EFIN email scam; updated 1099-K FAQs; Employer-Provided Child Tax Credit webpage; and more

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e-News for Tax ProfessionalsFebruary 9, 2024

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Issue Number: 2024-06

Inside This Issue

  1. Tax pros: Be aware of EFIN email scam; special webinars offered
  2. IRS updates 1099-K frequently asked questions
  3. New IRS webpage helps employers determine Employer-Provided Childcare Tax Credit eligibility
  4. Tax relief available for disaster area victims in Maine, West Virginia
  5. Upcoming webinars for tax practitioners
  6. News from the Justice Department’s Tax Division
  7. Technical Guidance

1.  Tax pros: Be aware of EFIN email scam; special webinars offered

Tax pros: Be on the lookout for scam emails that impersonate various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs). The IRS and its Security Summit partners warn that scammers are posing as tax software companies and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns. To help protect you against this emerging scam, the IRS will host a special series of educational webinars beginning Feb. 12 for the tax community. The sessions will run each day next week.

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2.  IRS updates 1099-K frequently asked questions

In an effort to provide more resources for taxpayers during this filing season, the IRS revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions. The FAQs now offer more general information, common situations, along with more clarity for industry and identifies which organizations should send Forms 1099-K. The FAQs are in addition to the recently updated Understanding your Form 1099-K webpage on IRS.gov and an informational IRS video about 1099-K.

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3.  New IRS webpage helps employers determine Employer-Provided Childcare Tax Credit eligibility

The IRS has launched a new webpage on IRS.gov explaining the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide child care services to their employees. “We’ve heard that some employers may be overlooking this important credit, so the IRS has created a new one-stop shop for information on IRS.gov that provides an easy place to learn more,” said IRS Commissioner Danny Werfel. The credit is limited to $150,000 per year to offset 25% of qualified childcare facility expenditures and 10% of qualified childcare resource and referral expenditures. Visit IRS.gov/employerchildcare for more information about claiming the credit, including the requirements for qualified child care expenditures and qualified child care facilities.

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4.  Tax relief available for disaster area victims in Maine, West Virginia

Disaster-area taxpayers in parts of Maine and in parts of West Virginia now have until June 17 to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA), and the same relief will be available to any other localities added later to the disaster areas. The current list of eligible localities is available on the disaster relief page on IRS.gov.

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5.  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:

  • e-File software impersonators on Feb. 12 at noon ET, Feb. 13 at 1 p.m. ET, Feb. 14 at 2 p.m. ET, Feb. 15 at 3 p.m. ET and Feb. 16 at 3 p.m. ET. IRS Cyber Security has seen a drastic increase in emails to tax pros impersonating e-File software companies. The emails attempt to steal the tax pros’ Electronic Filing Identification Numbers (EFINs). See and hear what these scam emails look like directly from IRS Cyber Security and learn tips on how to protect yourself.
  • Taxable transactions with digital assets on Feb. 22 at 2 p.m. ET. Earn up to 1 CE credit (Federal Tax). Certificates of completion are being offered.

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6.  News from the Justice Department’s Tax Division

Adis Smith, a tax return preparer formerly of Maryland, was sentenced to 27 months in prison for preparing false tax returns. Smith prepared and filed each client’s tax return as a “ghost preparer,” reporting it had been self-prepared by the client rather than by Smith. In addition to the term of imprisonment, Smith was ordered to serve one year of supervised release and ordered to pay more than $4.7 million in restitution to the United States. IRS Criminal Investigation investigated the case.

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7.  Technical Guidance

Revenue Procedure 2024-12 sets forth a temporary extension of time to perform the procedures under sections 30D(d)(1)(H) and 25E(c)(1)(D)(i) of the Internal Revenue Code (Code) for the provision of seller reports to the IRS.

Revenue Procedure 2024-13 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2024; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.

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