Renew EA status; IRSAC update; energy credits tool milestone; practitioner webinars; and more

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e-News for Tax ProfessionalsJanuary 19, 2024

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Issue Number: 2024-03

Inside This Issue

  1. Renew enrolled agent status by Jan. 31 deadline
  2. New IRSAC members selected for 2024
  3. Milestone reached with IRS Energy Credits Online Elective Pay and Transferability Tool
  4. Upcoming webinars for tax practitioners
  5. News from the Justice Department’s Tax Division
  6. Update for Forms 990-T, Forms 1120-POL filers with upcoming deadlines
  7. Technical Guidance

1.  Renew enrolled agent status by Jan. 31 deadline


If you are an enrolled agent with a Social Security number ending in 7, 8, 9 or those with no SSN, renew your status by Jan. 31 to ensure you receive your new enrollment card before your current enrollment expires on March 31. For more information, visit IRS.gov/ea.

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2.  New IRSAC members selected for 2024


Twelve new members were recently appointed to the Internal Revenue Service Advisory Council (IRSAC). Established in 1953, IRSAC is an organized public forum for IRS officials and representatives of the public to discuss a broad range of issues in tax administration. For more information, visit Internal Revenue Service Advisory Council.

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3.  Milestone reached with IRS Energy Credits Online Elective Pay and Transferability Tool


The IRS and the Treasury Department reached a major milestone implementing key provisions in the Inflation Reduction Act with more than 1,000 projects registered through the new IRS Energy Credits Online (ECO) tool. The Inflation Reduction Act created two new credit delivery mechanisms — elective pay (otherwise known as “direct pay”) and transferability — that enable state, local and Tribal governments, non-profit organizations, U.S. territories and other entities to take advantage of clean energy tax credits.

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4.  Upcoming webinars for tax practitioners


The IRS offers the upcoming live webinars to the tax practitioner community. For more information or to register for the webinars, visit the Webinars for Tax Practitioners webpage:

  • ABCs of Foreign Tax Credit (FTC) for individuals on Jan. 25 at 1 p.m. ET. Earn up to 2 CE credits (Federal Tax); certificates of completion are being offered.
  • Navigating through the restart of automated collection notices and penalty relief on Jan. 30 at 2 p.m. ET. Earn up to 1 CE credit (Federal Tax); certificates of completion are being offered.
  • Employee Retention Credit Voluntary Disclosure Program on Feb. 8 at 2 p.m. ET. Earn up to 1 CE credit (Federal Tax); certificates of completion are being offered.

The IRS as also posted a free online video of a recent 2023 Forum 1099-K webinar, which focused on various issues for taxpayers who receive income typically reported to them on Form 1099-K, including those who often use popular payment apps and online marketplaces.

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5.  News from the Justice Department’s Tax Division


Nevada CPA Lance K. Bradford was sentenced to three years in prison for willfully aiding and assisting the filing of false tax returns, in connection with a scheme to sell purported investment opportunities to clients that he falsely claimed would entitle them to IRS tax deductions. In addition to the term of imprisonment, Bradford was ordered to serve one year of supervised release and pay more than $6.7 million in restitution to the United States.

Kymberly Starr, a Minnesota woman who previously ran a tax preparation business in Maryland, pleaded guilty to aiding in the preparation of false tax returns. According to court documents and statements made in court, Starr inflated her clients’ tax refunds by preparing and submitting to the IRS false tax returns that claimed fraudulent tax deductions and fictitious business profits and losses. Starr is scheduled to be sentenced on April 26 and faces a maximum penalty of three years in prison. She also faces a period of supervised release, restitution and monetary penalties.

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6.  Update for Forms 990-T, Forms 1120-POL filers with upcoming deadlines


Tax pros: Due to IRS system upgrades, a limited number of tax-exempt organizations won’t be able to electronically file Form 990-T, Exempt Organization Business Income Tax Return, or Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations, until March 17. This mean e-filing of Forms 990-T and Forms 1120-POL (including returns on extension) with due dates from Jan. 15 to March 15 are currently unavailable.

An organization with a Form 990-T due from Jan.15 to March 15 should request an automatic six-month extension of time to file by the due date of the return. Organizations filing a Form 1120-POL that is due from Jan. 15 to March 15 (including returns on extension) may file on paper or may request an automatic six-month extension of time to file Form 1120-POL and pay the full balance due with that form to avoid interest and penalties.

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7.  Technical Guidance


Announcement 2024-04 informs filers that digital assets should not be included in section 6050I reporting until after final regulations under section 6050I are issued.

Notice 2024-18 addresses the availability of administrative exemptions from the requirement to file certain returns and other documents in electronic form.

Notice 2024-20 provides taxpayers with a list of eligible census tracts in advance of the 2023 filing season and to explain how taxpayers can identify the 11-digit census tract identifier for the location where the property is placed in service.

Notice 2024-21 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2024 used under section 417(e)(3)(D), the 24-month average segment rates applicable for January 2024, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Notice 2024-22: The IRS is issuing initial guidance on pension-linked emergency savings accounts (PLESAs), which are individual accounts, in defined contribution plans, that are designed to encourage employees to save for financial emergencies.

Revenue Ruling 2024-03 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.

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