Tax Professional Awareness Week; filing season resources; BOI reporting; time-of-sale reporting extension; and more

IRS.gov Banner
e-News for Tax ProfessionalsJanuary 5, 2024

Useful Links:

IRS.gov

Tax Professionals Home

All Forms and Instructions

Stakeholders Partners’
Headliners

Training and
Communication Tools

e-Services

Taxpayer Advocate Service

Disaster Relief

Internal Revenue Bulletins

IRS Social Media


Upcoming Events

Seminars, Workshops, Conferences, and Other Practitioner Activities By State:

Nationwide Webinars

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas


Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina


North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming


Back to top

Issue Number: 2024-01

Inside This Issue

  1. Tax Professional Awareness Week begins Jan. 8
  2. Get Ready: IRS.gov has helpful filing season resources for taxpayers
  3. Certain entities must report beneficial ownership information to Treasury
  4. Dealers, sellers of clean vehicles have more time to submit time-of-sale reports
  5. IRS opens free IRA and CHIPS pre-filing registration tool
  6. Technical Guidance

1.  Tax Professional Awareness Week begins Jan. 8


The IRS is kicking off its first Tax Professional Awareness Week beginning Jan. 8. This week serves as a good reminder of the:

  • important role tax professionals play in helping to ensure the integrity of the tax system,
  • steps needed to become an Authorized e-file Provider,
  • requirement to have a preparer tax identification number (PTIN) and
  • ways to better protect your data from cybercriminals specifically targeting the tax preparer community.

To help ensure paid tax professionals are aware of their due diligence requirements when filing returns claiming the Earned Income Tax Credit and other tax benefits, the IRS is offering two free educational webinars:

The webinars will include free online tools, tips and resources. Tax pros can also earn one free continuing education credit per webinar. Thank you for your continued professionalism and the support you provide to the nation’s taxpayers.

Back to top


2.  Get Ready: IRS.gov has helpful filing season resources for taxpayers


Tax pros: Encourage your clients to visit IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax returns. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can take now to make filing easier in 2024. Later this month, the IRS anticipates announcing a start date for the 2024 filing season when the agency will begin accepting tax returns.

Back to top


3.  Certain entities must report beneficial ownership information to Treasury


As a tax professional, you may be required to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). As of Jan. 1, 2024, certain types of corporations, limited liability companies and other similar entities created in or registered to do business in the United States must report information to FinCEN about their beneficial owners—the persons who ultimately own or control the company. BOI reporting is not an IRS program; all inquiries must be directed to FinCEN. FinCEN’s BOI e-filing system is available for you to e-file the beneficial ownership information report. Visit the Beneficial Ownership Information Reporting webpage for more information.

Back to top


4.  Dealers, sellers of clean vehicles have more time to submit time-of-sale reports


To provide dealers and the IRS more time to submit and intake seller reports into the new IRS Energy Credits Online (IRS ECO) system, the IRS is temporarily extending the 3-day time period to submit time-of-sale reports. This means dealers and sellers have until Jan. 19 to submit a time-of-sale report for clean vehicles sold on Jan. 1 through Jan. 16. While the IRS fine-tunes this new system and the intake of time-of-sale reports, dealers and sellers should continue to submit their time-of-sale reports using IRS ECO.

Back to top


5.  IRS opens free IRA and CHIPS pre-filing registration tool


Qualifying businesses, tax-exempt organizations or entities such as state, local and Indian tribal governments can register for elective payments or transfer of credits using the new IRA/CHIPS Pre-filing Registration Tool, available free from the IRS. Elective payment and the transfer election create alternative ways for applicable entities and eligible taxpayers who have earned one of the Inflation Reduction Act (IRA) clean energy or the Creating Helpful Incentives to Produce Semiconductors Act (CHIPS) credits to get the benefit of the credit even if the taxpayer cannot use the credit to offset their tax liability.

Back to top


6.  Technical Guidance


Notice 2024-09 provides procedures for applicable entities to claim the statutory exception to the application of the phaseouts for elective payment projects that begin construction during calendar year 2024 that fail to satisfy the domestic content requirement.

Notice 2024-11 updates the list of treaties that meet the requirements of section 1(h)(11) (qualified dividends).

Notice 2024-13 announces that the Department of the Treasury and the IRS intend to propose regulations to implement the product identification number (PIN) requirement with respect to the energy efficient home improvement credit under section 25C of the Internal Revenue Code. This notice requests comments on the PIN requirement under section 25C(h).

Notice 2024-16 announces that Treasury and the IRS intend to issue proposed regulations that will address certain basis consequences of internal restructuring transactions in which a U.S. corporation acquires stock of a controlled foreign corporation (CFC) from another CFC.

Back to top


FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to e-News for Tax Professionals an IRS e-mail service.

If you have a specific concern about your client’s tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.

This message was distributed automatically from the mailing list e-News for Tax Professionals. Please Do Not Reply To This Message

To subscribe to or unsubscribe from another list, please go to the e-News Subscriptions page on the IRS Web site.


This email was sent to irsblogposts@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535GovDelivery logo