e-News for Tax Professionals 2024-27

With new and evolving scams emerging, the IRS and its Security Summit partners announced the start of a special summer Protect Your Clients; Protect Yourself campaign to help tax professionals protect themselves against new and ongoing threats involving tax-related identity theft. Summit partners will work to raise awareness among tax pros about the importance of maintaining strong security, and what to do if a security incident occurs.

This summer?s effort is anchored around a series of eight news releases that will run for consecutive weeks each Tuesday, coinciding with the start of the IRS Nationwide Tax Forum on July 9 in Chicago. The news release series and the summer Tax Forum will provide important information to help protect sensitive taxpayer data that tax professionals hold while also protecting their business from identity thieves.

2.? 2024 IRS Nationwide Tax Forum kicks off next week

The IRS Nationwide Tax Forum begins its five-city summer program in sold-out Chicago on July 9-11, followed by sold-out Orlando on July 30- Aug. 2. Tax pros can still secure a spot at one of the following locations:

Baltimore: Aug. 13-15
Dallas: Aug. 20-22
San Diego: Sept. 10-12

The IRS Nationwide Tax Forum provides continuing education credit for enrolled agents, certified public accountants, Annual Filing Season Program participants and California Tax Education Council participants. Attendees can earn up to 19 CE credits this year, participate in a series of special events, see the latest industry offerings in the Expo Hall, make an appointment with the popular Case Resolution Room, and network with fellow tax professionals. To register, visit the IRS Nationwide Tax Forum website.

3.? IRS warns of new scam targeting clean energy tax credit

The IRS warned taxpayers not to fall victim to a new emerging scam involving buying clean energy tax credits. In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming the credits under the Inflation Reduction Act (IRA). The transferability provisions of the IRA enable the purchase of eligible federal income tax credits from investments in clean energy to offset a buyer?s tax liability. The IRS has seen taxpayers file returns using unscrupulous return preparers who are claiming purchased clean energy credits that the taxpayer is ultimately unable to benefit from. The scam is generally targeting individuals who file Form 1040. Visit IRS.gov for information on how to report fraud.

4.? Reminder: July 15 filing, payment deadline nears; others face due dates later this summer

The 2023 federal income tax returns and tax payments for individuals and businesses in parts of Alaska, Maine and Rhode Island are due on Monday, July 15, 2024. The IRS normally provides relief, including postponing various tax filing and payment deadlines, for any area designated by the Federal Emergency Management Agency (FEMA). As long as their address of record is in a disaster-area locality, individual and business taxpayers automatically get the extra time without having to request it. In addition, individuals and businesses in three other states face deadlines later this summer for filing their 2023 returns and paying any taxes due. This includes:

July 31 for two counties in Massachusetts: Bristol and Worcester.
Aug. 7 for two counties in Hawaii: Hawaii and Maui.
Sept. 3 for 11 counties in Ohio: Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union.

5.? Upcoming webinar for tax practitioners

The IRS offers the upcoming live webinar to the tax practitioner community:

Understanding Form 2290 - Heavy Highway Vehicle Use Tax on July 18, at 2 p.m. ET. Earn up to 2 CE credits (Federal tax). Certificates of completion are being offered.

For more information or to register, visit Webinars for tax practitioners webpage.

6.? Technical Guidance

Notice 2024-56 provides transition relief with respect to the reporting of information and backup withholding on digital assets by brokers under section 6045.

Notice 2024-57 provides that brokers are not required to report certain identified digital asset transactions under section 6045 until further notice.

Revenue Procedure 2024-28, subject to certain requirements, generally permits taxpayers to rely on any reasonable allocation of units unattached basis to a wallet or account that holds the same number of remaining digital asset units based on the taxpayer?s records of such unattached basis and remaining units.

Revenue Procedure 2024-30 modifies Rev. Proc. 2024-23, 2024-23 I.R.B. 1334, to provide procedures under section 446 of the Internal Revenue Code and section 1.446-1(e) of the Income Tax Regulations for obtaining automatic consent of the Commissioner of Internal Revenue to change methods of accounting to the Allowance Charge-off Method described in proposed regulations under section 166.

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