Tax Time Guide; disaster area tax deadline extensions; e-file for business; and more

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e-News for Tax Professionals February 24, 2023

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Issue Number: 2023-08

Inside This Issue

* Tax Time Guide: Things to consider when filing a 2022 tax return [ #First ]
* May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia [ #Second ]
* IRS, Treasury issue final regulations on e-file for business [ #Third ]
* Video: Avoid penalty, interest charges; pay taxes by April 18 deadline [ #Fourth ]
* News from the Justice Department?s Tax Division [ #Fifth ]
* Technical Guidance [ #Sixth ]
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*1.??Tax Time Guide: Things to consider when filing a 2022 tax return*________________________________________________________________________

With the 2023 tax filing season underway, the IRS reminds everyone to gather their necessary information and visit IRS.gov for updated resources and tools to help with their 2022 tax return. This news release is part of a series called Tax Time Guide [ [link removed] ], a resource to help taxpayers file an accurate tax return. Visit this resource for information about things to consider before filing, changes to credits and deductions for tax year 2022, 1099-K reporting and more. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

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*2.??May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia*________________________________________________________________________

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023 [ [link removed] ], to file various federal individual and business tax returns and make tax payments, Previously, the deadline had been postponed to May 15 for these areas. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) in these three states. There are four different eligible FEMA declarations, and the start dates and other details vary for each of these disasters. This news release is also available in Spanish [ [link removed] ].

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*3.??IRS, Treasury issue final regulations on e-file for business*________________________________________________________________________

The Department of the Treasury and the IRS issued final regulations amending the rules for filing returns and other documents electronically [ [link removed] ] (e-file). These regulations affect filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, certain information returns, registration statements, disclosure statements, notifications, actuarial reports and certain excise tax returns. The final regulations reflect changes made by the Taxpayer First Act (TFA) to increase e-filing without undue hardship on taxpayers.

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*4.??Video: Avoid penalty, interest charges; pay taxes by April 18 deadline*________________________________________________________________________

Tax pros: Make sure your clients avoid interest and penalty charges by filing their returns and paying any amount due by the April 18 deadline. For more information, watch the video, Avoiding interest and penalty charges [ [link removed] ]. The video is also available in Spanish [ [link removed] ], Chinese [ [link removed] ] and Korean [ [link removed] ].

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

Montanna Gore [ [link removed] ] of Garner, N.C., pleaded guilty to preparing false tax returns for clients. In total, Gore?s conduct caused a tax loss to the IRS of more than $1.7 million. Gore faces a statutory maximum of three years in prison. He also faces a period of supervised release, restitution and monetary penalties.

A federal court in the Eastern District of Michigan has endorsed an agreed preliminary injunction barring Annetta Powell [ [link removed] ], a Detroit-area tax return preparer, and her businesses from preparing federal tax returns for others until the date on which a trial on whether a permanent injunction is warranted occurs. According to the amended complaint, the fraudulent tax returns that Powell and her business prepared for customers cost the United States over $1.5 million in tax revenue.

Thanh Rudin and Seir Havana [ [link removed] ], two California men of Mana Tax Services, have been sentenced to prison in a conspiracy to defraud the IRS and the Paycheck Protection Program (PPP), a federal loans initiative designed to help businesses pay their employees and meet expenses during the COVID-19 pandemic. Havana was sentenced to 42 months in prison. Thanh Rudin was sentenced to 34 months in prison.

A federal grand jury in Chicago returned an indictment on Feb. 16, charging Gary Sandiego [ [link removed] ] of Illinois with assisting in the preparation of false tax returns. If convicted, Sandiego faces a maximum penalty of three years in prison on each count.

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*6.??Technical Guidance*________________________________________________________________________

Notice 2023-19 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for February 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for February 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

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