2024 filing season; ERC webinar; reserve tax forum hotel; 2022 returns deadline; and more

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e-News for Tax ProfessionalsFebruary 2, 2024

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Issue Number: 2024-05

Inside This Issue

  1. 2024 filing season underway with expanded services for taxpayers
  2. Feb. 8 webinar provides updates on Voluntary Disclosure Program, ERC processing moratorium
  3. 2024 IRS Nationwide Tax Forum: Book your hotel now
  4. Deadline approaches for disaster-area taxpayers with extensions to file 2022 returns
  5. Tax relief for Rhode Island victims affected by storms
  6. Withholding agents: Identify errors on Form 1042-S with IRS’s Data Integrity Tool
  7. Technical Guidance

1.  2024 filing season underway with expanded services for taxpayers


The IRS successfully opened the 2024 tax season on Jan. 29 with a focus on expanding options to help taxpayers. The IRS expects more than 146 million individual tax returns to be filed this season. The filing deadline is April 15.

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2.  Feb. 8 webinar provides updates on Voluntary Disclosure Program, ERC processing moratorium


The IRS is hosting a free Employee Retention Credit Voluntary Disclosure Program webinar on Feb. 8 at 2 p.m. EST. Learn about the advantages of the program, who qualifies, how to apply, and resources available from the IRS. To register for this webinar and for additional information on future webinars hosted by the IRS, visit Webinars for tax practitioners.

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3.  2024 IRS Nationwide Tax Forum: Book your hotel now


The IRS has announced the dates and locations for the 2024 IRS Nationwide Tax Forum. This summer, the IRS will host its marquee outreach and education program in the following cities:

  • Chicago: July 9-11
  • Orlando: July 30-Aug. 1
  • Baltimore: Aug. 13-15
  • Dallas: Aug. 20-22
  • San Diego: Sept. 10-12

Registration for the 2024 Tax Forum begins March 1, but attendees can book their hotel rooms now at irstaxforum.com.

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4.  Deadline approaches for disaster-area taxpayers with extensions to file 2022 returns


The IRS reminds disaster-area taxpayers who received extensions to file their 2022 returns that these returns are due on Feb. 15, 2024. Eligible taxpayers were those affected by disasters that occurred between Aug. 8 and Oct. 9, 2023, including Hurricane Idalia, Hurricane Lee, Tropical Storm Bolaven, the wildfires in Hawaii, seawater intrusion in Louisiana and storms and flooding in Illinois. For extension filers, payments on these returns were not eligible for the additional time because they were originally due last spring before any of these events occurred.

Besides those who received extensions to file their 2022 returns, there are other returns, payments and time-sensitive tax-related actions that also qualify for the Feb. 15 deadline. For details, see the IRS disaster relief page, especially the disaster relief announcements for each state and territory.

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5.  Tax relief for Rhode Island victims affected by storms


Individuals and businesses in parts of Rhode Island affected by severe storms, flooding and tornadoes that began on Sept. 10 now have until June 17 to file various federal individual and business tax returns and make tax payments. Currently, this includes Providence County. The same relief will be available to any other Rhode Island localities added later to the disaster area. The current list of eligible localities is available on the disaster relief page on IRS.gov.

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6.  Withholding agents: Identify errors on Form 1042-S with IRS’s Data Integrity Tool


Withholding agents: The IRS offers a free Form 1042-S Data Integrity Tool to assist you in improving compliance with Form 1042-S reporting and withholding. The tool can help by:

  • Identifying potential errors. The tool performs a quality review of Form 1042-S data before submission to the IRS and
  • Reducing filing risks. Minimize potential penalties and delays by increasing the accuracy of your data.

The Data Integrity Tool does not change a withholding agent’s obligations to file with the IRS and furnish a copy of the Form 1042-S to the payee. A withholding agent is responsible for correcting potential errors before submission to the IRS. The use of this tool or any other available tool that reviews information returns for potential errors, prior to submission to the IRS, may be considered in requests for penalty relief.

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7.  Technical Guidance


Revenue Ruling 2024-05 holds that if one or more of a State’s allocations, under section 305 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, to qualified disaster zones in 2021 or 2022 are returned after 2022, then the returned housing credit dollar amounts are part of the overall Returned Credit Component of a State’s housing credit ceiling in the year of return.

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