2024 Tax Forum; ERC deadline; Recovery Rebate Credit; 49th IRS Chief Counsel; and more

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e-News for Tax ProfessionalsMarch 8, 2024

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Issue Number:  2024-10

Inside This Issue

  1. 2024 IRS Nationwide Tax Forum Opens for Registration
  2. Less than a month remaining on ERC deadline
  3. Deadline approaches for Recovery Rebate Credit
  4. Rollinson becomes 49th IRS Chief Counsel
  5. Final rules on elective payments of various clean energy credits
  6. Final rules on elective payments for advanced manufacturing investment credit
  7. Dyed diesel penalty relief available in parts of Texas
  8. Beware of companies misrepresenting health spending plans
  9. News from the Justice Department’s Tax Division
  10. Technical Guidance

1.  2024 IRS Nationwide Tax Forum Opens for Registration

Tax Pros: Registration is now open for the 2024 IRS Nationwide Tax Forum. Register today to ensure your space this summer in one of the five following cities:

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

The IRS Nationwide Tax Forum offers continuing education and networking opportunities to enrolled agents, certified public accountants, attorneys and other tax professionals. Each forum offers more than 40 seminars and workshops on a wide variety of federal and state tax issues presented by experts from the IRS and its partner associations. Attendees may earn up to 18 continuing education credits.

Visit 2024 IRS Nationwide Tax Forum for information on the program, accommodations and registration.

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2.  Less than a month remaining on ERC deadline

The March 22 deadline is nearing for the Employee Retention Credit (ERC) Voluntary Disclosure Program for businesses that mistakenly submitted a claim and were compensated. The IRS urges businesses to review their eligibility for the Employee Retention Credit due to time limitations for them to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest. The IRS offers resources online to answer questions and help employers who want to learn more about resolving incorrect Employee Retention Credit claims. They can view the IRS’s free webinar about the ERC Voluntary Disclosure Program, review the ERC frequently asked questions and the ERC Eligibility Checklist, which is available as an interactive tool or as a printable guide.

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3.  Deadline approaches for Recovery Rebate Credit

The IRS reminds taxpayers who may be eligible for the COVID-era Recovery Rebate Credit in 2020 that time is running out to file a tax return and claim their money. Taxpayers owed a refund have three years after the filing due date to file and claim any money entitled to them. For 2020 tax returns, this year’s deadline is May 17, three years after the original May 17, 2021, tax deadline.

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4.  Rollinson becomes 49th IRS Chief Counsel

The IRS announced its 49th IRS Chief Counsel, Margie Rollinson. “Margie brings a wide range of experience from inside and outside government to this important role,” said IRS Commissioner Danny Werfel. “She will provide leadership and guidance on tax issues during a critical time in the history of the IRS. Her background and insights will be a great addition to the IRS leadership team and the Chief Counsel organization.”

Rollinson marks a historic milestone for the IRS and nation’s tax system. She is the first woman to ever formally serve as IRS Chief Counsel, a position that dates back to 1866. At the IRS, Rollinson will lead one of the largest legal teams in the nation.

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5.  Final rules on elective payments of various clean energy credits

The IRS issued final regulations for applicable entities that earn certain clean energy credits and choose to make an elective payment election, which will treat certain clean energy credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. Applicable entities generally include tax-exempt organizations, state and local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority and rural electric cooperatives. The IRS updated the elective payment frequently asked questions based on the final regulations.

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6.  Final rules on elective payments for advanced manufacturing investment credit

The IRS issued final regulations that provide guidance for the entities choosing the elective payment for the advanced manufacturing investment credit. The final regulations include special rules for partnerships and S corporations making the election and provide guidelines related to the mandatory pre-filing registration requirement that were issued previously.

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7.  Dyed diesel penalty relief available in parts of Texas

The IRS is providing dyed diesel penalty relief to individuals and businesses in Texas who experienced disruptions to the supply of fuel for diesel powered highway vehicles resulting from wildfires. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Archer County. This penalty relief began on Feb. 23 and will remain in effect through March 22.

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8.  Beware of companies misrepresenting health spending plans

The IRS reminds taxpayers and health spending plan administrators that personal expenses for general health and wellness are not considered medical expenses under the tax law. Some companies are misrepresenting the circumstances under which food and wellness expenses can be paid or reimbursed under FSAs and other health spending plans. Personal expenses are not deductible or reimbursable under health flexible spending arrangements, health savings accounts, health reimbursement arrangements or medical savings accounts. More information is available at IRS.gov and frequently asked questions.

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9.  News from the Justice Department’s Tax Division

The Justice Department filed a complaint seeking to bar several Michigan tax return preparers from owning or operating a tax return preparation business and preparing tax returns for others. The complaint alleges that in 2022, the defendants filed 865 returns, with 98% of the returns claiming a refund. They caused harm to the United States through the significant loss in tax revenue, estimated at over $2 million.

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10. Technical Guidance

Notice 2024-27 requests additional comments on any situations in which an election under section 6417(a) could be made for a credit that was purchased in a transfer for which an election under section 6418(a) is made. Such sequence of events is referred to as “chaining” in this notice.

Notice 2024-28 invites the public to submit recommendations for items to be included on the 2024-2025 Priority Guidance Plan.

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