e-News for Tax Professionals 2023-40: Key Updates and Insights

In this week’s edition, we delve into a variety of important topics for tax professionals, including clean vehicle credits, art donation deduction promotions, improving taxpayer experiences, the Work Opportunity Tax Credit (WOTC), and more.

Upcoming Events for Tax Professionals

Stay informed and up-to-date with a range of seminars, workshops, conferences, and other practitioner activities happening across different states.

Guidance and Updated FAQs on Clean Vehicle Credits

The Internal Revenue Service (IRS) has recently issued proposed regulations, Revenue Procedure 2023-33, and updated frequently asked questions (FAQs) regarding the transfer of new and previously owned clean vehicle credits. These regulations apply to vehicles put into service after December 31, 2023, and involve the transfer of these credits from the taxpayer to an eligible entity.

Caution Against Improper Art Donation Deduction Promotions

Tax professionals need to be vigilant of promotions that exaggerate art donation deductions, as these can often target high-income filers. The IRS urges caution to ensure accurate and lawful deductions.

A Closer Look at Improving the Taxpayer Experience

In the latest executive column, A Closer Look, Courtney Kay-Decker, Deputy Chief Taxpayer Experience Officer, discusses the IRS’s ongoing efforts to enhance the experience for taxpayers and everyone who interacts with the agency.

Understanding the Benefits of the Work Opportunity Tax Credit

Offering someone a work opportunity can result in a business tax credit for your client and increased stability for a family. The Work Opportunity Tax Credit is a valuable resource for businesses and individuals alike.

Technical Guidance on Clean Vehicle Credits

Revenue Procedure 2023-33 outlines the procedures under sections 30D(g) and 25E(f) of the Internal Revenue Code for transferring the clean vehicle credit or previously owned clean vehicle credit from the taxpayer to an eligible entity.

In conclusion, it is crucial for tax professionals to stay updated on these developments to provide the best possible service to their clients. Whether it’s understanding new regulations on clean vehicle credits, being cautious of improper art donation deductions, or knowing the benefits of the Work Opportunity Tax Credit, every piece of information counts.