e-News for Tax Professionals 2023-03

Tax pros: Remind employers and other businesses to file tax year 2022 Form W-2 and other wage statements by Jan. 31. The deadline also applies to Forms 1099-NEC, Nonemployee Compensation filed with the IRS to report non-employee compensation to independent contractors. Visit IRS.gov for more information about avoiding penalties, being prepared to file on time, helping with fraud detection and more. This news release is also available in Spanish and Simplified Chinese.

2.? Georgia, Alabama storm victims qualify for tax relief

Storm victims in parts of Georgia and Alabama now have until May 15 to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). The current list of eligible localities is available on Tax Relief in Disaster Situations. This news release is available in Spanish and Simplified Chinese.

3.??IRS selects new IRSAC members for 2023

Nine new members were appointed to the Internal Revenue Service Advisory Council (IRSAC). Established in 1953, the IRSAC is an organized public forum for IRS officials and representatives of the public to discuss a broad range of issues in tax administration. Visit IRS.gov to learn more about the nine individuals appointed to serve three-year terms on the council beginning this month.

4.??Check tax withholding to avoid paying future quarterly estimated payments

Remind your clients to use the Tax Withholding Estimator to adjust their 2023 withholding. Checking now and making necessary adjustments early in the year may help them avoid the need for quarterly estimated tax payments. This news release is also available in Spanish and Simplified Chinese.

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.

Estate and Gift Tax on Jan. 31 at 2 p.m. EST. Earn up to 1 CE credit.
Streamlined Filing Procedures for U.S. Citizens Abroad on Feb. 1 at 10 p.m. EST. Earn up to 2 CE credits.
IRS and Federal Trade Commission present: Scams, Tax Related Identity Theft and Identity Protection PIN on Feb. 2 at 3 p.m. EST. Earn up to 2 CE credits.
Practical Considerations ? Foreign Tax Credit on Feb. 7 at 2 p.m. EST. Earn up to 2 CE credits.
K2/K3 with a Focus on the Foreign Tax Credit ? Individuals on Feb. 9 at 2 p.m. EST. Earn up to 2 CE credits.

Tax professionals are also encouraged to visit the IRS Nationwide Tax Forums Online for additional continuing education opportunities.

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

Certified Public Accountant Ralph B. Anderson of Naples, Fla., pleaded guilty in the District of New Jersey to conspiring to sell fraudulent tax deductions disguised as charitable deductions to high-income clients. As a part of his guilty plea, Anderson admitted his conduct resulted in a loss of nearly $3.5 million. Anderson faces a maximum penalty of five years in prison for conspiring to defraud the United States. He also faces a period of supervised release, restitution and monetary penalties.

7.??Technical Guidance

Notice 2023-12 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for January 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2023-14 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2023; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2023.

Revenue Ruling 2023-03 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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