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e-News for Tax Professionals July 15, 2022
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Issue Number:? 2022-28
Inside This Issue
* Week one at the 2022 IRS Nationwide Tax Forum begins July 19; register now [ #First ]
* Don?t wait: IRS encourages extension filers to file soon; IRS.gov is the source for summertime tax help [ #Second ]
* Security Summit renews warnings for tax pros to guard against identity theft amid continued threats [ #Third ]
* Free IRS/FTC webinar to focus on scams, ID theft and IP PINs [ #Fourth ]
* IRS to hire 470 revenue agents; special virtual sessions for those interested in compliance jobs [ #Fifth ]
* Revised FAQs about the 2021 Child Tax Credit and Advance Child Tax Credit [ #Sixth ]
* News from the Justice Department?s Tax Division [ #Seventh ]
* Technical Guidance [ #Eighth ]
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*1.??Week one at the 2022 IRS Nationwide Tax Forum begins July 19; register now*________________________________________________________________________
The *2022 IRS Nationwide Tax Forum* begins Tuesday, July 19. During the first week, attendees can participate in IRS focus groups, visit with IRS staff and industry exhibitors in the virtual expo and have access to the following livestreamed webinars:
* Advisory/Compliance Considerations for Making S-Election
* The Fundamentals and Tax Treatment of Digital Assets/Virtual Currency
* Advocating for Taxpayers Who Receive Collection Notices
* Cannabis Reporting: Retail, Medical & Illegal
* e-Services and You
* Cybersecurity for Tax Professionals ? Advanced Session
For the full webinar schedule [ [link removed] ], descriptions of the webinar topics [ [link removed] ] and to register, visit the tax forum website [ [link removed] ].
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*2.??Don?t wait: IRS encourages extension filers to file soon; IRS.gov is the source for summertime tax help*________________________________________________________________________
The IRS continues to urge people on extension to file as soon as possible using e-file; don?t wait until the October deadline. Filing early and electronically can help avoid processing delays. Whether your clients still need to file their 2021 tax return or are planning for next year?s tax season, encourage them to visit IRS.gov for the fastest, most convenient way to get tax-related information and help [ [link removed] ]. The online tools are available any time, so taxpayers can use them at their convenience. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].
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*3.??Security Summit renews warnings for tax pros to guard against identity theft amid continued threats*________________________________________________________________________
Tax pros: As the battle continues against tax-related identity theft, the Security Summit ? a coalition comprising the IRS, state tax agencies and the tax industry ? renewed their call for you to be on guard against new and ongoing threats involving your systems and taxpayer data. This effort begins next week with the Security Summit's seventh annual ?Protect Your Clients; Protect Yourself" summer campaign [ [link removed] ] focused on tax professionals and taking fundamental steps to stop data theft from their offices. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].
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*4.??Free IRS/FTC webinar to focus on scams, ID theft and IP PINs*________________________________________________________________________
The IRS and the Federal Trade Commission (FTC) are sponsoring a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft [ [link removed] ]. This webinar takes place on July 20 at 2 p.m. EDT. Visit the Internal Revenue Service Webinar Registration [ [link removed] ] page for more information about the webinar and to register.
And for more information about other upcoming webinars sponsored by the IRS, visit the Webinars for Tax Practitioners [ [link removed] ] page on IRS.gov.
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*5.??IRS to hire 470 revenue agents; special virtual sessions for those interested in compliance jobs*________________________________________________________________________
The IRS is hiring 470 revenue agents [ [link removed] ] who will specialize in auditing or examining both individual and business taxpayers nationwide. Throughout July, the IRS is holding a series of virtual information sessions for interested applicants. Visit IRS.gov for more information about the jobs, how to qualify and how to attend a virtual information session.
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*6.??Revised FAQs about the 2021 Child Tax Credit and Advance Child Tax Credit*________________________________________________________________________
The IRS issued a revised set of frequently asked questions (FAQs) for the 2021 Child Tax Credit [ [link removed] ]. This is also available in Spanish [ [link removed] ].
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*7.??News from the Justice Department?s Tax Division*________________________________________________________________________
Carlanda Isaac [ [link removed] ] of New Orleans, LA, was sentenced to 40 months in prison for conspiring to defraud the United States. According to court documents, Isaac worked for Pelican Income Tax and Bookkeeping Services LLC, and later for Taxes by J.A.D.A., another tax preparation business. Isaac, together with others, sought inflated tax refunds for clients by claiming on their returns false income, withholding and education credits. Isaac charged her clients a fee for preparing false tax returns. In addition to the term of imprisonment, Isaac was ordered to serve three years of supervised release and to pay approximately $283,378 in restitution to the United States.
North Carolina tax preparer Joseph Octave [ [link removed] ] was sentenced to 41 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, from 2014 through 2019, Octave used his tax business to orchestrate a criminal conspiracy in which he directed his employees to prepare and file fraudulent tax returns. In addition to the term of imprisonment, Octave was ordered to serve two years of supervised release and to pay approximately $2.5 million in restitution to the United States.
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*8.??Technical Guidance*________________________________________________________________________
Revenue Ruling 2022-14 [ [link removed] ] 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.
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