IRA efforts after one year; D.C. tax forum video; protect against ID theft; notice, letter feedback request; and more

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e-News for Tax ProfessionalsAugust 18, 2023

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Issue Number: 2023-33

Inside This Issue

  1. Inflation Reduction Act one-year report card
  2. Video: Flashback to the D.C.-area IRS Nationwide Tax Forum; next stops: San Diego, Orlando
  3. Tax pros: Plan, protect, defend against identity theft
  4. Share your feedback by Aug. 23 to help improve IRS notices, letters
  5. IRS encourages truckers to e-file by Aug. 31 tax payment deadline
  6. Reminder to educators: Maximum educator expense deduction is $300 in 2023
  7. Technical Guidance

1.  Inflation Reduction Act one-year report card


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:

  • Scanning 225 times more forms than in 2022 and
  • Enabling taxpayers to reply to an additional 51 forms and letters online.

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.

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2.  Video: Flashback to the D.C.-area IRS Nationwide Tax Forum; next stops: San Diego, Orlando


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:

  • Choose from more than 40 seminars and workshops, earning up to 18 continuing education credits;
  • Share opinions in various focus groups;
  • Attend four special events designed with the tax pro in mind;
  • Visit a two-day expo with representatives from tax, financial and business communities offering their products, services and expertise designed with the tax professional in mind. The expo also includes the IRS Zone, featuring various IRS subject matter experts and executives; and
  • Network with fellow tax professionals.

Visit the IRS Nationwide Tax Forums website for more information and to register for our last program of the summer.

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3.  Tax pros: Plan, protect, defend against identity theft


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.

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4.  Share your feedback by Aug. 23 to help improve IRS notices, letters


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 wi.otc.cam@irs.gov mailbox. The feedback should include:

  • The name or number of the notice or letter,
  • The submitter’s experience with the notice or letter and
  • A clear explanation of how to improve the notice or letter.

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.

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5.  IRS encourages truckers to e-file by Aug. 31 tax payment deadline


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.

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6.  Reminder to educators: Maximum educator expense deduction is $300 in 2023


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.

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7.  Technical Guidance


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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