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e-News for Tax Professionals 2023-42

ERC withdrawal process; NTFO is live; CA storm victims tax relief; Direct File pilot; and more Upcoming Events Seminars, Workshops, Conferences, and Other Practitioner Activities By State: Issue Number: 2023-42 Inside This Issue * Tax Pros: IRS announces withdrawal process for Employee Retention Credit claims * IRS launches new initiatives using Inflation Reduction Act funding to ensure large corporations pay taxes owed * Most popular seminars at the 2023 IRS Nationwide Tax Forums now available online * Tax-filing, payment deadline postponed for most California storm victims * IRS advances innovative Direct File project for 2024 tax season * 2024 Tax Counseling for the Elderly, Volunteer Income Tax Assistance Program Grants * News from the Justice Department’s Tax Division * Technical Guidance

e-News for Tax Professionals 2023-42: Key Updates and Events In today’s fast-paced world, staying updated on tax-related news and events is crucial for professionals in the field. This article brings to you the latest information about the Employee Retention Credit (ERC) withdrawal process, the live status of NTFO, tax relief for California storm victims, the […]

El IRS anuncia proceso de retiro para reclamos de Crédito de Retención de Empleados; iniciativa especial destinada a ayudar a empresas preocupadas por un reclamo no elegible en medio de mercadeo agresivo y estafas

Como parte de un esfuerzo mayor para proteger a las pequeñas empresas y organizaciones de las estafas, el Servicio de Impuestos Internos anunció hoy los detalles de un proceso especial de retiro para ayudar a quienes presentaron un reclamo de Crédito de Retención de Empleados (ERC) y están preocupados por su precisión. Esta nueva opción de retiro permite a ciertos empleadores que presentaron un reclamo de ERC, pero aún no han recibido un reembolso, retirar su presentación y evitar futuros reembolsos, intereses y sanciones. Los empleadores que presentaron un reclamo de ERC que aún está en proceso pueden retirar su reclamo y evitar la posibilidad de obtener un reembolso para el cual no son elegibles.

El IRS Introduces Withdrawal Process for Employee Retention Credit Claims In a bid to safeguard small businesses and organizations from scams, the Internal Revenue Service (IRS) has revealed the specifics of a unique withdrawal process. This initiative aims to assist those who have lodged an Employee Retention Credit (ERC) claim and harbor concerns regarding its […]

Clean energy credits: what you need to know about pre-filing registration

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. 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. Additional information about clean energy tax credits can be found at irs.gov/tribes and irs.gov/cleanenergy.

Understanding Clean Energy Credits and Pre-Filing Registration 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 are now able to leverage these credits through elective pay. Elective Payment Elections and Clean […]

QuickAlerts – Technical – Form 1040 Series Schema are Available

Subject: Form 1040 Series Schema are Available. Attention: Software Developers, Return Transmitters and Authorized IRS e-File Providers/EROs Tax Year 2021 / Processing Year 2022 Schema Only Form 1040 Series 2021v5.4 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 the MeF Mailbox mefmailbox@irs.gov with the Company Name, ETIN and Schema Package(s) with Tax Year needed.

QuickAlerts – Technical Update: Form 1040 Series Schema Now Available Attention all Software Developers, Return Transmitters, and Authorized IRS e-File Providers/EROs, we have an important update for you. The Form 1040 series schema for the tax year 2021/processing year 2022 is now available for download. Details about the Form 1040 Series 2021v5.4 The 2021v5.4 version […]

QuickAlerts – Technical – Modernized e-File (MeF) Extended Maintenance Window

Subject: Modernized e-File (MeF) Extended Maintenance Window All services except "SendSubmissions" will be unavailable for the Application to Application (A2A) channel for MeF Production System on Sunday, October 22, 2023, from 12:01 am. until 3:00 pm. Eastern time. All services will be unavailable for the Internet Filing Application (IFA) channel for MeF Production System on Sunday, October 22, 2023, from 12:01 am. until 3:00 pm. Eastern time. Assurance Testing System (ATS) will be operational starting from Monday, October 23, 2023, 9:00 a.m. Eastern time and will support the WSDLs for Tax Year 2023 / Processing Year 2024 (WSDL version R10.7) only. Please monitor the MeF Operational Status page for any future updates. We apologize for any inconvenience this may cause.

Modernized e-File (MeF) Extended Maintenance Window In an effort to continually enhance our services, we would like to inform you about an upcoming maintenance window for the Modernized e-File (MeF) system. This maintenance period will affect certain services and channels, as detailed below. Application to Application (A2A) Channel Maintenance Please be advised that all services, […]

Clean energy credits: what you need to know about eligibility

Clean energy credits: what you need to know about eligibility 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. Eligibility Information Applicable entities generally include certain tax-exempt organizations, state and local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority and rural electric cooperatives. An Indian tribal government, political subdivision thereof, or any agency or instrumentality of a Tribal government or political subdivision is eligible for elective pay. The term, "Indian tribal government", means: the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the most recent list published in the Federal Register by the Department of the Interior under the Federally Recognized Indian Tribe List Act of 1994. Tribal entities are also eligible to the extent they are exempt from tax under section 501(a). Alaska Native Corporations (as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m)) are also applicable entities that are eligible for the elective payment election. Settlement Trusts are not eligible based on affiliation with an Alaska Native corporation, but do qualify if the Settlement Trust qualified for exempt status under section 501(a) and applied for and received a determination letter from the IRS recognizing any such tax-exempt status. The applicable entity generally must own the property that generates the eligible credit (or otherwise conduct the activities giving rise to the underlying eligible credit). That ownership can occur through various structures. For example, an applicable entity could directly own the property, or could own it through a disregarded entity, or could own an undivided interest in an ownership arrangement treated as a tenancy-in-common or pursuant to a joint operating arrangement that has properly elected out of subchapter K of chapter 1 of the Code (subchapter K) under section 761. See Publication 5817-F (Indian Tribal Governments) and Publication 5817-C (Alaska Native Corporations) for more information about elective pay. Additional information about clean energy tax credits can be found at irs.gov/tribes and irs.gov/cleanenergy.

Understanding Clean Energy Credits and Their Eligibility The Inflation Reduction Act of 2022 (IRA) has opened up new avenues for tax-exempt and governmental entities to leverage clean energy tax credits. This includes Indian tribal governments and Alaskan Native Corporations, who can use these credits to offset their federal income tax liabilities. This article aims to […]

Existing Non-U.S. Filing Information Returns Electronically (FIRE) Customers

Audience: Payroll Industry, Tax Professionals, Small Business and Self Employed, Tax Exempt and Government Entities, Financial Institutions If you are a non-U.S. customer and have not been able to complete an Information Returns (IR) Application for Transmitter Control Code (TCC) for access to the FIRE System: * Your FIRE TCC for filing Form 1042-S and Form 1099 will remain available for filing. No additional actions are required. * The IRS is aware that some foreign individuals who are acting on behalf of their foreign employer (e.g., Foreign Entities, Foreign Financial Institutions, Qualified Intermediaries, etc.) may not be able to obtain an individual taxpayer identification number (ITIN) or Social Security number (SSN) to complete the IR Application for TCC. We continue to explore other ways for taxpayers to authenticate their identities, including a government-sponsored option. *Reminder:* Starting tax year 2023 (calendar year 2024), if you have 10 or more information returns, you must file them electronically. Find details on final e-file regulations on IRS.gov. Visit Filing Information Returns Electronically (FIRE), for more information.

Guidelines for Non-U.S. Customers Using the FIRE System This article is intended for a broad audience, including the payroll industry, tax professionals, small businesses, self-employed individuals, tax-exempt and government entities, and financial institutions. It specifically addresses non-U.S. customers who have been facing difficulties with the Information Returns (IR) Application for Transmitter Control Code (TCC) required […]

Statistics of Income Data Releases

IRS Tax Stats Dispatch October 17, 2023 Useful Links: Tax Statistics Home Statistics Business Tax Charitable Compliance Individual Tax By Form Products & Publications IRS Resources Contact My Local Office Filing Options Forms & Pubs Frequently Asked Questions News Taxpayer Advocate Where to File Issue Number: 2023 - 12 Inside This Issue 2023 Calendar Year Projections of Information and Withholding Documents for the United States and IRS Campuses (Publication 6961) Update Heavy Highway Vehicle Use Tax Returns, Calendar Years 2014-2023, Q2 Release Fiscal Year Return Projections for the United States: 2023-2030, Publication 6292 (Spring 2023) 2022 Program Documentation: Data Items by Forms and Schedules (Publication 5384) Foreign-Controlled Domestic Corporations, Tax Year 2020 2020 Corporation Income Tax Returns Complete Report (Publication 16) U.S. Corporation Returns with a Foreign Tax Credit, Tax Year 2020 2020 Corporation Income Tax Returns Line Item Estimates (Publication 5108) For more information on Federal Taxes please visit IRS.gov. Thank you for subscribing to Tax Stats Dispatch Mailing List, an IRS e-mail service.

Unveiling the Latest Statistics of Income Data Releases Delve into the most recent data releases from the Internal Revenue Service (IRS) Tax Stats Dispatch as of October 17, 2023. This comprehensive guide will walk you through the key points and provide you with all the essential links for further exploration. Key Resources Whether you’re looking […]