ERC; tax forums; stay vigilant against evolving scams; and more

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e-News for Tax Professionals July 26, 2024

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Issue Number: 2024-30

Inside This Issue

* IRS shares more warning signs of incorrect ERC claims; businesses urged to resolve erroneous claims to avoid penalties, interest, audit [ #First ]
* IRS Nationwide Tax Forum: Registration still open for Baltimore, Dallas [ #Second ]
* Security Summit partners urge continued vigilance against evolving scams to tax professionals, businesses and clients [ #Third ]
* IRS online resources and taxpayer services continue to hit significant milestones with IRA funding [ #Fourth ]
* Tax relief available to hurricane Beryl victims in Texas [ #Fifth ]
* IRS updates FAQs on new, previously owned and qualified commercial clean vehicle credits [ #Sixth ]
* Technical Guidance [ #Seventh ]
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*1.  IRS shares more warning signs of incorrect ERC claims; businesses urged to resolve erroneous claims to avoid penalties, interest, audit*

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The IRS released five new warning indicators [ [link removed] ] it has seen on incorrect claims made by businesses, as the agency steps up its efforts on the Employee Retention Credit (ERC). The updated list is based on frequent problems that the IRS compliance teams have encountered during the examination and processing of ERC claims.

“The IRS continues working aggressively to pursue improper claims as well as increase payments going out to businesses with legitimate claims on these complex credits,” said IRS Commissioner Danny Werfel. “We want businesses to be aware of common errors our compliance teams are seeing, many of which reflect bad advice coming from promoters. The IRS continues to urge people with pending claims or previously approved payments to talk to a trusted tax professional rather than a promoter and see if any of these red flags apply to them.”

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

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With some locations already sold out, the IRS encourages tax professionals to register soon for a spot at the upcoming IRS Nationwide Tax Forum in Baltimore, Aug. 13-15, or Dallas, Aug. 20-22. Each forum offers tax professionals a total of 45 different continuing education seminars [ [link removed] ]. Attendees can earn up to 19 continuing education credits.

To assist attendees needing personalized help, the IRS will have employees on-site. For example, those needing assistance with their toughest client case involving a tax matter can make an appointment with a representative in the Taxpayer Advocate Service’s Case Resolution Room. If they need help with creating an IRS Online Account or resolving a Preparer Tax Identification Number (PTIN) or Centralized Authorization File (CAF) issue, there will be appointments available in the Digital Account Services Room. For other IRS related questions, there will be staff on-hand in the IRS Zone and at various tables outside the seminar rooms.

For information and to register, visit IRS Nationwide Tax Forum [ [link removed] ]. You can learn more about this year’s program on the following videos produced independently by Tax Talk Today:


* Tax Talk Today looks at Five Things to Know about the Tax Forum [ [link removed] ]
* Tax Talk Today interviews at the Chicago Tax Forum [ [link removed] ]

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*3.  Security Summit partners urge continued vigilance against evolving scams to tax professionals, businesses and clients*

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In the third installment of the “Protect Your Clients; Protect Yourself [ [link removed] ]” special series, the IRS and its Security Summit partners urge tax professionals to recognize the warning signs [ [link removed] ] of data theft so they can take immediate action to safeguard their clients’ information and their businesses. The IRS and Security Summit partners have observed an ongoing wave of identity thieves attempting to prey on tax professionals to obtain sensitive client tax information. Tax professionals should exercise caution to avoid becoming victims of these attacks, which put their businesses and clients at risk. To report stolen data right away, a tax professionals may do the following:


* Share information with the appropriate state tax agency by visiting the special Report a Data Breach [ [link removed] ];
* Obtain an identity protection PIN [ [link removed] ] or complete Form 14039, Identity Theft Affidavit [ [link removed] ], if applicable; and
* Report the incident to their local IRS stakeholder liaison [ [link removed] ].

Visit the Data Theft information for tax professionals webpage [ [link removed] ] to learn more.

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*4.  IRS online resources and taxpayer services continue to hit significant milestones with IRA funding*

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As part of ongoing transformation efforts, the IRS announced continued progress on several taxpayer service and technology projects that increase online tools and digital services [ [link removed] ]. The IRS is working to update its core technology infrastructure and compliance initiatives while these projects continue to enhance taxpayer service and increase the availability of online tools. IRS Commissioner Danny Werfel emphasized these initiatives during a quarterly update on the IRS Strategic Operating Plan.

“Funding from the Inflation Reduction Act is helping spur innovation and improvement across the IRS to transform our operations in our work to help taxpayers and the nation,” said Commissioner Werfel. “This progress can be seen in our continued expansion of our online accounts to provide more features, increased use of new digital tools and additional special activities to help taxpayers in-person. By providing digital forms, making payments easier and continuing work to reduce paper-based processes that have long hampered the IRS and frustrated taxpayers, our progress is accelerating to make long-overdue improvements.” 

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*5.  Tax relief available to hurricane Beryl victims in Texas*

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Disaster-area taxpayers in 67 Texas counties affected by Hurricane Beryl [ [link removed] ] that began on July 5 now have until Feb. 3, 2025, to file various federal individual and Business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) [ [link removed] ]. This currently covers 67 counties; however, any additional counties that are later added to the disaster area will be eligible for the same tax relief. The current list of eligible localities is always available on the Tax relief in disaster situations [ [link removed] ] page on IRS.gov.

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*6.  IRS updates FAQs on new, previously owned and qualified commercial clean vehicle credits*

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The IRS revised frequently asked questions (FAQs) in Fact Sheet 2024-26 [ [link removed] ], which renders guidance on dealer registration, income restrictions, eligibility requirements and transfer policies for New, Previously Owned and Qualified Clean Vehicle Credits [ [link removed] ]. These FAQs supersede earlier FAQs that were posted in FS-2024-14 [ [link removed] ] on April 16, 2024.

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*7.  Technical Guidance*

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Notice 2024-60 [ [link removed] ] describes the information that must be included in a written report described in section 1.45Q-4(c)(2) (LCA Report) and provides the procedures a taxpayer must follow to submit the LCA Report and required supporting information to the IRS and the Department of Energy for review under section 1.45Q-4(c)(5) before any credit for carbon oxide sequestration allowed under section 45Q(a)(2)(B)(ii) or (a)(4)(B)(ii) is determined for qualified carbon oxide utilized by any taxpayer in the manner described in section 45Q(f)(5) as implemented by section 1.45Q-4 (section 45Q utilization credit).

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