Security Six; Business Tax Account fact sheet; classroom expenses deduction; and more 

Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;} <!-- body { font-family: arial; } p { font-size: 12px; } li { font-size: 12px; } h2 { font-size: 24px; font-style: italic;} -->
IRS.gov Banner
e-News for Tax Professionals  August 23, 2024

Useful Links:

IRS.gov [ [link removed] ]

Tax Professionals Home [ [link removed] ]

All Forms and Instructions [ [link removed] ]

Stakeholders Partners' [ [link removed] ]
Headliners [ [link removed] ]

Training and [ [link removed] ]
Communication Tools [ [link removed] ]

e-Services [ [link removed] ]

Taxpayer Advocate Service [ [link removed] ]

Disaster Relief [ [link removed] ]

Internal Revenue Bulletins [ [link removed] ]

IRS Social Media [ [link removed] ]

________________________________________________________________________

Upcoming Events

Seminars, Workshops, Conferences, and Other Practitioner Activities By State:

Nationwide Webinars [ [link removed] ]

Alabama [ [link removed] ]
Alaska [ [link removed] ]
Arizona [ [link removed] ]
Arkansas [ [link removed] ]
California [ [link removed] ]
Colorado [ [link removed] ]
Connecticut [ [link removed] ]
Delaware [ [link removed] ]
District of Columbia [ [link removed] ]
Florida [ [link removed] ]
Georgia [ [link removed] ]
Hawaii [ [link removed] ]
Idaho [ [link removed] ]
Illinois [ [link removed] ]
Indiana [ [link removed] ]
Iowa [ [link removed] ]
Kansas [ [link removed] ]

________________________________________________________________________

Kentucky [ [link removed] ]
Louisiana [ [link removed] ]
Maine [ [link removed] ]
Maryland [ [link removed] ]
Massachusetts [ [link removed] ]
Michigan [ [link removed] ]
Minnesota [ [link removed] ]
Mississippi [ [link removed] ]
Missouri [ [link removed] ]
Montana [ [link removed] ]
Nebraska [ [link removed] ]
Nevada [ [link removed] ]
New Hampshire [ [link removed] ]
New Jersey [ [link removed] ]
New Mexico [ [link removed] ]
New York [ [link removed] ]
North Carolina [ [link removed] ]

________________________________________________________________________

North Dakota [ [link removed] ]
Ohio [ [link removed] ]
Oklahoma [ [link removed] ]
Oregon [ [link removed] ]
Pennsylvania [ [link removed] ]
Rhode Island [ [link removed] ]
South Carolina [ [link removed] ]
South Dakota [ [link removed] ]
Tennessee [ [link removed] ]
Texas [ [link removed] ]
Utah [ [link removed] ]
Vermont [ [link removed] ]
Virginia [ [link removed] ]
Washington [ [link removed] ]
West Virginia [ [link removed] ]
Wisconsin [ [link removed] ]
Wyoming [ [link removed] ]

________________________________________________________________________

Back to top [ #top ]


Issue Number:  2024-34

Inside This Issue

* Tax pros: Protect Your Clients, Protect Yourself with “security six” [ #First ]
* Business Tax Account: New fact sheet available [ #Second ]
* Teachers eligible to deduct up to $300 in classroom expenses for 2024 [ #Third ]
* Child and Dependent Care tax credit helps offset summer day camp costs [ #Fourth ]
* Interest rates unchanged for fourth quarter [ #Fifth ]
* Technical Guidance [ #Sixth ]
________________________________________________________________________

*1.  Tax pros: Protect Your Clients, Protect Yourself with “security six”*

________________________________________________________________________

In the seventh installment of the “Protect Your Clients; Protect Yourself” summer security series, the IRS and its Security Summit partners identify six practices tax professionals should follow to improve data security. The “security six [ [link removed] ]” include anti-virus software, firewalls, multi-factor authentication, backup software, drive encryption and virtual private networks.

In the event of a security breach, tax professionals must:


* Share information with the appropriate state tax agency by visiting Report a Data Breach [ [link removed] ];
* Review and understand the FTC data breach response requirements [ [link removed] ] as part of their overall information and data security plan; 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.

Back to top [ #top ]

________________________________________________________________________

*2.  Business Tax Account: New fact sheet available*

________________________________________________________________________

Fact Sheet-2024-27 [ [link removed] ] provides guidance on the Business Tax Account (BTA), an online self-service tool for business taxpayers that facilitates the viewing and payment of balances due. According to the IRS, more features are on the way for the BTA, which is now available in both English and Spanish and offers business taxpayers new options for payment processing.

Back to top [ #top ]

________________________________________________________________________

*3.  Teachers eligible to deduct up to $300 in classroom expenses for 2024*

________________________________________________________________________

The federal deduction for classroom expenses [ [link removed] ] applies to educators again in 2024, the IRS announced this week. Federal law permits educators to deduct the cost, up to $300, of supplies and other classroom necessities that they buy themselves.

Back to top [ #top ]

________________________________________________________________________

*4.  Child and Dependent Care tax credit helps offset summer day camp costs*

________________________________________________________________________

The Child and Dependent Care tax credit [ [link removed] ] may be applied to summer day camp expenses, according to the IRS. Publication 503, Child and Dependent Care Expenses [ [link removed] ], provides a detailed explanation of all the regulations, the requirements to apply for the credit and an exception for certain taxpayers who live apart from their spouse. 

Back to top [ #top ]

________________________________________________________________________

*5.  Interest rates unchanged for fourth quarter*

________________________________________________________________________

The IRS announced no change in interest rates [ [link removed] ] for the fourth quarter of 2024, beginning Oct. 1. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning October 1, 2024, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. See Revenue Ruling 2024-18 [ [link removed] ] for details.

Back to top [ #top ]

________________________________________________________________________

*6.  Technical Guidance*

________________________________________________________________________

The IRS released interim guidance [ [link removed] ] for sponsors of 401(k) and other comparable retirement plans that match contributions based on qualifying student loan payments made by their employees. The 2022 regulation allows employers with a 401(k) plan, 403(b) plan, governmental 457(b) plan or SIMPLE IRA plan to offer matching contributions based on student loan payments, rather than based only on elective contributions to retirement plans, in plan years beginning after Dec. 31, 2023.

Notice 2024-62 [ [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 August 2024, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Notice-2024-63 [ [link removed] ] provides guidance in the form of questions and answers with respect to section 110 of Division T of the Consolidated Appropriations Act, 2023, Pub. L. 117 328, 136 Stat. 4459 (2022), known as the SECURE 2.0 Act of 2022.

Back to top [ #top ]

________________________________________________________________________

                              FaceBook Logo [ [link removed] ]  YouTube Logo [ [link removed] ]  Instagram Logo [ [link removed] ]  Twitter Logo [ [link removed] ]  LinkedIn Logo [ [link removed] ]________________________________________________________________________

Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service.

If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.

This message was distributed automatically from the mailing list e-News for Tax Professionals. *Please Do Not Reply To This Message *

To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions [ [link removed] ] page on the IRS Web site.


________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}