Evolving tax scams; balance due notices; week three at the tax forum; and more

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e-News for Tax Professionals July 29, 2022

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Issue Number: 2022-30

Inside This Issue

* Tax pros: Beware of evolving email and cloud-based schemes to steal taxpayer data [ #First ]
* IRS statement on balance due notices (CP-14) [ #Second ]
* Week three at the IRS Nationwide Tax Forum [ #Third ]
* IRS webinar: Understanding Form 1042 [ #Fourth ]
* A Closer Look: Modernizing tax processing systems [ #Fifth ]
* When and how to pay Superfund chemical excise taxes [ #Sixth ]
* Technical Guidance [ #Seventh ]
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*1.??Tax pros: Beware of evolving email and cloud-based schemes to steal taxpayer data*________________________________________________________________________

As part of a special Security Summit series, the IRS, state tax agencies and nation's tax industry warn tax professionals to beware of evolving scams designed to steal client data [ [link removed] ]. Security Summit partners continue to see instances where tax professionals have been vulnerable to identity theft phishing emails that pose as potential clients. The Summit also warns tax professionals using cloud-based systems to store and prepare tax returns and information to make sure they use multi-factor authentication in light of recent attacks. Visit IRS.gov for more about these schemes and available resources. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??IRS statement on balance due notices (CP-14)*________________________________________________________________________

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices [ [link removed] ] (CP-14 notices) or notices showing the incorrect amount. Visit IRS.gov for information about who is affected, next steps and more details for tax professionals. This statement is also available in Spanish [ [link removed] ].

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*3.??Week three at the IRS Nationwide Tax Forum*________________________________________________________________________

Join the *IRS Nationwide Tax Forum* for week three of the program, kicking off Tuesday, Aug. 2. Register today for access to the third week of livestreamed webinars:


* Helping You and Your Clients Steer Clear of Fraud and Scams
* Improving Access to the IRS
* Improving the Taxpayer Experience with the IRS Independent Office of Appeals
* Looking to Tax Year 2022: American Rescue Plan Tax Changes to the Earned Income Tax Credit and Other Child-Related Credits
* Professional Responsibility Obligations When Practicing Before the IRS: OPR and Circular 230
* Professional Responsibility: Procedures to Ensure Compliance in Times of Change ? Advanced Level

Attendees can also hear directly from IRS executives about the agency?s efforts to provide equitable service to multilingual taxpayers. Visit the *IRS Zone?s Multilingual Engagement and Services booth* for more information.

The IRS Nationwide Tax Forum takes place Tuesdays, Wednesdays and Thursdays through Aug. 18. Register now to be eligible to receive up to 16 continuing education credits. 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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*4.??IRS webinar: Understanding Form 1042*________________________________________________________________________

The IRS hosts the webinar, Understanding Form 1042 ? Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, on Aug. 4 at 2 p.m. EDT. This course is eligible for two CE credits. For more information and to register for the webinar, visit the Webinars for Tax Practitioners [ [link removed] ] page on IRS.gov.

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*5.??A Closer Look: Modernizing tax processing systems*________________________________________________________________________

In the recent executive column, A Closer Look [ [link removed] ], Nancy Sieger, IRS Chief Information Officer, discusses how the IRS is modernizing tax processing systems and the CADE 2 program. ?Ten years ago, the IRS began the highly complex effort of modernizing the engine of the nation?s core tax processing system with current technology,? writes Sieger. ?We have a state-of-the-art infrastructure operating two world-class data centers and one of the largest call center operations in the world.? This feature is also available in Spanish [ [link removed] ].

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*6.??When and how to pay Superfund chemical excise taxes*________________________________________________________________________

The Superfund chemical excise tax [ [link removed] ] must be paid twice a month ? the semimonthly period is the first 15 days of a calendar month or the portion of a calendar month following the 15th day of the month. Deposit payments using the Electronic Federal Tax Payment System (EFTPS). How you pay in EFTPS depends on the excise tax:


* If your client only pays Superfund chemical excise tax, do not break the total payment into subcategories in EFTPS.
* If your clients pay Superfund chemical excise tax and any other excise tax, make two separate payments in EFTPS ? one for Superfund chemical excise tax and another for any other excise tax listed in the subcategories in EFTPS.

For more information, visit the frequently asked questions page [ [link removed] ] about Superfund chemical excise taxes.

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*7.??Technical Guidance*________________________________________________________________________

Notice 2022-32 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for July 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

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