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

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.

Form 1040 Series Business Rules and Schema Now Available The Internal Revenue Service (IRS) has announced the availability of the Form 1040 Series Business Rules and Schema for the Tax Year 2023/Processing Year 2024. This includes the Form 1040 Series 2023v5.0 and Form 9465 CUv26.0. Who Can Access the Form 1040 Series Business Rules and […]

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

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.

Extended IRS Office Hours for Additional Sessions: A Guide for Dealers and Sellers on Energy Credits Online Registration The Internal Revenue Service (IRS) is thrilled to announce the extension of its office hours to aid dealers and sellers in registering through the Energy Credits Online platform. This initiative is designed to provide a comprehensive walkthrough […]

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

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.

Upholding Professional Responsibility and Data Security: The Necessity of a Written Information Security Plan In the realm of professional obligations, practitioners, including attorneys, certified public accountants, enrolled agents, and tax return preparers engaged in the Internal Revenue Service’s Annual Filing Season Program, are mandated to adhere to Circular 230. This set of regulations, which governs […]

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

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.

IRS Highlights International Fraud Awareness Week: Urges Taxpayers to Guard Against Scams and Deception The Internal Revenue Service (IRS) is emphasizing the importance of International Fraud Awareness Week and encouraging taxpayers to safeguard themselves from scams and deception. This initiative is part of the IRS’s ongoing effort to protect taxpayers. International Fraud Awareness Week serves […]

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

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.

Understanding Clean Energy Credits and Elective Pay The Inflation Reduction Act of 2022 (IRA) has introduced new opportunities for tax-exempt and governmental entities to leverage clean energy tax credits. The Act allows these organizations to benefit from specific clean energy tax credits through a mechanism known as elective pay. Starting from tax years that begin […]

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

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 governmental entities 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. 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. Additional information about Clean Energy Credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits and Elective Pay Clean energy tax credits have become more accessible for tax-exempt and governmental entities, thanks to new provisions introduced by the Inflation Reduction Act of 2022 (IRA). The IRA has opened up the possibility for these entities to take advantage of clean energy tax credits via elective pay. From […]

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

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 governmental entities 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. 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. Additional information about Clean Energy Credits can be found at IRS.gov/cleanenergy. If you have a technical or procedural question relating to government entities, please visit IRS.gov/fslg. For employment tax and account related questions, call the Business and Specialty Tax Line at 800-829-4933. To request an affirmation letter call Tax Exempt Government Entities Customer Account Services at 877-829-5500. For guidance on the technical aspects for filing information returns through the Filing Information Return Electronically (FIRE) System call Technical Services Operation at 866-455-7438. For the latest FSLG news, connect via IRS Social Media and subscribe to this and other IRS newsletters.

Understanding Clean Energy Credits and Elective Pay In the realm of clean energy tax credits, there are new opportunities for tax-exempt and governmental entities. These opportunities stem from the Inflation Reduction Act of 2022 (IRA), which has introduced new ways for these entities to benefit from clean energy tax credits. One of these methods is […]