facebook tracking
Nationwide Tax Relief: 844-638-0800
Facebook Twitter Linkedin Youtube Link
Tax Relief Services - Brightside Tax Relief LLC
GET TAX RELIEF

Brightside Tax Relief LLC

GET TAX RELIEF

IR-2023-200SP: IRS y socios de la Cumbre de Seguridad ofrecen consejos de seguridad durante Mes Nacional de Seguridad Cibernética

IRS y socios de la Cumbre de Seguridad ofrecen consejos de seguridad durante Mes Nacional de Seguridad Cibernética WASHINGTON — A medida que concluye el Mes Nacional de Seguridad Cibernética y se acerca la temporada de impuestos, el Servicio de Impuestos Internos y sus socios de la Cumbre de Seguridad les recordaron hoy a los contribuyentes, incluyendo a las familias con niños, que permanezcan atentos a posibles amenazas en línea. Sin la seguridad en línea adecuada, los ladrones pueden robar información personal. El IRS y sus socios de la Cumbre de Seguridad alientan a todos a revisar los recursos disponibles a la vez que concluye el Mes Nacional de Seguridad Cibernética. Los miembros de la Cumbre de Seguridad se unieron al IRS para proteger a los contribuyentes del robo de identidad relacionado con los impuestos. La Cumbre está compuesta por miembros de la industria de software, empresas de preparación de impuestos, procesadores de productos financieros tributarios y de nómina junto con administradores de impuestos estatales y el IRS, que trabajan juntos para proteger a los contribuyentes durante todo el año. El IRS les pide a las familias a estar atentos a los peligros asociados a las redes cibernéticas. Ya sea comprando en línea o navegando las redes sociales, aquellos menos familiarizados con la seguridad en línea pueden poner su información personal en riesgo ante los delincuentes. Consejos para la seguridad en línea En reconocimiento al enfoque de concienciación nacional sobre la ciberseguridad del mes de octubre, aquí hay algunas prácticas para ayudar a protegerse contra ataques cibernéticos. Reconozca estafas y denuncie la pesca de información. Es importante recordar que el IRS no usa mensajes de textos ni redes sociales para discutir asuntos de impuestos personales, tal como aquellos que involucran reembolsos de impuestos, pagos o facturas de impuestos. Proteja la información personal. Evite revelar demasiada información personal en línea. Las fechas de nacimiento, las direcciones, la edad y la información financiera, como números de cuentas bancarias y números de seguro social, se encuentra entre la información que no debe compartirse libremente. Cifre archivos confidenciales, como registros de impuestos almacenados en computadoras. Use contraseñas seguras. Considere usar un administrador de contraseñas. Habilite la autenticación de múltiples factores (MFA) en cuentas en línea. Use esto para mayor seguridad en las cuentas en línea. Actualice el software de seguridad de la computadora y del teléfono. Habilite las actualizaciones automáticas para instalar actualizaciones críticas de seguridad. Use software de seguridad. Por ejemplo, la protección antivirus, firewall, etc. Use una VPN. Los delincuentes pueden interceptar información personal en redes públicas de wifi que no son seguras. Se recomienda a las personas que usen siempre una red virtual privada cuando se conecten a una red pública de wifi.

IRS and Security Summit Partners Provide Security Tips during National Cybersecurity Month As National Cybersecurity Month comes to a close and tax season approaches, the Internal Revenue Service (IRS) and its Security Summit partners are reminding taxpayers, including families with children, to stay vigilant against potential online threats. Without adequate online security, thieves can steal […]

The IRS Issues FAQs on the QI/WP/WT’s FAQs Page

The IRS issues two FAQs (Q23 and Q24) on the QI/WP/WT’s FAQs page under the section, Certifications and Periodic Reviews. These FAQs provide guidance on QIs making written solicitations requesting the U.S. TINs of account holders holding interests in publicly traded partnerships through QIs.

Understanding the New FAQs Issued by the IRS on the QI/WP/WT’s FAQs Page The Internal Revenue Service (IRS) has recently released two new Frequently Asked Questions (FAQs), specifically Q23 and Q24, on the QI/WP/WT’s FAQs page. These are located under the section titled Certifications and Periodic Reviews. Guidance on QIs Making Written Solicitations The purpose […]

e-News for Payroll Professionals Issue 2023-10

IRS.gov Banner e-News for Payroll Professionals October 30, 2023 Useful Links: IRS.gov Payroll Professionals Tax Center Employment Taxes Reporting Agents File Employment Tax Forms Employment Tax Publications Online Ordering SSA/IRS Reporter SSA - Employer Web Page Taxpayer Advocate Service Issue Number: 2023-10 Inside This Issue * IRS announces new ERC withdrawal process * Educational assistance programs can help pay workers’ student loans * Guidance for employer leave-based donation that aid victims of Hawaii wildfires * Technical guidance regarding Forms 8955-SSA and 5500-EZ * Reminder: Payers filing erroneous information returns will receive a CP2100 or 2100A notice 1. IRS announces new ERC withdrawal process The IRS announces a new Employee Retention Credit claim withdrawal process for taxpayers who filed an ERC claim and are concerned about its accuracy. The new process lets certain businesses withdraw their claims to avoid getting a refund for which they're ineligible. Withdrawn claims will be treated as if they were never filed. The IRS will not impose penalties or interest. Businesses can find details about who can ask to withdraw an ERC claim and the steps they need to take in a new ERC withdrawal process fact sheet. It also contains links to other helpful information on this topic. As a reminder, anyone incorrectly claiming the ERC must pay it back and may owe penalties and interest. The IRS wants to help honest taxpayers avoid this situation. 2. Educational assistance programs can help pay workers’ student loans Employers that offer educational assistance programs can also use those programs to help pay their employees' student loans. Though educational assistance programs have been available for many years, the option to use them to pay student loans is available only for payments made after March 27, 2020. Under current law, this option will be available until Dec. 31, 2025. These programs can now also be used to pay principal and interest on an employee's qualified education loans. Payments made directly to the lender, as well as those made to the employee, qualify. By law, tax-free benefits under an educational assistance program are limited to $5,250 per employee per year. Normally, assistance provided above that level is taxable as wages. For information on other requirements, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Chapter 10 in Publication 970, Tax Benefits for Education provides details on what qualifies as a student loan. 3. Guidance for employers on leave-based donations that aid victims of Hawaii wildfires Employers now have guidance from the IRS regarding employees that want to forgo sick, vacation or personal leave to help victims of the summer wildfires in Hawaii. Notice 2023-69 provides that cash payments employers make to charitable organizations during 2023 and 2024 providing relief to victims of the wildfires in Hawaii in exchange for sick, vacation or personal leave which their employees give up will not be treated as compensation. Similarly, the employees will not be treated as receiving the value of the leave as income and cannot claim a deduction for the leave that they donated to their employer. Employers, however, may deduct these cash payments as a business expense or as a charitable contribution deduction if the employer otherwise meets the respective requirements of the applicable sections of the Internal Revenue Code. Additional information about tax relief for those affected by the wildfires in Hawaii is available at IRS.gov. 4. Technical guidance regarding Forms 8955-SSA and 5500-EZ Revenue Procedure 2023-31 refers filers to applicable publications, forms, instructions or other guidance, including postings on IRS.gov, for procedures related to seeking a hardship waiver or administrative exemption from requirements to file Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits and Form 5500-EZ: Annual Return of a One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan electronically. This revenue procedure is effective with respect to Forms 8955-SSA and 5500-EZ required to be filed for plan years beginning on or after Jan. 1, 2024. 5. Reminder: Payers filing erroneous information returns will receive a CP2100 or 2100A notice Payers who file information returns with data that doesn't match IRS records will get a CP2100 or CP2100A notice. These notices tell payers that the information returns they submitted have a missing or incorrect Taxpayer Identification Number, name or both. Each notice includes a list of payees with the issues found. Payers need to compare the names on the notice with their account information and correct or update their records, as necessary. Payers may also need to correct their backup withholding on payments made to payees. Tax Tip 2023-75 provides a list of the most common information returns with errors, as well as additional links to further guidance on backup withholding. Thank you for subscribing to e-News for Payroll Professionals an IRS email service. This message was distributed automatically from the mailing list e-News for Payroll Providers. 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.

e-News for Payroll Professionals Issue 2023-10 IRS Announces New ERC Withdrawal Process The Internal Revenue Service (IRS) has introduced a new process for withdrawing Employee Retention Credit (ERC) claims. This new process is designed for taxpayers who have filed an ERC claim but are uncertain about its accuracy. The process allows eligible businesses to withdraw […]

Educational assistance programs can help pay workers’ student loans (Tax Tip 2023-114)

Reminder: Educational assistance programs can help pay workers’ student loans. Educational assistance programs offered by employers can now be used to pay principal and interest on an employee’s qualified education loans. Traditionally, these programs have been used to pay for books, equipment, supplies, fees, tuition, and other education expenses for the employee. Payments made directly to the lender, as well as those made to the employee, qualify. By law, tax-free benefits under an educational assistance program are limited to $5,250 per employee per year. Normally, assistance provided above that level is taxable as wages. Though educational assistance programs have been available for many years, the option to use them to pay student loans is available only for payments made after March 27, 2020. Under current law, this option will be available until Dec. 31, 2025. For more information on other requirements, refer to: Publication 15-B, Employer’s Tax Guide to Fringe Benefits and Publication 970, Tax Benefits for Education - Chapter 10, it provides details on what qualifies as a student loan.

Educational Assistance Programs: A Solution to Workers’ Student Loans Did you know that educational assistance programs can be a lifeline for employees struggling with student loans? These employer-offered programs have traditionally been utilized to cover costs such as books, equipment, supplies, fees, tuition, and other educational expenses. However, a recent change now allows these funds […]

#ICYMI Top CI Stories from the Past Week

ICYMI: Top IRS Criminal Investigation (CI) Stories From The Past Week Oct. 30, 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 Oct. 23 - 29 #ICYMI Top CI Stories from the Past Week 1. Our financial experts are a critical part of narcotics investigations Does laundering drug proceeds to Mexico through cell phone stores in Ohio hide it from our investigators? Of course not. New defendant pleads guilty in conspiracy involving $44 million in drug proceeds laundered to Mexico through Columbus-area cell phone stores 2. Public-private partnerships are critical to combating financial crime We prioritize building strong global public-private partnerships to ultimately protect U.S. taxpayers and the U.S. tax system. Public-private partnerships are critical to combating financial crime 3. We're joining public and private sector cyber experts to talk cybercrime Our Executive Director of Cyber and Forensic Services will share his expertise on investigating illicit crypto activity in Washington, D.C. Disrupting illicit activity and mitigating the risks posed by cybercriminals 4. What's it like to be a CI special agent? We're pounding the pavement to highlight our opportunities for future financial experts. We're pounding the pavement to highlight opportunities for future financial experts 5. We are proud members of 30x30 We have joined more than 300 police community partners in our commitment to the 30x30 initiative, which aims to increase the representation of women in law enforcement organizations to 30% by 2030. We are proud to commit to the 30x30 initiative 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.

Recap: Highlighting the Top Stories from IRS Criminal Investigation This Week In case you missed it, here’s a look back at the most significant IRS Criminal Investigation (CI) stories from the week of October 23 – 29, 2023. Financial Experts: The Unsung Heroes in Narcotics Investigations Our financial experts play a crucial role in narcotics […]

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). This newsletter is part of a series from the IRS to provide information to Indian tribal governments about clean energy tax credits and how to make elective payment elections. The IRA allows Indian tribal governments and Alaskan Native Corporations 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. As previously described, 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)). 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; and for short tax year filers, the short year 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 in this video. Additional information about clean energy credits can be found at irs.gov/tribes and 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 benefit from clean energy tax credits. This includes Indian tribal governments and Alaskan Native Corporations, who can now leverage these credits through an elective pay option. Starting from the tax year […]

Cuenta para profesionales de impuestos del IRS tiene nuevas herramientas para profesionales de impuestos

La cuenta para profesionales de impuestos es un portal de autoservicio digital para que los profesionales de impuestos gestionen las relaciones autorizadas con sus clientes y vean la información tributaria de los clientes. El IRS actualizó recientemente la cuenta para profesionales de impuestos para permitir a los profesionales de impuestos enviar solicitudes de autorización de información tributaria y poder notarial directamente a la cuenta en línea individual del IRS de un cliente. Una vez que el cliente verifica y aprueba la solicitud, la autorización se agrega inmediatamente a la base de datos del archivo de autorización centralizado. Esto acorta los tiempos de procesamiento y elimina la necesidad de enviar por fax, correo postal o cargar documentos. La persona que solicita un poder debe tener autoridad para ejercer ante el IRS como abogado, contador público certificado o agente registrado, actuario o agente de planes de retiro. Para usar la cuenta para profesionales de impuestos, los profesionales de impuestos deben tener: Un número de archivo de autorización centralizado (CAF) al día que se les asigna como individuo. Para solicitar un número CAF por primera vez, los profesionales de impuestos pueden presentar una autorización de terceros con los Formularios 2848 o 8821. Las solicitudes de números CAF no se realizarán a través de la cuenta para profesionales de impuestos. Una dirección CAF en los 50 Estados Unidos o el Distrito de Columbia. Características de la cuenta para profesionales de impuestos: Ver la información tributaria de los clientes, incluidos los montos del saldo adeudado. Enviar una solicitud de POA o TIA a la cuenta en línea del IRS de un individuo. Ver y retirar POA y TIA activos. Administrar y retirar las autorizaciones de clientes activas registradas en la base de datos de CAF. Más información: Publicación 5533-A, Cómo enviar autorizaciones usando la cuenta para profesionales de impuestos y la cuenta en línea (en inglés) Publicación 947(SP), Cómo Ejercer ante el Servicio de Impuestos Internos (IRS) y el Poder Legal Poder notarial y otras autorizaciones (en inglés) Guía de accesibilidad de la cuenta para profesionales de impuestos (en inglés) Profesionales de los impuestos pueden usar su cuenta profesional para simplificar solicitudes de autorización

IRS Tax Professional Account: New Tools for Tax Professionals The IRS Tax Professional Account is a self-service digital portal designed to assist tax professionals in managing authorized relationships with their clients and accessing their clients’ tax information. The IRS recently updated this account to facilitate tax professionals in submitting tax information authorization (TIA) and power […]

Clean energy credits: what you need to know about claiming and receiving credits

Clean energy credits: what you need to know about claiming and receiving credits 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. Available clean energy credits For information on which clean energy tax credits are available, Publication 5817-D has a list of elective pay eligible tax credits. Pre-filing registration information A pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election on an annual tax return. Applicable entities will need their own Employer Identification Number (EIN) or Tax Identification Number (TIN) to complete the pre-filing registration process. Applicable entities cannot use or borrow the EIN of a related entity. Find additional information on applying for an EIN at IRS.gov/ein. The online pre-filing registration process is expected to launch in late 2023. After the launch, you may complete pre-filing registration as soon as you have all the information required. More detail will be available as the launch approaches. To complete pre-filing registration, you must provide certain information about yourself, the applicable credits you intend to earn, each eligible project or property that will contribute to the applicable credit, and certain additional information. The IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. Registration is not complete until a registration number is received. How to make an elective payment election for a clean energy tax credit: Identify and pursue the qualifying project or activity: You will need to know which credit you intend to earn. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits, if applicable, for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. This includes properly completed and attached source credit forms, Form 3800 (including registration numbers) and required return attachments. Additional information about clean energy credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits: A Guide on Claiming and Receiving Credits Tax-exempt organizations and governmental entities have a unique opportunity to benefit from clean energy tax credits. Thanks to the Inflation Reduction Act of 2022 (IRA), these entities now have new options to leverage these credits. The IRA has made it possible for certain exempt […]

Clean energy credits: what you need to know about claiming and receiving credits

Clean energy credits: what you need to know about claiming and receiving credits 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. Available clean energy credits For information on which clean energy tax credits are available, Publication 5817-G has a list of elective pay eligible tax credits. Pre-filing registration information A pre-filing registration process must be completed, and a registration number received, prior to making an elective payment election on an annual tax return. Applicable entities will need their own Employer Identification Number (EIN) or Tax Identification Number (TIN) to complete the pre-filing registration process. Applicable entities cannot use or borrow the EIN of a related entity. The online pre-filing registration process is expected to launch in late 2023. After the launch, you may complete pre-filing registration as soon as you have all the information required. More detail will be available as the launch approaches. To complete pre-filing registration, you must provide certain information about yourself, the applicable credits you intend to earn, each eligible project or property that will contribute to the applicable credit, and certain additional information. The IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. Registration is not complete until a registration number is received. Each entity making an elective payment election must have a unique Employer Information Number (EIN). After you complete the pre-filing registration process, the IRS will review the information provided and will issue a separate registration number for each applicable credit property for which the applicable entity or electing taxpayer provided sufficient verifiable information. How to make an elective payment election for a clean energy tax credit: Identify and pursue the qualifying project or activity: You will need to know which credit you intend to earn. Determine your tax year, if not already known: Your tax year will determine the due date for your tax return. Complete pre-filing registration with the IRS. Satisfy all eligibility requirements for the tax credit and any applicable bonus credits, if applicable, for a given tax year: For example, to claim an energy credit on a solar energy generating project, you would need to place the project in service before making an elective payment election. You will need the documentation necessary to properly substantiate any underlying tax credit, including if bonus amounts increased the credit. File the required annual tax return by the due date (or extended due date) and make a valid elective payment election. This includes properly completed and attached source credit forms, Form 3800 (including registration numbers) and required return attachments. Additional information about clean energy credits can be found at IRS.gov/cleanenergy.

Understanding Clean Energy Credits: A Comprehensive Guide to Claiming and Receiving Credits In the realm of tax benefits, clean energy credits have emerged as a viable option for tax-exempt and governmental entities. The Inflation Reduction Act of 2022 (IRA) has ushered in new opportunities, allowing these entities to reap the benefits of clean energy tax […]