e-News for Tax Professionals 2023-10

The IRS will host special Saturday hours this weekend at taxpayer assistance centers (TACs) across the country. The special Saturday hours will be 9 a.m. to 4 p.m., on March 11, April 8 and May 13 in dozens of states, the District of Columbia and Puerto Rico. Visit IRS.gov for the TAC locations hosting these special Saturday hours. This news release is also available in Spanish and Simplified Chinese.

2.??IRS issues renewed warning on Employee Retention Credit claims

The IRS urges people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And the promoters may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit. This news release is also available in Spanish and Simplified Chinese.

3.??Digital intake initiative: Form 940 scanning off to strong start; other forms to start soon

As part of ongoing transformation efforts, the IRS this week announced a successful expansion of digital scanning. In a major step in the new Digital Intake scanning initiative, the IRS has already scanned more than 120,000 paper Forms 940 since the start of 2023 ? a twenty-fold increase compared to all of 2022. This effort will expand soon to include scanning of Forms 1040 as well as Forms 941. The scanning effort is part of a multi-form, multi-solution scanning initiative known as Digital Intake. This news release is also available in Spanish and Simplified Chinese.

4.??IRS now accepting supplemental applications for Low Income Taxpayer Clinic grants

The IRS is accepting supplemental applications for Low Income Taxpayer Clinic (LITC) matching grants from all qualified organizations. The application period will run until April 18. The funding and the period of performance for the supplemental grant will be July 1 to Dec. 31, 2023. Visit IRS.gov for more information about the qualification criteria and how to apply.

5.??April 1 is last day to start taking money out of IRAs and 401(k)s

The Internal Revenue Service reminded retirees who turned 72 during 2022 that, in most cases, Saturday, April 1, 2023, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans. This news release is also available in Spanish and Simplified Chinese.

6.??Tax Time Guide: Using electronic payment and agreement options for taxpayers who owe can help avoid penalties and interest

With the tax deadline approaching, the IRS reminded taxpayers they can avoid late filing and interest penalties by submitting their tax return and any payments due by April 18. For struggling taxpayers who can't pay by the deadline, the IRS offers several different options to help. This news release is also available in Spanish and Simplified Chinese.

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

A federal jury in Greenbelt, Md., convicted a Maryland man today of preparing false tax returns on behalf of his clients. According to court documents and evidence presented at trial, Ronald Eugene Watson, also known as Sabir Muhammad, owned and operated SW Accounting Associates, a tax return preparation business located in Largo.

8.??Technical Guidance

Notice 2023-23 provides guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023 because of a change to the RMD rules made by the SECURE 2.0 Act (Division T of the Consolidated Appropriations Act, 2023, P. L. 117-328).

Revenue Procedure 2023-17 provides indexing adjustments for the applicable dollar amounts under section 4980H(c)(1) and (b)(1) of the Internal Revenue Code. These indexed amounts are used to calculate the employer shared responsibility payments (ESRP) under section 4980H(a) and (b)(1), respectively.

Notice 2023-24 provides the general rules for determining the credit for production from advanced nuclear power facilities under ? 45J (? 45J credit) and that the amount of the unutilized national megawatt capacity limitation (NMCL) available for allocation is 6,000 megawatts.

Revenue Procedure 2023-18 modifies and supersedes both Rev. Proc. 2016-33 and Rev. Proc. 2017-14. It addresses the procedures for applying to be certified as a Certified Professional Employer Organization (CPEO), the requirements for a CPEO to remain certified, and the procedures relating to suspension and revocation of CPEO certification.

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