ERC Claims; National Tax Security Awareness week; Business Tax Account focus groups; and more
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Issue Number: 2024-47Inside This Issue
1. Deadline for third-party payers to help resolve improper ERC claims extended to Dec. 31 To help payroll companies and other third-party payers help more clients with resolving incorrect Employee Retention Credit (ERC) claims, the IRS has extended the deadline for third-party payers through Dec. 31, to use the consolidated claim process. Originally, the third-party option was set to close Nov. 22. The deadline to participate in the second Voluntary Disclosure Program is still today, Friday, Nov. 22. 2. National Tax Security Awareness week starts Dec. 2 In its ninth year, the National Tax Security Awareness Week takes place Dec. 2 - 6. As the holidays and the 2025 tax season draw near, the IRS and Security Summit partners remain committed to fighting identity thieves and their increasingly complex schemes. “We are entering into a critical period where taxpayers need to be extra careful protecting their valuable information,” said IRS Commissioner Danny Werfel. “Scams and schemes are quickly evolving. Extra caution by people during the holiday season and the upcoming filing season will be essential to avoid being a victim. By being aware of the risks, taxpayers can protect themselves, their families and their communities. Vigilant taxpayers are on the front lines of the larger efforts by the Security Summit partners to strengthen the tax system against identity theft and tax scams.” For more information, visit National Tax Security Awareness Week 2024. 3. Tax pros: Share your feedback on the Business Tax Account online self-service tool If you are a business owner or represent one, the IRS wants to hear from you. The IRS is conducting virtual focus groups to gather feedback on the Business Tax Account (BTA) online self-service tool. We are looking for comments and suggestions from stakeholders who will use the BTA online platform. BTA was created to allow business entities to communicate and transact business with the IRS. Your input will help shape and improve this tool. The IRS is looking for individuals who are:
To register, send an email with “Focus Group Volunteer: Business Tax Account” in the subject line to [email protected]. Include the following information in the email body:
Focus groups are limited to 12 participants. Selected volunteers will receive a confirmation email with a meeting link from [email protected]. These sessions aim to gather feedback on account access and authorization processes for entity types below.
4. IRS Advisory Council releases 2024 annual report The Internal Revenue Service Advisory Council (IRSAC) this week issued its 2024 IRSAC Public Report. Recommendations on 37 issues spanning a wide range of topics are included in the annual report. “IRSAC members have spent numerous hours analyzing issues in tax administration and the transformation work underway across the IRS,” said IRS Commissioner Danny Werfel. “The IRS is grateful for their hard work and valuable insights they spent on this year’s report, and we look forward to reviewing their recommendations.” The IRSAC is administered under the Federal Advisory Committee Act by the IRS Communications & Liaison Division, Office of National Public Liaison. For more information, visit IRS.gov/irsac. 5. Over-the-phone transcript request protections expands to more IRS phone lines Beginning in early December 2024, the IRS will expand the safeguards implemented in April 2024 that protected taxpayer transcripts being requested over the Practitioner Priority Service line to requests made over the TEGE and international phone lines. Specifically, when tax professionals call these lines requesting transcripts be deposited into their Secure Object Repository (SOR), they too will be required to pass current authentication requirements and verify their Short Identification (ID). The Short ID is a unique 8-10 alphanumeric code that is systemically assigned when an IRS account is established. This Short ID is visible when the tax professional logs in to their e-Services SOR. If PPS, TEGE and international assistors can’t verify the caller’s identity, assistors will only be able to mail the transcripts to the taxpayer’s address of record. Assistors cannot resolve issues with ID.Me identity proofing or the status of an ID.Me account. 6. Protect your information: Sign up for IP PIN, Online Account The IRS urges taxpayers who plan to file early in 2025 to sign up for an IP PIN before Saturday, Nov. 23. The IRS reminds taxpayers they can still sign up for an IRS Online Account. Taking these steps will make it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return. This modification will benefit filers claiming important tax credits like the Earned Income Tax Credit and Child Tax Credit. 7. Interest rates drop for the first quarter of 2025 The IRS announced a decrease in first quarter interest rates beginning Jan. 1. The interest rates are computed from the federal short-term rate determined during October 2024. See Revenue Ruling 2024-25 for details. 8. International Fraud Awareness Week: IRS shares how to report fraud, taxpayer protection against scams, schemes During International Fraud Awareness Week, the IRS reminds taxpayers how to report tax-related fraud in their communities. Individuals, businesses and tax professionals are cautioned by the IRS and its partners to be aware of red flags and to take appropriate precautions against fraudulent tax schemes. 9. Treasury, IRS finalize additional partnership clean energy regulations and recommend related administrative requirements The Department of Treasury and the IRS issued final rules aimed to assist certain entities that co-own clean energy projects in obtaining clean energy tax credits through elective pay. Additionally, proposed regulations were made public. Under the amended rules, incorporated organizations that opt out of partnership treatment will be subject to additional administrative requirements. 10. Upcoming webinars for tax professionals The IRS offers the upcoming live webinars to the tax professional community:
Announcement 2024-38 notifies the public that the IRS intends to issue opinion letters on November 29, 2024, or as soon as possible thereafter, for section 403(b) pre-approved plans that were updated for changes with respect to the requirements of section 403(b), including the 2022 Cumulative List, and that were filed during the second remedial amendment cycle for section 403(b) pre-approved plans. Revenue Ruling 2024-25 sets forth the federal short-term rates for the calendar quarter beginning Jan. 1, 2025, in accordance with section 6621 of the Internal Revenue Code, which establishes the interest rates on overpayments and underpayments of tax. Revenue Ruling 2024-26 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.      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 page on the IRS Web site. |
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