes due by March 1. The deadline allows farmers and fishers to avoid any estimated tax penalties. Those who made a qualifying payment by Jan. 16, 2024, can wait until April 15 to file and still avoid estimated tax penalties. For details, see Publication 505, Tax Withholding and Estimated Tax. The deadline in Maine and Massachusetts is April 17.

6.? 2024 Tax Time Guide: What to know before completing a tax return

In an effort to provide more resources for taxpayers during this filing season, the IRS kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items needed to file a 2023 tax return. The four-part weekly series explains the essentials to filing an accurate tax return, changes to credits and deductions, Form 1099-K reporting requirements and more. The IRS also has a variety of information available on IRS.gov to help taxpayers, including a special free help page.

7.? Special Saturday hours available at more than 50 Taxpayer Assistance Centers across the country

The IRS has announced special Saturday hours at specific Taxpayer Assistance Centers (TACs)for the next four months. The special Saturday hours of operation will take place from 9 a.m. to 4 p.m., on Feb. 24, March 16, April 13 and May 18 at participating TAC locations. Normally, TACs are only open Monday through Friday, with appointments needed. However, during these Saturday hours, appointments are not required. IRS advises taxpayers to visit the special Saturday hours webpage on IRS.gov for a list of participating TAC locations.

8.? Taxpayer Advocacy Panel seeks volunteers for 2025

The IRS announced vacancies in 29 states and territories for the volunteer-led Taxpayer Advocacy Panel (TAP). Applications for the 2025 TAP year are now being accepted from individuals looking for new ways to serve their community and speak up about issues that impact taxpayers. No previous tax experience is required.

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

The Justice Department filed a complaint seeking to bar Julius T. Price and his tax return preparation business, Price?s Accounting Firm Inc., from preparing federal income tax returns for others. By repeatedly understating his clients? tax liabilities, the complaint alleges that the United States has been harmed by Price?s conduct resulting in the significant loss in tax revenue of an estimated $1.5 million.?

Tax return preparer Joseph Korha, of Phoenix, Arizona, and formerly of North Dakota, pleaded guilty to five counts of preparing false tax returns. In total, Korha prepared more than 100 false returns and caused a tax loss to the IRS of approximately $294,000. Korha is scheduled to be sentenced on June 3. He faces a maximum penalty of three years in prison for each count as well as a period of supervised release, restitution and monetary penalties.

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