Stay vigilant against ID theft; tax forums; IRS collects over $1 billion in past due taxes; and more

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e-News for Tax Professionals ?July 12, 2024

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Issue Number:? 2024-28

Inside This Issue

* Security Summit partners urge continued vigilance against evolving scams to tax professionals, businesses and clients [ #First ]
* IRS Nationwide Tax Forum: Registration still open for Baltimore, Dallas [ #Second ]
* IRS collects $1 billion in past due taxes collected as compliance efforts continue [ #Third ]
* Custodial brokers required to report sales and exchanges of digital assets [ #Fourth ]
* Career opportunities at the IRS Independent Office of Appeals [ #Fifth ]
* Clean Fuel Production Credit Registration: Treasury, IRS issue FAQs [ #Sixth ]
* Upcoming webinar for tax practitioners [ #Seventh ]
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*1.? Security Summit partners urge continued vigilance against evolving scams to tax professionals, businesses and clients*

The IRS and Security Summit cautioned tax professionals to remain vigilant against emerging identity theft schemes [ [link removed] ]. Protect Your Clients; Protect Yourself news release series, a special initiative of the Security Summit, kicked off this week. The news release series will offer crucial information to help safeguard sensitive taxpayer data. This campaign aims to raise tax professionals? awareness of identity theft and security threats and how to protect themselves and their clients from them.

Scammers are using a variety of techniques to obtain private information from tax experts. Tax professionals should exercise caution to avoid becoming victims of these attacks, which put their businesses and clients at risk. Here are some trending examples that tax professionals should watch out for:


* Beware of the ?new client? scheme;
* Multiple phishing scams involving EPINs, PTINs, CAF numbers; and
* Phone, text and correspondence schemes.

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*2.? IRS Nationwide Tax Forum: Registration still open for Baltimore, Dallas*

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Have you reserved your space for the 2024 IRS Nationwide Tax Forum [ [link removed] ]??

The five-city program, which kicked off this week in Chicago, is sold out in Orlando (July 30-Aug. 1) and San Diego (Sept. 10-12). But tax professionals can still secure a spot in:


* *Baltimore*: Aug. 13-15 or?
* *Dallas*: Aug. 20-22

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 [ [link removed] ], see the latest industry offerings in the Expo Hall, make an appointment with the popular Case Resolution Room [ [link removed] ], and network with fellow tax professionals.

For information on special events and to register, visit IRS Nationwide Tax Forum [ [link removed] ].

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*3.? IRS collects $1 billion in past due taxes collected as compliance efforts continue*

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The IRS announced it has collected overdue taxes totaling over $1 billion [ [link removed] ] from high-wealth groups, corporations and partnerships as part of continuing compliance efforts under the Inflation Reduction Act. Today?s announcement includes a segment of high-income individual taxpayer cases. Last fall, the IRS ramped up efforts to pursue high-income, high-wealth individuals who failed to pay a tax bill. These high-end collection cases are concentrated among taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt.

?With this collection activity, the IRS passed an important milestone in our effort to improve compliance and ensure fairness in the tax system,? said IRS Commissioner Danny Werfel. ?Our increased work in this area means these past-due tax bills from high-end taxpayers are no longer being left on the table, like they were too often in the past.?

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*4.? Custodial brokers required to report sales and exchanges of digital assets*

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The U.S. Department of the Treasury and the Internal Revenue Service issued final regulations [ [link removed] ] requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These reporting requirements will help taxpayers to file accurate tax returns with respect to digital asset transactions, which are already subject to tax under current law.

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*5.? Career opportunities at the IRS Independent Office of Appeals*

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Tax pros: Are you interested in elevating your international tax experience to the next level? If so, the IRS Independent Office of Appeals is hiring for our Appeals Officer (International Specialist) [ [link removed] ] position in multiple locations throughout the United States including Puerto Rico.

For more information, register for the Virtual IRS Appeals Officer - International Tax Specialist Session [ [link removed] ] on July 17, 2024 from 1:00PM ? 2:30PM EST. You?ll hear about the benefits of working for Appeals, get resume and application tips, and have a chance to ask questions!

To register, click the following link: Join our Virtual IRS Appeals Officer International Tax Specialist Session [ [link removed] ].

You can apply to this exciting opportunity at Appeals Officer (International Specialist) now through July 31, 2024.

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*6.? Clean Fuel Production Credit Registration: Treasury, IRS issue FAQs*

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The Department of Treasury and the IRS published frequently asked questions (FAQs) in Fact Sheet 2024-25 [ [link removed] ], regarding which entities are required to apply for registration for the Clean Fuel Production Credit [ [link removed] ]. Guidance on how to apply for registration and what documentation a clean fuel producer needs to include with their application is outlined in Notice 2020-49 [ [link removed] ].

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*7.? Upcoming webinar for tax practitioners*

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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 [ [link removed] ].

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