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Setting Up an IRS Installment Agreement: A Step-by-Step Guide

Installment Agreement Process

Setting Up an IRS Installment Agreement: A Step-by-Step Guide

Understanding the Installment Agreement Process An installment agreement with the IRS functions as a payment plan allowing individuals to pay

December 5, 2023 2:11 pm

Currently Not Collectible

How to Secure Currently Not Collectible Status

Understanding the Concept of Currently Not Collectible At Brightside Tax Relief, we understand that facing financial hardship, particularly tax-related debt,

December 2, 2023 2:11 pm

Breaking Down the IRS Offer in Compromise

Offer in Compromise Tips

Breaking Down the IRS Offer in Compromise

Understanding the IRS Offer in Compromise One of the options provided by the IRS for resolving tax debt is the

November 29, 2023 2:11 pm

The Taxpayers Guide to Surviving an IRS Audit

IRS Audit Advice

The Taxpayers Guide to Surviving an IRS Audit

Understanding the IRS Audit The term ‘IRS Audit’ may instill fear in the hearts of most taxpayers. We, at Brightside

November 26, 2023 2:11 pm

Navigating the Tax Relief Jungle: Finding the Best Path for You

Tax Relief Strategies

Navigating the Tax Relief Jungle: Finding the Best Path for You

Navigating the Tax Relief Jungle: Unraveling the Web of Strategies for You Every year, millions of Americans stand at the

November 23, 2023 2:11 pm

ICYMI: Top IRS Criminal Investigation (CI) Stories From The Past Week Nov. 20, 2023 Useful Links About CI What do we investigate? How investigations are initiated J5 international partnership IRS.gov/CI Tax Schemes and Fraud Tax Fraud Alerts Report Suspected Tax Fraud Voluntary Disclosure CI Newsroom CI News Releases CI Resources CI Annual Reports Week of Nov. 13 - 19 #ICYMI Top CI Stories from the Past Week 1. Chief Lee honored with Presidential Rank Award as Distinguished Executive Recipient The award is among the most esteemed recognitions in career civil service. 2. Avoid falling victim to pig butchering schemes Learn the red flags of cryptocurrency scams to protect yourself this International Fraud Awareness Week. 3. Founder of Beverly Hills ‘Gentlemen Timepieces’ consignment store charged with conning victims in luxury watch Ponzi-type scheme To date, law enforcement estimates that victim losses currently total approximately $3 million. 4. Joint Chiefs of Global Tax Enforcement committed to combating transnational tax crime J5 works together to gather information, share intelligence, conduct operations and build the capacity of tax crime enforcement officials. 5. We're hiring for our Pathways Career Internship Student Trainee positions Attention college juniors! Positions are limited so apply fast. CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.

Taxes

#ICYMI Top CI Stories from the Past Week

Recap of the Week’s Top Stories from IRS Criminal Investigation In case you missed it, here’s a recap of the

November 20, 2023 10:41 am

Taxes

e-News for Tax Professionals 2023-46

Preparing for the Filing Season and More: e-News for Tax Professionals 2023-46 As we approach the end of the year,

November 17, 2023 4:26 pm

El Servicio de Impuestos Internos, junto con sus socios de la Cumbre de Seguridad en las agencias tributarias estatales y la industria tributaria de la nación, anunciaron hoy una semana especial centrada en la concientización de los contribuyentes y profesionales tributarios sobre la protección de la información financiera sensible contra los ladrones de identidad a medida que se acercan las fiestas y la temporada tributaria de 2024. La 8va Semana nacional anual de concientización sobre seguridad tributaria tiene lugar este año del 27 de noviembre al 1ro de diciembre, marcando una campaña anual de la Cumbre de Seguridad, una coalición del IRS, administradores de impuestos estatales, compañías de software tributario, la comunidad de profesionales tributarios y otros en la comunidad tributaria en general. El grupo se formó en 2015 para combatir el robo de identidad relacionado con los impuestos a través de una mejor coordinación entre los sectores público y privado, así como el fortalecimiento de las protecciones internas y la concientización de las amenazas a la seguridad.

Taxes

IR-2023-218: El IRS y los socios de la Cumbre de Seguridad anuncian la 8va Semana Nacional Anual de Concientización sobre Seguridad Tributaria comienza el 27 de noviembre; se enfoca en concientizar a los contribuyentes y profesionales tributarios sobre consejos de seguridad para protegerse contra el robo de identidad y las estafas

The IRS and Security Summit Partners Announce the 8th Annual National Tax Security Awareness Week The Internal Revenue Service (IRS)

November 17, 2023 2:46 pm

Las distribuciones benéficas calificadas permiten a los dueños elegibles de una IRA hasta $100,000 en donaciones no sujetas a impuestos a organizaciones benéficas. El Servicio de Impuestos Internos les recordó hoy a los dueños de una cuenta de retiro individual (IRA, por sus siglas en inglés) de 70½ años* *o más, que pueden transferir hasta $100,000 a organizaciones benéficas, no sujetas a impuestos, cada año. Estas transferencias, conocidas como distribuciones benéficas calificadas (QCD, por sus siglas en inglés), ofrecen a los estadounidenses mayores elegibles una excelente manera de donar fácilmente a la caridad antes de fin de año. Además, para aquellos que tienen al menos 73 años, las QCD cuentan para la distribución mínima requerida (RMD) del dueño de una IRA para el año.

Taxes

IR-2023-215SP: Las distribuciones benéficas calificadas permiten a los dueños elegibles de una IRA hasta $100,000 en donaciones no sujetas a impuestos a organizaciones benéficas

Qualified Charitable Distributions Allow Eligible IRA Owners to Donate up to $100,000 Tax-Free to Charitable Organizations Qualified Charitable Distributions (QCDs)

November 17, 2023 11:29 am

IRS.gov Banner QuickAlerts for Tax Professionals November 16, 2023 Subject: Form 1040 Series Business Rules and Schema are available. Attention: Software Developers, Return Transmitters and Authorized IRS e-File Providers/EROs Tax Year 2023 / Processing Year 2024 Business Rules and Schema Form 1040 Series 2023v5.0 Form 9465 CUv26.0 Software Developers and State organizations may download Modernized e-File (MeF) schemas and business rules from their e-Services mailbox. To access these files, you must have: An active e-Services account An e-File application with the Software Developer or State provider option with the associated tax type of 1040, 2350, 4868, 56 or 9465 Please visit the Modernized e-File (MeF) Schemas and Business Rules page on IRS.gov for more information about MeF Schemas and Business Rules. You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged. If you have the appropriate role and do not have these files available for download within 48 hours, please contact MeF Mailbox with the Company Name, ETIN and schema package(s) with tax year needed. Note: If only minor changes occur, Software Developers are not required to use the new version. If the major number changes, all software must reflect the new version.

Taxes

Quick Alerts- Technical Form 1040 Series Business Rules and Schema are Available

Form 1040 Series Business Rules and Schema Now Available The Internal Revenue Service (IRS) has announced the availability of the

November 16, 2023 12:31 pm

Subject: Information Returns Intake System (IRIS) TY2023 A2A Schema and Business Rules are Available. Attention: Software Developers and Information Return Transmitters Tax Year 2023 IRIS schema and business rules are available through the SOR mailbox. Software Developers and State organizations may download IRIS schemas and business rules from their e-Services mailbox. To access these files, you must have: An active e-Services account An IRIS TCC application with the status “Completed” An IRIS TCC status of “Active” An IRIS role of “Software Developer” or business structure of “State Government Agency”, “Local Government Agency”, or “Federal Government Agency” Please visit the IRIS Schemas and Business Rules page on IRS.gov for more information about IRIS Schemas and Business Rules. IRIS Assurance Testing System (ATS) scenarios for Tax Year 2023 are posted to irs.gov: Tax Year 2023 IRIS ATS. The most recent IRIS Schema Distribution was added on 11/13/2023 and the next IRIS Schema distribution is tentatively planned for 12/28/2023. You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged.

Taxes

QuickAlerts – Technical – Information Returns Intake System (IRIS) TY2023 A2A Schema and Business Rules are Available.

QuickAlerts – Technical Update: IRIS TY2023 A2A Schema and Business Rules Now Accessible Greetings to all Software Developers and Information

November 16, 2023 8:53 am

Contribuyentes que compren un vehículo limpio nuevo o usado elegible tienen la posibilidad de transferir sus créditos tributarios al concesionario como intercambio para recibir un beneficio financiero, como un precio más bajo, comenzando el 1ro de enero de 2024. Beneficios de transferir el crédito. Contribuyentes ahora pueden reclamar créditos tributarios para vehículos limpios nuevos y usados que compren durante el año tributario y, comenzando el 1ro de enero de 2024, pueden transferir ese crédito al concesionario. Esto significa que el contribuyente que esté comprando el vehículo puede intercambiar su crédito por un beneficio financiero como un costo final reducido. El beneficio financiero es igual a la cantidad del crédito, sea en efectivo, un pago parcial o un adelanto. Nueva información acerca del crédito para vehículos limpios. El IRS recientemente publicó regulaciones propuestas, Procedimiento tributario 2023-33 y preguntas frecuentes que cubren: Cómo los contribuyentes pueden transferir créditos para vehículos limpios a comerciantes elegibles. Cómo los comerciantes se pueden registrar con la herramienta de Créditos para uso de energía del IRS para recibir pagos por adelantado. Cómo los comerciantes pueden perder su inscripción si no cumplen con los requisitos del programa. Nuevos detalles sobre la cadencia y entrega de los informes del vendedor. Información actualizada para fabricantes sobre cómo pueden ser elegibles y cómo los fabricantes elegibles pueden entregar los informes mensuales. Comerciantes y vendedores se deben registrar para el 1ro de diciembre. Comerciantes y vendedores de vehículos limpios deben registrar sus organizaciones inmediatamente usando la herramienta de Créditos para el uso de energía. El IRS urge fuertemente a los vendedores de vehículos limpios que se registren para el 1ro de diciembre de 2023 para recibir pagos por adelantado comenzando el 1ro de enero de 2024. Para preguntas frecuentes actualizadas acerca de los créditos para vehículos limpios relacionados a vehículos limpios nuevos, usados y para uso comercial elegibles, consulte la Hoja de datos 2023-22.

Taxes

Créditos para vehículos limpios pueden ayudar a compradores pagar menos en el concesionario

How Clean Vehicle Credits Can Help Buyers Pay Less at Dealerships Starting from January 1, 2024, taxpayers who purchase an

November 15, 2023 4:18 pm

The IRS is excited to offer office hours to help dealers and sellers register through Energy Credits Online. Representatives from the IRS will conduct a walkthrough of the registration process and be available to answer questions. Registration for office hours is now open. These one-hour sessions will be held from 11-12 PM and 2-3 PM eastern time at the times listed below. We will add more sessions through November. Registration for each session is limited to 500 participants. The IRS is strongly encouraging all sellers and dealers of clean vehicles to register for Energy Credits Online immediately and no later than Dec. 1, 2023.

Taxes

IRS extends office hours to add additional sessions: Dealers and Sellers can register to attend office hours with the IRS for help registering on Energy Credits Online

Extended IRS Office Hours for Additional Sessions: A Guide for Dealers and Sellers on Energy Credits Online Registration The Internal

November 15, 2023 1:26 pm

To fulfill their professional obligations, practitioners—attorneys, certified public accountants, enrolled agents, and tax return preparers who participate in the Internal Revenue Service’s Annual Filing Season Program—must comply with Circular 230, Regulations Governing Practice before the Internal Revenue Service (31 CFR Subtitle A, Part 10), which is administered and enforced by the IRS’s Office of Professional Responsibility (OPR). Several provisions of Circular 230 implicate a practitioner’s obligations when dealing with data security and confidential client information. These provisions complement not only the privacy and penalty provisions of the Internal Revenue Code—including the penalties in IRC 6713 (civil) and IRC 7216 (criminal) for unauthorized disclosure of taxpayer information—but also nontax legislation enacted in 1999 that gave the Federal Trade Commission (FTC) authority to prescribe regulations establishing requirements of data safeguarding for various businesses including professional tax return preparers. This article discusses how the FTC’s implementing regulations and complementary guidance issued by the IRS affect the duties and restrictions imposed on tax practitioners by Circular 230. Federal law, enforced by the FTC, requires tax preparers to create and maintain a written data security plan. Having a WISP protects businesses and their clients while providing a blueprint for action in the event of a security incident. In addition, a WISP can help if other events seriously disrupt a tax professional’s ability to conduct normal business, including fire, flood, tornado, earthquake, and theft. Failure to maintain a WISP to protect private financial information may not only put clients at risk for identity theft and fraud, it may also expose a practitioner to liability for violating the Safeguards Rule and the terms of their malpractice insurance coverage. In addition, it could subject a practitioner, in circumstances of willfulness, to discipline under Circular 230. Given section 10.35’s competence requirement and the obligation imposed by section 10.36 to have procedures in place to ensure compliance with Circular 230 by everyone involved in a tax practice, we encourage practitioners to pay heed to the requirement to adopt a WISP and implement appropriate data security programs.

Taxes

Careful WISP(er) — Professional Responsibility and Data Security: Practitioners’ Obligation to Have a Written Information Security Plan

Upholding Professional Responsibility and Data Security: The Necessity of a Written Information Security Plan In the realm of professional obligations,

November 14, 2023 6:07 pm

El IRS destaca la Semana internacional de concienciación sobre el fraude; se insta a los contribuyentes a protegerse contra estafas y engaños. WASHINGTON — Como parte de un esfuerzo continuo para proteger a los contribuyentes, el Servicio de Impuestos Internos recuerda a todos que la Semana internacional de concientización sobre el fraude es un buen momento para pensar en proteger la información personal y financiera de los estafadores. La Semana internacional de concienciación sobre el fraude, que se lleva a cabo hasta el 18 de noviembre, es un esfuerzo para minimizar el impacto del fraude promoviendo la concienciación y la educación contra el fraude. Durante la semana especial, el IRS -incluyendo la Oficina de Prevención del Fraude y la Investigación Criminal del IRS- sigue trabajando para concienciar sobre el fraude y las estafas que afectan a los contribuyentes de todo el país. El IRS sigue animando a personas, empresas y profesionales de impuestos a tomarse tiempo ahora para conocer las señales de alerta de una estafa, y para asegurarse de que las defensas están en su lugar para detener a los estafadores y los que promueven esquemas tributarios sin escrúpulos. Aunque esta semana destaca el fraude internacional, el IRS trabaja durante todo el año para concienciar sobre las estafas y esquemas tributarios. Estos esfuerzos van desde la lista anual de la Docena Sucia de estafas tributarias hasta otros esquemas de impuestos, incluyendo el mercadeo agresivo que involucra reclamos de Crédito de Retención del Empleado.

Taxes

IR-2023-212SP: El IRS destaca la Semana internacional de concienciación sobre el fraude; se insta a los contribuyentes a protegerse contra estafas y engaños

IRS Highlights International Fraud Awareness Week: Urges Taxpayers to Guard Against Scams and Deception The Internal Revenue Service (IRS) is

November 14, 2023 12:35 pm

Subject: New Modernized e-File (MeF) Business Returns Schema and Business Rules are Available. Attention: Software Developers, Return Transmitters and Authorized IRS e-file Providers/EROs. Tax Years 2023 and 2024 / Processing Year 2024 Schemas and Business Rules are available. Current Year Schemas and Business Rules: Form 1120X 2023v5.0 Form 1065 2023v5.0 Form 94x Annual 2023v2.0 Form 990x 2023v4.0 Form 990-T 2023v5.0 Form 1120-POL 2023v5.0 Form 8868 2023v2.0 Form 5227 2023v3.0 Form 1041 2023v5.0 Form 9465 CUv26.0 Current Year Business Rules Change Pages (only): Form 720 Q1-Q4 2024v2.1 Prior Year Business Rules Change Pages (only): Form 1120x 2022v5.3 Form 1120X 2021v4.4 Form 1065 2022v4.2 Form 1065 2021v4.4 Form 720 Q1 2023v2.2 Form 720 Q2-Q4 2023v3.0 Form 720 Q1 2022v2.1 Form 720 Q2 2022v2.2 Form 720 Q3-Q4 2022v3.1 Form 7004 2022v1.0 Prior Year Schema (only): Form 1065 2022v4.3 Note: If only minor changes occur, Software Developers are not required to use the new version. If the major number changes, all software must reflect the new version. Please visit the Modernized e-file (MeF) Schemas and Business Rules page on IRS.gov for more information about Schemas and Business Rules. Software Developers and State organizations may download Schemas and Business Rules from their e-Services mailbox. To access these files, the following is needed: Active e-Services account Listed on an e-File application with the provider option of Software Developer or State Software Developer must have an associated tax type of 1120x, 1065, 990x, 990-T, 1120-POL, 8868, 5227, 1041, 94x, 9465, 720, 7004. You may have several messages in your account. Please open all of them to find the set you would like to download. After 60 days the messages are purged. If you have the appropriate role and do not have these files available for download within 48 hours, please contact the MeF Mailbox with the Company Name, ETIN and Schema Package(s) with Tax Year needed.

Taxes

QuickAlerts – Technical New Modernized e-File (MeF) Business Returns Schema and Business Rules are Available.

Introducing the New Modernized e-File (MeF) Business Returns Schema and Business Rules Attention all Software Developers, Return Transmitters, and Authorized

November 13, 2023 5:21 pm

Clean energy credits: what you need to know about elective pay Tax-exempt and governmental entities can benefit from clean energy tax credits using new options enabled by the Inflation Reduction Act of 2022 (IRA). The IRA allows certain exempt organizations to benefit from certain clean energy tax credits through elective pay. For tax years beginning after December 31, 2022, an applicable entity that qualifies for a clean energy tax credit can make an elective payment election. This election will treat certain credits as a payment against their federal income tax liabilities rather than as a nonrefundable credit. The amount of the credit will first offset any tax liability of the entity and any excess will be refundable. How do I make an elective pay election? The elective payment election is made on your annual tax return in the manner prescribed by the IRS, along with any form required to claim the relevant tax credit (source credit forms), a completed Form 3800, General Business Credit (or its successor), and any additional information, including supporting calculations, required in instructions to the relevant forms. Making an elective payment election requires completing multiple steps, including completing the required pre-filing registration process. The term annual tax return includes: for any person normally required to file an annual tax return with the IRS, such annual return (including Form 990-T for organizations with unrelated business income tax or a proxy tax under section 6033(e)); or for any person that is not normally required to file an annual tax return with the IRS (such as taxpayers located in the territories), the return they would be required to file if they were not located in the territories, or, if no such return is required (such as for State, local, or Indian tribal governmental entities), the Form 990-T Exempt Organization Business Income Tax Return. Electronic return filing is strongly encouraged. Each entity making an elective payment election must have a unique EIN. More information about applying for an EIN is available at IRS.gov/ein. How do I determine the taxable year? Check the instructions for the annual tax return you are filing. For example, for tax-exempt entities filing Form 990-T, the return must be filed using the organization's established annual accounting period. If the organization has no established accounting period, file the return on the calendar-year basis. How do I timely file my return? An elective payment election may only be made on an original, timely filed return (including extensions). This means the deadline is the due date (including extensions of time) for the tax return for the taxable year for which the election is made. For most tax exempt and government entities including Indian tribal governments this is generally 4.5 months (for example, May 15 for a calendar year taxpayer) (or up to 10.5 months with extensions) after the end of the entity's tax year. An original return includes a superseding return filed on or before the due date (including extensions). No election is permitted to be made on an amended return or by filing an administrative adjustment request under section 6227 of the Code. There is no relief available under §§ 301.9100-1 through 301.9100-3 of the Procedure and Administration Regulations (26 CFR part 301) for an elective payment election that is not timely filed. Additional information about Clean Energy Credits can be found at IRS.gov/cleanenergy.

Taxes

Clean energy credits: what you need to know about elective pay

Understanding Clean Energy Credits and Elective Pay The Inflation Reduction Act of 2022 (IRA) has introduced new opportunities for tax-exempt

November 13, 2023 3:24 pm

Taxes

Clean energy credits: what you need to know about elective pay

Understanding Clean Energy Credits and Elective Pay Clean energy tax credits have become more accessible for tax-exempt and governmental entities,

November 13, 2023 2:56 pm

Taxes

Clean energy credits: what you need to know about elective pay

Understanding Clean Energy Credits and Elective Pay In the realm of clean energy tax credits, there are new opportunities for

November 13, 2023 2:52 pm

Taxes

Non-Employee Payments (Form 1099) Reporting virtual workshop offered through Microsoft Teams for Indian Tribal Governments and volunteers needed across the country (news release IR-2023-195)

Non-Employee Payments (Form 1099) Reporting Virtual Workshop We are thrilled to announce a free workshop that will be hosted by

November 13, 2023 2:16 pm

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