e-News for Tax Professionals 2024-45

Enrolled agents: If your Social Security number (SSN) ends in 0,1, 2 or 3, you have until Jan. 31, to renew your status. Enrolled agents must renew their status every three years to remain eligible to practice before the IRS. Failure to renew by the deadline will result in your enrolled agent status becoming “inactive.” To renew:

Complete Form 8554, Application for Renewal of Enrollment to Practice Before the IRS, online at Pay.gov.
Pay the $140 renewal fee.

All enrolled agents must also have an active Preparer Tax Identification Number (PTIN) that must be entered on Form 8554.

Visit IRS.gov/ea for more information.

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

The IRS encourages tax professionals to register for the IRS Nationwide Tax Forum Online to get 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 legislation, 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).

3. Tax Talk Today highlights IRS Nationwide Tax Forum: Interview with Tax Exempt Commissioner

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

View his interview with Edward Killen, IRS Commissioner, Tax Exempt/Government Entities Division.

4. IRS releases 2024 Financial Report

The Internal Revenue Service this week released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report.

During fiscal year 2024, the IRS collected more than $5.1 trillion in tax revenue, collected more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds and other outlays. This year’s report presents the IRS’s current financial position and discusses key financial topics. It highlights the programs, accomplishments, challenges and management's accountability for the resources entrusted to the IRS.

5. IRS shares healthcare FSA reminder: Employees may contribute up to $3,300 in 2025

The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. An employee who chooses to participate in an FSA can contribute up to $3,300 through payroll deductions during the 2025 plan year. Amounts contributed are not subject to federal income tax, Social Security tax or Medicare tax. If the plan allows, the employer may also contribute to an employee's FSA. If the employee's spouse has a plan through their employer, the spouse can also contribute up to $3,300 to that plan. In this situation, the couple could jointly contribute up to $6,600 for their household.

6. 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.

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