New online submission option; avoid filing season rush; IRS Tax Forum; A Closer Look at 2023 Tax Season; and more

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e-News for Tax Professionals February 17, 2023

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Issue Number:? 2023-07

Inside This Issue

* New online option for nine notices can help resolve tax issues faster [ #First ]
* Avoid the rush: Use IRS online tools to avoid delays, get tax help [ #Second ]
* Save the date: 2023 IRS Nationwide Tax Forums [ #Third ]
* ?A Closer Look? at the 2023 Tax Season; IRS offers tips to accurately file your return [ #Fourth ]
* Interest rates unchanged for the second quarter of 2023 [ #Fifth ]
* New pilot phase for Compliance Assurance Process program [ #Sixth ]
* Tax relief for storm victims in California, Alabama and Georgia [ #Seventh ]
* Treasury, IRS provide guidance on energy projects for low-income communities and on the Qualifying Advanced Energy Project Credit [ #Eighth ]
* Interim guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act [ #Ninth ]
* News from the Justice Department?s Tax Division [ #Tenth ]
* Technical Guidance [ #Eleventh ]
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*1.??New online option for nine notices can help resolve tax issues faster*________________________________________________________________________

Taxpayers who receive certain notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov [ [link removed] ]. This new secure step will allow you or your client to electronically upload documents rather than mailing them in, helping reduce time and effort resolving tax issues. For more information about which notices qualify and how the online option works, visit IRS.gov. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??Avoid the rush: Use IRS online tools to avoid delays, get tax help*________________________________________________________________________

With the nation entering a peak period for filing taxes, the IRS urges taxpayers and tax professionals to use online tools to get answers quickly [ [link removed] ] and avoid phone delays. Presidents Day weekend is traditionally a peak period for IRS phone lines. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*3.??Save the date: 2023 IRS Nationwide Tax Forums*________________________________________________________________________

Tax pros: This summer the IRS Nationwide Tax Forum [ [link removed] ]?is once again coming to a city near you. General registration is set to open March 1, but attendees can reserve their hotel accommodations now. The Tax Forum locations and dates are:


* New Orleans - July 11-13
* 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 Forums website [ [link removed] ].

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*4.???A Closer Look? at the 2023 Tax Season; IRS offers tips to accurately file your return*________________________________________________________________________

In a recent issue of the executive column, A Closer Look [ [link removed] ], Ken Corbin, IRS Wage and Investment Commissioner and Chief Taxpayer Experience Officer, shares some tips that can help people during tax season.

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*5.??Interest rates unchanged for the second quarter of 2023*________________________________________________________________________

Interest rates [ [link removed] ] will remain the same for the calendar quarter beginning April 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:


* 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
* 4.5% for the portion of a corporate overpayment exceeding $10,000.
* 7% for underpayments (taxes owed but not fully paid).
* 9% for large corporate underpayments.

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*6.??New pilot phase for Compliance Assurance Process program*________________________________________________________________________

The IRS announced changes to the Bridge phase of the Compliance Assurance Process (CAP) program [ [link removed] ], a cooperative pre-filing program for large corporate taxpayers. The IRS has developed a new pilot phase called "Bridge Plus," which would be offered only to CAP participants that were in the Bridge phase for 2022 and have been recommended to participate in Bridge again in 2023. The CAP program began in 2005 to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return. Visit IRS.gov for frequently asked questions [ [link removed] ] about the Bridge phase.

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*7.??Tax relief for storm victims in California, Alabama and Georgia*________________________________________________________________________

The IRS is providing tax relief for those recently affected by severe storms and natural disasters. Individuals and households that reside or have a business in any area designated by the Federal Emergency Management Agency (FEMA) qualify for this tax relief:


* California victims [ [link removed] ] of severe winter storms, flooding, landslides and mudslides beginning Dec. 27, 2022, now have until May 15, 2023, to file various individual and business tax returns and make tax payments.
* Alabama victims [ [link removed] ] and Georgia victims [ [link removed] ] of severe storms, straight-line winds and tornadoes beginning Jan. 12, 2023, now have until May 15, 2023, to file various individual and business tax returns and make tax payments.

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*8.??Treasury, IRS provide guidance on energy projects for low-income communities and on the Qualifying Advanced Energy Project Credit*________________________________________________________________________

The Department of the Treasury and the IRS provided the following guidance under the enactment of the Inflation Reduction Act:


* Guidance to establish a program to provide solar and wind power to certain low-income areas [ [link removed] ]. This guidance applies to owners of certain solar and wind facilities placed in-service in connection with low-income communities that are eligible for the section 48 energy investment credit.
* Guidance to establish a program to allocate credits for qualified investments in eligible qualifying advanced energy projects [ [link removed] ].

See the Technical Guidance section below for additional information. More details can also be found on the Inflation Reduction Act of 2022 page [ [link removed] ] on IRS.gov.

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*9.??Interim guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act*________________________________________________________________________

The Treasury Department and the IRS issued interim guidance for insurance companies and certain other taxpayers for the new corporate alternative minimum tax [ [link removed] ] (CAMT) until the issuance of proposed regulations. The Inflation Reduction Act of 2022 created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large corporations, including insurance companies, with average annual adjusted financial statement income exceeding $1 billion are the taxpayers generally affected by the CAMT.

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

Donald Stanley LaVigne [ [link removed] ], of Michigan, was convicted of filing false tax returns and making false statements to both a bankruptcy court and the Department of Justice. LaVigne faces a maximum penalty of three years in prison on each of seven counts of filing false tax returns, five years in prison on each of two counts of making false statements in bankruptcy and five years in prison for making a false statement to the Department of Justice. He also faces a period of supervised release, restitution and monetary penalties.

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*11.??Technical Guidance*________________________________________________________________________

Notice 2023-17 [ [link removed] ] establishes the program to allocate environmental justice solar and wind capacity limitation, as required under section 48(e) of the Internal Revenue Code. This notice also provides initial program guidance for potential applicants for allocations of calendar year 2023 capacity limitation.

Notice 2023-18 [ [link removed] ] establishes the section 48C(e) program to allocate $10 billion of section 48C credits ($4 billion of which may only be allocated to projects located in certain energy communities census tracts) and provides initial program guidance.

Notice 2023-20 [ [link removed] ] provides interim guidance to insurance companies and certain other taxpayers related to their determination of adjusted financial statement income (AFSI) for purposes of the corporate alternative minimum tax, as added to the Code by the Inflation Reduction Act of 2022.

Revenue Ruling 2023-04 [ [link removed] ] provides the second quarter interest rates for 2023, including the rates for underpayments and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter beginning April 1, 2023, will be 7% for overpayments (6% in the case of a corporation), 7% for underpayments, and 9% for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5%.

Revenue Ruling 2023-05 [ [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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