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e-News for Tax Professionals December 2, 2022

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Issue Number:? 2022-48

Inside This Issue

* National Tax Security Awareness Week: Watch out for holiday scams, protect personal information as tax season nears [ #First ]
* Treasury, IRS announce guidance on wage, apprenticeship requirements for enhanced credits/deductions [ #Second ]
* More taxpayers will receive a Form 1099-K [ #Third ]
* IRS hosts first centralized National Virtual Settlement Event [ #Fourth ]
* Interest rates increase for the first quarter of 2023 [ #Fifth ]
* Small business online learning and educational products [ #Sixth ]
* IRS updates FAQs about the 2020 unemployment compensation exclusion [ #Seventh ]
* News from the Justice Department?s Tax Division [ #Eighth ]
* Technical Guidance [ #Ninth ]
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*1.??National Tax Security Awareness Week: Watch out for holiday scams, protect personal information as tax season nears*________________________________________________________________________

The IRS and the Security Summit partners recently kicked off the 7th National Tax Security Awareness Week with information for tax professionals and taxpayers on how to avoid scams and protect sensitive personal information:


* During this holiday season, Security Summit partners urge people to take extra care while shopping online or viewing emails or texts [ [link removed] ]. Additionally, the IRS warns taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information.
* Taxpayers should be on alert for scammers using fake charities to commit fraud [ [link removed] ] not just during the holiday season but year-round.
* Tax pros: With tax season quickly approaching, the IRS and Security Summit partners urge you to remain focused on security issues and to review resources available [ [link removed] ], including sample security plans and checklists.
* Taxpayers can get extra protection starting in January by joining the agency's Identity Protection Personal Identification Number (IP PIN) [ [link removed] ] program. More than 6.6 million taxpayers are now protecting themselves against tax-related identity theft by participating in the IP PIN program.
* Businesses must remain vigilant against cyberattacks [ [link removed] ] aimed at stealing their customer's personal information and other business data.

In addition, watch an IRS video [ [link removed] ] that offers guidance about how to avoid tax scams, as well as how to report tax scammers.

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*2.??Treasury, IRS announce guidance on wage, apprenticeship requirements for enhanced credits/deductions*________________________________________________________________________

The Treasury Department and the IRS announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits [ [link removed] ] under the Inflation Reduction Act. The guidance will be published in the Federal Register.

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*3.??More taxpayers will receive a Form 1099-K*________________________________________________________________________

The Internal Revenue Service reminds taxpayers earning income [ [link removed] ] from selling goods and/or providing services that in early 2023 they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.

There is no change to the taxability of income; the only change is to the reporting rules for Form 1099-K. As before, income, including from part-time work, side jobs or the sale of goods, is still taxable. Taxpayers must report all income on their tax return unless it is excluded by law, whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.

The IRS emphasizes that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. If a Form 1099-K is incorrect and reflects income they didn?t earn, they should call the issuer. The IRS cannot correct it. Visit frequently asked questions [ [link removed] ] on IRS.gov for more information.

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*4.? IRS hosts first centralized National Virtual Settlement Event*________________________________________________________________________

The IRS Office of Chief Counsel partnered with the American Bar Association Tax Section to hold its first centralized National Virtual Settlement Event [ [link removed] ]. Settlement Day events are coordinated efforts to resolve cases in the United States Tax Court by providing taxpayers not represented by counsel the opportunity to receive free tax advice from Low Income Taxpayer Clinics, ABA volunteer attorneys and other pro bono organizations. Over the course of four days, 44 cases were settled. There were at least 59 meetings from Oct. 24 through Oct. 27 that included taxpayers, pro bono attorneys and representatives of the IRS Office of Chief Counsel.

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*5.??Interest rates increase for the first quarter of 2023*________________________________________________________________________

Interest rates will increase [ [link removed] ] for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on Oct. 1. Visit IRS.gov for a complete list of the new rates. This news release is also available in Simplified Chinese [ [link removed] ].

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*6.??Small business online learning and educational products*________________________________________________________________________

Visit IRS.gov for online learning and educational products [ [link removed] ]. Educational products include the IRS Small Business Tax Workshop [ [link removed] ], a series of online training videos covering tax topics for new and established small business owners; basic tools for tax professionals; the IRS video portal featuring presentations on topics of interest to small businesses, individuals and tax professionals; and more.

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*7.??IRS updates FAQs about the 2020 unemployment compensation exclusion*________________________________________________________________________

The IRS updated the frequently asked questions (FAQs) for the 2020 unemployment compensation exclusion [ [link removed] ], including questions and answers about the amended return; impact to income, credits and deductions; receiving a refund, letter or notice; and finding the unemployment compensation amount.

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

King Isaac Umoren [ [link removed] ], of Nevada, was sentenced to 13 years and three months in prison for filing false tax returns, aggravated identity theft, wire fraud, money laundering and impersonating an FBI agent. In addition to the term of imprisonment, Umoren was also ordered to serve three years of supervised release and pay nearly $9.7 million in restitution to the United States and the other victims of his fraud schemes.

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*9.??Technical Guidance*________________________________________________________________________

Announcement 2022-26 [ [link removed] ] notifies taxpayers that payments by the County of Suffolk in the state of New York to residential property owners under Suffolk County's Septic Improvement Program (SIP program) are not required to be included in the gross income of the payment recipients for federal income tax purposes.

Revenue Ruling 2022-23 [ [link removed] ] provides the interest rates for the first calendar quarter of 2023, underpayments and overpayments.

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