Stay vigilant against evolving scams; tax forums; Self-Employment?

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e-News for Tax Professionals July 19, 2024

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Issue Number:? 2024-29

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 dispels false claims on Self-Employment Tax Credit [ #Third ]
* IRS improves FATCA registration website; multi-factor authentication required [ #Fourth ]
* News from the Justice Department?s Tax Division [ #Fifth ]
* Technical Guidance [ #Sixth ]
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*1.? Security Summit partners urge continued vigilance against evolving scams to tax professionals, businesses and clients*

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The IRS and its Security Summit partners cautioned tax professionals to remain vigilant against emerging identity theft schemes [ [link removed] ]. This is the second release in an eight-part ?Protect Your Clients; Protect Yourself [ [link removed] ]? summer series. The subsequent section alerted tax professionals to the latest phishing scams and cloud-based schemes designed to pilfer sensitive taxpayer data. Scammers are using a variety of methods to gain 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.?

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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 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 and to register, visit IRS Nationwide Tax Forum [ [link removed] ].

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*3.? IRS dispels false claims on Self-Employment Tax Credit*

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The IRS issued a warning to taxpayers following false information surfacing on social media about a non-existent ?Self-Employment Tax Credit [ [link removed] ].? Misinformation is leading taxpayers into filing false claims. These bad promoters claim the credit is offered to self-employed people and gig workers and suggest they may be entitled to upwards of $32,000 in payments. Credits for Sick Leave and Family Leave, a far more specialized and technical credit, is actually the underlying credit that is being discussed on social media instead of the ?Self-Employment Tax Credit.? Many people do not qualify for this credit, and the IRS is carefully reviewing claims coming in under this provision so people filing claims do so at their own risk.

?This is another misleading social media claim that?s fooling well-meaning taxpayers into thinking they?re due a big payday,? said IRS Commissioner Danny Werfel. ?People shouldn?t be misled by outlandish claims they see on social media. Before paying someone to file these claims, taxpayers should consult with a trusted tax professional to see if they meet the very limited eligibility scenarios.?

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*4.? IRS improves FATCA registration website; multi-factor authentication required*

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The IRS announced it will improve the identity?authentication process [ [link removed] ] that financial institutions can use to register the Foreign Account Tax Compliance Act (FATCA). Taxpayers are required to sign in or register with Login.gov [ [link removed] ] or ID.me [ [link removed]*1bqrhc6*_ga*NjUyOTY0MjA5LjE3MjEyMjE1ODg.*_ga_BCD92MV5KZ*MTcyMTIyMTU4OS4xLjAuMTcyMTIyMTU4OS4wLjAuMA.. ] to access the FATCA Registration System. FATCA requires most U.S. taxpayers holding financial assets outside the U.S. and certain foreign financial institutions to report assets and financial accounts to the IRS. Taxpayers wishing to access the system who do not have a Login.gov or ID.me profile will have to create one. The new authentication requirement conforms to standards set forth by the National Institute of Standards and Technology digital identity guidelines.

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*5.? News from the Justice Department?s Tax Division*

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The United States issued a permanent injunction in the U.S. District Court for the Eastern District of New York to permanently bar Melinda Jacob [ [link removed] ] and her tax return preparation business from preparing federal income tax returns for others. Jacob prepared more than 500 returns annually between 2019 and 2023, according to the Justice Department?s civil complaint. By repeatedly understating her customers? tax liabilities, the complaint alleges that Jacobs claimed false filing status and fictitious dependents on customers? returns to generate a larger refund to which the customers were not entitled. Jacob is required by the court?s order to notify all the individuals for whom she prepared federal tax returns between January 2019 and the present of the injunction.

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*6.? Technical Guidance*

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The Department of Treasury and the IRS released final rules [ [link removed] ] updating the required minimum distribution (RMD) rules. Revisions affecting retirement plan participants, IRA owners and their beneficiaries brought about by the SECURE Act and the SECURE 2.0 Act are reflected in the final regulations.

Notice 2024-59 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2024 used under section 417(e)(3)(D), the 24-month average segment rates applicable for July 2024 and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Ruling 2024-15 [ [link removed] ] provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by section 1274.

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