IRA efforts after one year; D.C. tax forum video; protect against ID theft; notice, letter feedback request; and more
Seminars, Workshops, Conferences, and Other Practitioner Activities By State:
Inside This Issue
One year into its modernization efforts under the Inflation Reduction Act, the IRS has made significant progress toward its goals of delivering world-class service, upgrading its technology and ensuring high-income taxpayers, large corporations and complex partnerships pay taxes owed. As the IRS marks this one-year anniversary, it announces two new milestones as part of its Paperless Processing Initiative:
Also, the IRS has met its targets to further improve its customer callback option, so taxpayers do not need to wait on hold during periods of high call volume. The customer callback option will now be available for up to 95% of callers seeking live assistance. Visit IRS.gov to learn about other efforts underway, such as expanded in-person service to reach rural, underserved taxpayers; new ways for taxpayers to respond to notices and file online; new offering of voice and chatbots to improve taxpayer experience; and more. This news release is also available in Spanish and Simplified Chinese.
The IRS Nationwide Tax Forums head to the final two cities of the summer: San Diego and Orlando. While San Diego’s program is sold out, you can still register to attend the tax forum in Orlando, taking place on Aug. 29-31. Want a glimpse into the IRS’s longest-running event for tax professionals? Watch Tax Talk Today’s video featuring live footage from this year’s IRS Nationwide Tax Forum in the D.C. area.
For 30 years, the IRS Nationwide Tax Forums provide attendees with direct access to the most relevant and important information regarding tax laws and regulations. Registered attendees can:
Visit the IRS Nationwide Tax Forums website for more information and to register for our last program of the summer.
In the last segment of the special five-part series, “Protect Your Client; Protect Yourself,” the IRS and Security Summit partners share important steps for tax pros and taxpayers to take to reduce identity theft risks. “Tax professionals form a central part of the tax community’s defense against identity thieves and cyberattacks,” said IRS Commissioner Danny Werfel. “Ensuring strong security at a tax practice – regardless of its size – will help protect not just the business, but also help safeguard individual taxpayers as well as state and federal tax agencies from fraud.” This news release is also available in Spanish and Simplified Chinese.
The IRS Strategic Operating Plan outlines how the IRS will use the funds it received under the Inflation Reduction Act of 2022. The plan includes an initiative to update IRS notices and letters to make it easier for taxpayers to read, to understand and to respond. The IRS is asking for stakeholder feedback on letters or notices you’ve received to help accomplish this goal. Submit feedback or ideas on improving IRS letters and notices to the firstname.lastname@example.org mailbox. The feedback should include:
The IRS will consider any feedback it receives by Aug. 23 in its next round of updates but welcomes feedback after that date since the agency will continuously be updating its notices and letters. The agency will not be able to respond to each individual email, but it will share how it used taxpayer and stakeholder feedback to improve its notices and letters as the projects proceeds.
All those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more are encouraged to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023. The heavy highway vehicle use tax is an annual federal excise tax on heavy highway motor vehicles operating on public highways. This news release is also available in Spanish and Simplified Chinese.
As the new school year begins, remind your clients who are teachers or other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year. Visit IRS.gov for more information about who qualifies, what’s deductible and more. This news release is available in Spanish and Simplified Chinese.
Notice 2023-61 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for August 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for August 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).
Revenue Ruling 2023-16 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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