Tax schemes warning; Office in Compromise booklet; tax forums; Ohio tax relief; and more

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e-News for Tax ProfessionalsMay 17, 2024

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Issue Number:  2024-20

Inside This Issue

  1. IRS warns of tax schemes shared over social media following claims involving Fuel Tax Credit, household employment taxes, sick and family leave credits
  2. Tax pros: Use current version of Offer in Compromise Booklet
  3. IRS Nationwide Tax Forum: The benefits of attending
  4. Tax relief available for disaster victims in Ohio 
  5. Upcoming webinars for tax practitioners
  6. Technical Guidance

1.  IRS warns of tax schemes shared over social media following claims involving Fuel Tax Credit, household employment taxes, sick and family leave credits


The IRS this week issued a consumer alert following ongoing concerns about a series of tax scams and inaccurate advice on social media that have encouraged thousands of taxpayers to file fictitious refund claims this past tax season. The scams involve the Fuel Tax Credit, the Sick and Family Leave Credit and household employment taxes. Suspicious claims have resulted in refund delays and IRS requests for documentation. Taxpayers who erroneously filed for these claims should amend their returns. Taxpayers can visit Should I file an amended return? for more information.

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2.  Tax pros: Use current version of Offer in Compromise Booklet


The IRS recently released its April 2024 version of the Form 656-B, Offer in Compromise Booklet. Tax professionals should always download and use the most current version of this form to avoid processing delays. The booklet also includes the forms taxpayers must complete as part of the Offer-in-Compromise (OIC) process. An OIC lets a taxpayer settle their tax debts for less than the full amount once the taxpayer has exhausted all other payment options. The IRS will consider each taxpayer’s unique set of facts and circumstances before accepting an OIC.

This IRS Tax Tip explains the OIC process in detail. Additional information, including a chat bot, is available here.

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3.  IRS Nationwide Tax Forum: The benefits of attending


What do you get when you attend the IRS Nationwide Tax Forum? The tax forum registration fee includes all conference activities including seminars, exhibits and special events as well as the welcome reception on Tuesday and the networking reception on Wednesday. Registered attendees have full access to:

  • More than 40 continuing education (CE) courses. Attendees can earn up to 19 credits. The conference agenda will be available by early June.
  • The Exhibit Hall for information on tax products and services that can help you and your business. Visit the IRS Zone to learn more about the IRS’s vision for transformation and digitization and share your perspective with IRS representatives.
  • The Case Resolution Program for personalized assistance with your toughest tax case. IRS experts will be on-site for a one-on-one conversation, to conduct research on your case and endeavor to resolve your tax matter on site.
  • Focus groups on a broad array of topics. Come share your opinion.
  • Special bonus sessions on practice management, scams and schemes, and the new Treasury Department Beneficial Ownership Information reporting requirements.

Register now and take advantage of the Early Bird rate (available until 5 p.m. June 17). Attendees who register early will have their badges mailed to them prior to the forum.

For more information about this year’s Nationwide Tax Forum, view the video, Five things to Know about the IRS Nationwide Tax Forum.

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4.  Tax relief available for disaster victims in Ohio


Individuals and businesses in Ohio that were affected by tornadoes that began on March 14 now have until Sept. 3, 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), which currently includes Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties. The same relief will be available to any other Ohio localities added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

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5.  Upcoming webinars for tax practitioners


The IRS offers the upcoming live webinar to the tax practitioner community:

  • Tax Considerations for H-2A Visa Holders (Agricultural Workers) and Employers on June 6, at 2 p.m. ET. Earn up to 1 CE credit (Federal Tax). Certificates of completion are being offered.

For more information or to register, visit the Webinars for tax practitioners webpage.

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6.  Technical Guidance


The Treasury Department and the IRS published guidance on the Domestic Content Bonus Credit in Notice 2024-41. This notice amends the current safe harbor and establishes a new elective safe harbor for credit amount calculations. The guidance complements proposed rules Treasury and the IRS issued in Notice 2023-38 on May 12, 2023, on the Domestic Content Bonus Credit amounts and related record-keeping and certification requirements.

Announcement 2024-24 notifies taxpayers of the applicable Reference Standard 90.1 required under section 179D(c)(2) of the Internal Revenue Code as part of the definition of energy efficient commercial building property (EECBP).

Notice 2024-40 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2) of the Internal Revenue Code.

Notice 2024-41 modifies the existing domestic content safe harbor in Notice 2023-38, provides a new elective safe harbor for determining the domestic content bonus credit amounts under sections 45, 45Y, 48 and 48E of the Internal Revenue Code, and requests comments regarding the new elective safe harbor to inform the development of any future updates.

Notice 2024-42 specifies updated static mortality tables to be used for defined benefit pension plans under section 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406, as amended (ERISA).

Revenue Ruling 2024-12 provides various prescribed rates for federal income tax purposes for June 2024, 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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