e-News for Tax Professionals 2023-05

Tax pros: This summer the IRS Nationwide Tax Forum is once again coming to a city near you. General registration is set to open in March, but attendees can reserve their hotel accommodations now.

The Tax Forum locations and dates are:

New Orleans - July 11-23
Atlanta - July 25-27
Washington, D.C. area - Aug. 8-10
San Diego - Aug. 22-24
Orlando - Aug. 29-31

For more information and to reserve your accommodations, visit the IRS Nationwide Tax Forum website.

2.??Key reminders when filing 2022 tax returns

Help your clients navigate the beginning of the tax filing season by using the IRS?s reminder checklist as they prepare to file their 2022 tax returns. Visit IRS.gov for important tips, including:

Gathering tax paperwork and records for accuracy.
Reporting all types of income on the tax return.
Filing electronically with direct deposit to avoid refund delays.
Using online resources.

This news release is also available in Spanish and Simplified Chinese.

3.??IRS issues guidance, FAQ updates related to new, previously owned and qualified commercial clean vehicles

The IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualitied commercial clean vehicle credits. As a result of this notice, the IRS updated the related frequently asked questions for these credits.

4.??2022 Progress Update: IRS annual report focuses on ?Putting Taxpayers First?

The IRS Progress Update for Fiscal Year 2022 is now available. In the introduction, Acting Commissioner Doug O?Donnell notes the new document provides ?a window into the important work that agency employees performed over the past year to help taxpayers, ensure fair enforcement of the tax laws and maintain the integrity of the tax system.?

5.??Webinars for tax practitioners

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

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

The U.S. District Court for the Southern District of Florida has permanently enjoined Arnold Zio, a Miami-based tax return preparer, from preparing returns for others and from owning, managing or working at any tax return preparation business in the future. According to the civil complaint, Zio claimed more than $850,000 in falsified or inflated deductions on his customers? tax returns, claimed at least $545,000 in falsified or inflated business losses and diverted at least $188,000 from his customers? refunds into his own bank account.

A federal grand jury in St. Paul returned an indictment charging Beau Wesley Gensmer of Minnesota with assisting in the preparation of false income tax returns and wire fraud. If convicted, Gensmer faces a maximum penalty of 20 years in prison for each count of wire fraud and three years in prison for each false tax return charge.

7.??Technical Guidance

Notice 2023-16 updates Notice 2023-1 by changing the vehicle classification standard by which vans, sport utility vehicles, pickup trucks and other vehicles are defined.

Revenue Procedure 2023-09 obsoletes Rev. Proc. 92-29, 1992-1 C.B. 748 and provides new rules and conditions for implementing the optional safe harbor method of accounting for real estate developers (developers) to determine when common improvement costs may be included in the basis of individual units of real property (units) in a real property development project (project) to determine the gain or loss from sale of those units (Alternative Cost Method).

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