e-News for Tax Professionals 2024-44

The IRS and its Security Summit partners remind taxpayers to be cautious of online threats like fraud and identity theft as National Cyber Security Awareness Month comes to an end and the upcoming tax season gets underway. To reduce their chances of becoming victims or unintentionally exposing their families to identity theft and tax fraud, the two advise taxpayers to exercise caution and educate kids on how to spot and steer clear of online scams.

Members of the Security Summit, a coalition comprising the IRS, tax professionals, state tax administrators, tax software and financial firms and others, also provide several online safety tips to shield taxpayers from tax-related identity theft. The following are some options to help defend against cybersecurity attacks:

Recognize scams and report phishing.
Protect personal information.
Use strong passwords.
Enable multi-factor authentications (MFA).
Use and update computer and phone software. Use a VPN.

2. Tax relief available to flood victims in Juneau area; May 1 deadline for affected individuals and businesses

Taxpayers in the Juneau area of Alaska affected by severe storms and flooding that began on Aug. 5 now have until May 1, 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). Currently, this includes the City and Borough of Juneau in Alaska. The same relief will be available to any other localities added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

3. Tax pros: New continuing education seminars now available on IRS Nationwide Tax Forum Online

The IRS encourages tax professionals to register for the 2024 IRS Nationwide Tax Forum Online. Tax professionals will have access to 18 seminars recorded at the 2024 IRS Nationwide Tax Forum. The Nationwide Tax Forum Online offers tax professionals a convenient way to stay informed about current legislations, IRS procedures and key topics for the upcoming tax season. Each seminar features a 50-minute interactive video presentation with synchronized slides, downloadable materials and complete transcripts. Courses can be taken for continuing education (CE) credit for a fee of $29, or they can be reviewed for free (no CE credit). Don’t miss this opportunity to stay informed about important tax changes and further your professional knowledge.

4. Tax Talk Today highlights IRS Nationwide Tax Forum

Want to learn more about the annual IRS Nationwide Tax Forum? Tax Talk Today’s Alan Pinck conducted on-site interviews at the 2024 San Diego Tax Forum touching on an array of topics.

View his interview with John Lipold, Branch Chief, Office of National Public Liaison, IRS Communications & Liaison Division.

5. IRS appoints new Associate Chief Counsel to focus on partnerships and other passthrough entities

The IRS announced the selection of Jeffrey Erickson, the first Associate Chief Counsel for the newly created Passthroughs, Trusts and Estates office. Erickson began his tax career in 1991 as an Attorney Advisor at the IRS’s Office of Chief Counsel in Passthroughs and Special Industries and left the IRS in 1999 as an Assistant Branch Chief. Additionally, Erickson has served as an adjunct professor at the Georgetown University Law Center, where he co-taught Taxation of Partnerships for LL.M. and J.D. students, and has authored articles for inclusion in tax publications.

6. New guidance released for Energy Efficient Home Improvement Credit

The Department of the Treasury and the IRS issued new guidance for the Energy Efficient Home Improvement Credit. This guidance outlines requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer (QM).

7. Upcoming webinars for tax professionals

The IRS offers the upcoming live webinars to the tax professional community:

Energy Efficient Home Improvements Credit & Residential Clean Energy Property Credit: How the Inflation Reduction Act revised these credits on Nov. 14, at 2 p.m. ET. Earn up to one continuing education credit (Federal Tax). Certificates of completion are being offered. Click here to register.
Beneficial Ownership Information presented by Financial Crimes Enforcement Network (FinCEN) on Nov. 19, at 2 p.m. ET. No continuing education credit is being offered. Click here to register.

8. News from the Justice Department’s Tax Division

The U.S. District Court for Southern District of Indiana filed a civil injunction suit to permanently bar Juan Santiago, an Indiana tax preparation business owner. The complaint alleges that Santiago lives in Florida but travels to Indianapolis for tax preparation season to operate his tax preparation business. According to the complaint, Santiago repeatedly understated his customers’ tax liabilities by claiming deductions for fabricated businesses, inflated charitable deductions, exemptions or statuses on customers’ tax returns without their knowledge.

Illinois tax return preparer Gary Sandiego was sentenced to 16 months in prison for preparing and filing false tax returns for clients for tax years 2014 through 2017. In addition to his prison sentence, U.S. District Court Judge Jorge L. Alonso for the Northern District of Illinois ordered Sandiego to serve one year of supervised release and pay $2.9 million in restitution to the IRS. IRS Criminal Investigation is investigating the case.

9. Technical Guidance

Notice 2024-78 extends the temporary relief provided in Notice 2023-11, subject to the procedures and requirements of this notice, for certain foreign financial institutions (FFIs) required to report U.S. taxpayer identification numbers (U.S. TINs) for certain preexisting accounts.

Notice 2024-80 provides a listing of dollar limitations applicable to qualified retirement plans as adjusted for cost-of-living adjustments for 2025.

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