National Tax Security Awareness Week; IRSAC 2022 annual report; renew your PTIN; and more

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e-News for Tax Professionals November 18, 2022

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Issue Number: 2022-46

Inside This Issue

* Security Summit focuses special week on identity theft to protect taxpayers, tax professionals as holiday and tax seasons approach [ #First ]
* IRS Advisory Council issues 2022 annual report [ #Second ]
* PTINs expire soon; renew online for faster processing [ #Third ]
* Reminder to IRA owners age 70? or older: Qualified charitable distributions are great options for making tax-free gifts to charity [ #Fourth ]
* Webinars for tax practitioners [ #Fifth ]
* News from the Justice Department?s Tax Division [ #Sixth ]
* Technical Guidance [ #Seventh ]
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*1.??Security Summit focuses special week on identity theft to protect taxpayers, tax professionals as holiday and tax seasons approach*________________________________________________________________________

The IRS, along with state tax agencies and the nation's tax industry, announced a special week focusing attention on empowering taxpayers to protect sensitive financial information against identity thieves as the holidays and the 2023 tax season get closer. The annual N [ [link removed] ]ational [ [link removed] ] Tax Security Awareness Week [ [link removed] ] takes place from Nov. 28 ? Dec. 2.

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*2.??IRS Advisory Council issues 2022 annual report*________________________________________________________________________

The Internal Revenue Service Advisory Council (IRSAC) issued its annual report for 2022 [ [link removed] ], including recommendations to the IRS on new and continuing issues in tax administration. In addition to the recommendations on 21 issues, the report "emphasizes the need for consistent and multi-year funding for the IRS to achieve its goals of providing efficient, effective, modern service to the nation's taxpayers." The IRSAC serves as a federal advisory committee to the IRS commissioner that provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.

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*3.??PTINs expire soon; renew online for faster processing*________________________________________________________________________

Tax pros: All current preparer tax identification numbers (PTINs) expire on Dec. 31. Tax return preparers with a 2022 PTIN should use the online renewal process [ [link removed] ], which takes about 15 minutes to complete. First-time PTIN applicants can also apply for a PTIN online. Visit IRS.gov for more information about renewing your PTIN and PTIN system enhancements. This article is also available in Spanish [ [link removed] ].

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*4.??Reminder to IRA owners age 70? or older: Qualified charitable distributions are great options for making tax-free gifts to charity*________________________________________________________________________

If you have clients age 70? or older who have an individual retirement arrangement (IRA), remind them of their option to transfer up to $100,000 to charity tax-free each year [ [link removed] ]. These transfers, known as qualified charitable distributions (QCDs), offer eligible older Americans a great way to easily give to charity before the end of the year. Moreover, for those who are at least 72, QCDs count toward the IRA owner's required minimum distribution (RMD) for the year. This news release is also available in Spanish [ [link removed] ].

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*5.??Webinars for tax practitioners*________________________________________________________________________

Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit IRS.gov [ [link removed] ].


* The IRS Security Summit presents *Deeper Dive into Emerging Cyber Crimes and Crypto Tax Compliance* on Nov. 29 at 2 p.m. EST. Earn up to 1 CE credit.
* *Quarterly Update: Program & Policy Updates from SBA, DCEO, IRS, SBAC* on Dec. 15 from 10 ? 11:15 a.m. EST.
* *Utah Virtual Practitioner Seminar 2022* on Dec. 21. Earn up to 8 hours of CE credits.
* *2023 IRS/CSEA Practitioner Seminars on Jan. 18-19, 2023.* Earn up to 9 hours of IRS qualified CPE (includes 2 hours of federal Ethics). Plus, an additional 1 hour of California CE (no IRS credit).

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*6.? News from the Justice Department?s Tax Division*________________________________________________________________________

A second attorney and two tax professionals [ [link removed] ] have been indicted in the $1 billion Garza tax shelter scheme. Attorney and CPA Kevin McDonnell and CPA James Richardson, co-owners of tax preparation and accounting firm McDonnell Richardson, P.C., were added to the case in a superseding indictment recently filed. The pair are charged with one count of conspiracy to defraud the United States, one count of conspiracy to commit wire fraud, and five counts of assisting in the preparations of fraudulent tax returns. Craig Fenton, a tax manager at McDonnell Richardson, was indicted on the same charges. The alleged mastermind of the scheme, attorney Joseph Garza, was previously indicted on 18 counts of wire fraud, one count of conspiracy to commit wire fraud, and 22 counts of aiding and assisting in the preparation of fraudulent income tax returns. The superseding indictment added a charge of conspiracy to defraud the United States.

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*7.??Technical Guidance*________________________________________________________________________

Announcement-2022-23 [ [link removed] ] notifies taxpayers of new credit amounts for calendar year 2022 for the renewable electricity production credit under section 45 of the Internal Revenue Code (section 45 credit) in the case of any qualified facility placed in service after Dec. 31, 2021. Because the Inflation Reduction Act changed the manner in which the section 45 credit amounts are calculated in the case of any qualified facility placed in service after Dec. 31, 2021, this announcement supplements the section 45 credit amounts as originally published in Notice 2022-20, 2022-21 I.R.B. 1095.

Notice 2022-59 [ [link removed] ] provides that the adjusted applicable dollar amount that applies for determining the PCORTF fee for policy years and plan years ending on or after Oct. 1, 2022, and before Oct. 1, 2023, is $3.

Notice 2022-60 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for November 2022 used under section 417(e)(3)(D), the 24-month average segment rates applicable for November 2022, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2022-39 [ [link removed] ] obsoletes and replaces existing Revenue Procedure 94-69, 1994-2 C.B. 804. Rev. Proc. 2022-39 prescribes special procedures for certain eligible LB&I taxpayers who are subject to nearly annual examinations to file a qualified amended return shortly after the opening of an audit.

Revenue Ruling 2022-22 [ [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. These rates are determined as prescribed by section 1274.

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