ID protection webinar; business jet audits; Q2 interest rates; tax season deadlines; and more

IRS.gov Banner
e-News for Tax ProfessionalsFebruary 23, 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: 2024-08

Inside This Issue

  1. Webinar: Scams, tax related identity theft and identity protection PIN for National Consumer Protection Week
  2. IRS ramps up business jet audits to ensure large corporations pay taxes owed
  3. Second quarter interest rates unchanged
  4. Avoid penalty, interest charges; pay taxes by April 15 deadline
  5. IRS shares March 1 deadline for many farmers and fishers
  6. 2024 Tax Time Guide: What to know before completing a tax return
  7. Special Saturday hours available at more than 50 Taxpayer Assistance Centers across the country
  8. Taxpayer Advocacy Panel seeks volunteers for 2025
  9. News from the Justice Department’s Tax Division

1.  Webinar: Scams, tax related identity theft and identity protection PIN for National Consumer Protection Week


The IRS and the Federal Trade Commission will host the webinar Scams, tax related identity theft and identity protection PIN on March 6 at 1 p.m. EST. Learn about tax-related identity theft scams, IRS Identity Protection Personal Identification Number (PIN) Program, reporting and recovery methods and more. To register for this webinar and for additional information on future webinars hosted by the IRS, visit the Webinars for Tax Practitioners webpage.

Back to top


2.  IRS ramps up business jet audits to ensure large corporations pay taxes owed


The IRS plans to begin dozens of audits on business aircraft involving personal use. The audits will focus on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether the use of jets is being properly allocated between business and personal reasons. Advanced analytics and Inflation Reduction Act resources will be used to conduct the audits. This is part of a larger effort the IRS is taking to ensure large corporate, large partnerships and high-income individual filers pay the taxes they owe.

Back to top


3.  Second quarter interest rates unchanged


The IRS announced no change in second quarter interest rates beginning April 1. The interest rates are computed from the federal short-term rate determined during January 2024. See Revenue Ruling 2024-6 for details.

Back to top


4.  Avoid penalty, interest charges; pay taxes by April 15 deadline


Avoid interest and penalty charges by filing your clients’ returns and paying any amounts due by the April 15 deadline. For more information, watch the video Avoiding Interest and Penalty Charges. The video is also available in Spanish, Chinese and Korean.

Back to top


5.  IRS shares March 1 deadline for many farmers and fishers


Tax pros: Your farmer and fisher clients who chose to forego making estimated tax payments by Jan. 16 must file their 2023 federal income tax return and pay all taxes due by March 1. The deadline allows farmers and fishers to avoid any estimated tax penalties. Those who made a qualifying payment by Jan. 16, 2024, can wait until April 15 to file and still avoid estimated tax penalties. For details, see Publication 505, Tax Withholding and Estimated Tax. The deadline in Maine and Massachusetts is April 17.

Back to top


6.  2024 Tax Time Guide: What to know before completing a tax return


In an effort to provide more resources for taxpayers during this filing season, the IRS kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items needed to file a 2023 tax return. The four-part weekly series explains the essentials to filing an accurate tax return, changes to credits and deductions, Form 1099-K reporting requirements and more. The IRS also has a variety of information available on IRS.gov to help taxpayers, including a special free help page.

Back to top


7.  Special Saturday hours available at more than 50 Taxpayer Assistance Centers across the country


The IRS has announced special Saturday hours at specific Taxpayer Assistance Centers (TACs)for the next four months. The special Saturday hours of operation will take place from 9 a.m. to 4 p.m., on Feb. 24, March 16, April 13 and May 18 at participating TAC locations. Normally, TACs are only open Monday through Friday, with appointments needed. However, during these Saturday hours, appointments are not required. IRS advises taxpayers to visit the special Saturday hours webpage on IRS.gov for a list of participating TAC locations.

Back to top


8.  Taxpayer Advocacy Panel seeks volunteers for 2025


The IRS announced vacancies in 29 states and territories for the volunteer-led Taxpayer Advocacy Panel (TAP). Applications for the 2025 TAP year are now being accepted from individuals looking for new ways to serve their community and speak up about issues that impact taxpayers. No previous tax experience is required.

Back to top


9.  News from the Justice Department’s Tax Division


The Justice Department filed a complaint seeking to bar Julius T. Price and his tax return preparation business, Price’s Accounting Firm Inc., from preparing federal income tax returns for others. By repeatedly understating his clients’ tax liabilities, the complaint alleges that the United States has been harmed by Price’s conduct resulting in the significant loss in tax revenue of an estimated $1.5 million.

Tax return preparer Joseph Korha, of Phoenix, Arizona, and formerly of North Dakota, pleaded guilty to five counts of preparing false tax returns. In total, Korha prepared more than 100 false returns and caused a tax loss to the IRS of approximately $294,000. Korha is scheduled to be sentenced on June 3. He faces a maximum penalty of three years in prison for each count as well as a period of supervised release, restitution and monetary penalties.

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, D.C. 20535GovDelivery logo