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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2024-293Inside This IssueIRS Advisory Council issues 2024 annual report WASHINGTON — The Internal Revenue Service Advisory Council (IRSAC) today issued its annual public report, including recommendations to the IRS on new and continuing issues in tax administration. The 2024 IRSAC Public Report includes recommendations on 37 issues covering a broad range of topics. "IRSAC members have spent numerous hours analyzing issues in tax administration and the transformation work underway across the IRS," said IRS Commissioner Danny Werfel. "The IRS is grateful for their hard work and valuable insights they spent on this year's report, and we look forward to reviewing their recommendations." The top 13 general report issues are:
The full 2024 IRSAC Public Report was posted today to IRS.gov. The IRSAC serves as a federal advisory committee to the IRS commissioner and executive leadership. It provides an organized public forum for discussion of relevant issues in tax administration. IRSAC members offer observations and advice regarding current or proposed IRS policies, programs and procedures. In addition to receiving the public report today, Werfel thanked 12 members of the council whose terms end this year:
The IRSAC is administered under the Federal Advisory Committee Act by the IRS Communications & Liaison Division, Office of National Public Liaison. Members represent the taxpaying public, the tax professional community, small and large businesses, tax-exempt and government entities, the payroll industry and academia. The IRSAC is organized into five subgroups: Information Reporting, Large Business & International, Small Business/Self-Employed, Tax Exempt/Government Entities and Taxpayer Services. For more information, visit www.IRS.gov/IRSAC. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
US Taxes News
Wednesday, November 20, 2024
IR-2024-293: IRS Advisory Council issues 2024 annual report
Tuesday, November 19, 2024
IR-2024-292: Treasury, IRS finalize more partnership clean energy regulations and propose related administrative requirements
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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2024-292Inside This IssueTreasury, IRS finalize more partnership clean energy regulations and propose related administrative requirements WASHINGTON – The Department of the Treasury and the Internal Revenue Service released final regulations that will help certain entities that co-own clean energy projects access clean energy tax credits through elective pay (also commonly referred to as direct pay). Prior to the Inflation Reduction Act, entities now eligible for elective pay could not benefit from clean energy tax credits because they had little or no federal tax liability. Elective pay enables eligible entities and organizations access to the full value of clean energy incentives by making certain clean-energy credits refundable. Elective-pay eligible entities include state and local governments, tribal entities, public school districts, rural electric co-ops and tax-exempt organizations, such as churches, hospitals, higher education institutions and non-profits. The final regulations provide greater clarity and flexibility for elective pay-eligible entities that want to jointly invest in clean energy projects. Examples include a tax-exempt entity co-investing in a clean energy project with a for-profit developer, or multiple tax-exempt entities or governments co-investing in clean energy projects. Specifically, these final regulations make targeted modifications to existing partnership tax rules clarifying how co-owned clean-energy projects can elect not to be treated as partnerships for tax purposes and providing such projects additional flexibility. Partnerships are not generally eligible for elective pay. However, by collectively electing out of partnership status, co-owners that are eligible for elective pay can take advantage of elective pay for the share of the project that they own while co-owners that are not eligible for elective pay could use or take advantage of the transferability rules to transfer their share of the credits from the project. In response to comments received, the final regulations clarify that eligible co-ownership arrangements can be organized to own and operate property giving rise to any of the clean energy tax credits for which elective pay is available. The regulations also enable these arrangements to invest in clean energy projects through a noncorporate entity, such as a limited liability company. Treasury and the IRS also released proposed regulations that would provide additional administrative requirements for unincorporated organizations that opt out of partnership treatment under the modified rules. Before the proposed regulations are finalized, the IRS will consider comments regarding the notice of proposed rulemaking. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
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Special edition for veterans: e-News for Small Business Issue 2024-23
Veterans and small businesses
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Tax Resources for Small BusinessSmall Business Self-Employment Center Small Business Forms & Instructions Small Business Tax Workshops, Meetings and Seminars Self-Employed Individuals Tax Center Other ResourcesForms, Instructions & Publications Retirement Plans for Small Entities and Self-Employed Tax Information for Charities
| Issue Number: 2024-23The latest IRS information for veteran small business ownersThis month, the IRS highlights support for veterans. This special edition includes information and resources to help veterans understand and meet their unique tax needs.
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Monday, November 18, 2024
CORRECTION -- IR-2024-290
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News EssentialsThe Newsroom TopicsIRS Resources | [Corrects 2nd bullet in previously issued newswire; changes 5 percent to 4.5 percent.] Interest rates decrease for the first quarter of 2025 WASHINGTON — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point. The interest rates announced today are computed from the federal short-term rate determined during October 2024. See the revenue ruling for details. Revenue Ruling 2024-25 announcing the rates of interest will appear in Internal Revenue Bulletin 2024-49, dated Dec. 2, 2024. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
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IR-2024-291SP: IRS: Semana internacional de concienciación sobre el fraude destaca cómo denunciar fraude; protección del contribuyente contra estafas
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Esenciales de NoticiasConsejos Tributarios del Cuidado de Salud Temas de InterésRecursos del IRSLos Derechos del Contribuyente
| Edición Número: IR-2024-291SPEn Esta EdiciónIRS: Semana internacional de concienciación sobre el fraude destaca cómo denunciar fraude; protección del contribuyente contra estafasWASHINGTON — Como parte de la Semana internacional de concienciación sobre el fraude (en inglés), el Servicio de Impuestos Internos les recuerda a los contribuyentes cómo denunciar el fraude relacionado con impuestos en su comunidad para proteger la información personal y financiera de estafadores. Durante la Semana internacional de concienciación sobre el fraude, del 17 al 23 de noviembre, la Oficina de Control de Fraude del IRS y el Departamento de Investigación Criminal del IRS tienen como objetivo crear conciencia sobre el fraude, las estafas que afectan a los contribuyentes en todo el país. El IRS también alienta a las personas, empresas y profesionales de impuestos a que se tomen el tiempo ahora para aprender a reconocer las señales de alerta y garantizar que existan defensas para detener a los estafadores y a quienes promueven estafas tributarias sin escrúpulos. La Cumbre de Seguridad, una asociación público-privada entre el IRS, las agencias tributarias estatales y la industria tributaria del país, también trabaja para proteger a los contribuyentes, las empresas y el sistema tributario de los ladrones de identidad y advertir a las personas que tengan cuidado con las estafas comunes. Denunciar fraude tributarioEl fraude tributario puede presentarse de muchas maneras, incluidas estafas dirigidas a individuos, estafas relacionadas con impuestos creadas por promotores sin escrúpulos, y fraude cometido por contribuyentes que, a sabiendas, presentan información incompleta o inexacta al IRS. El público puede ayudar al IRS a identificar e investigar posibles fraudes de personas y empresas presentando el Formulario 3949-A, Referido de información (en inglés). El Formulario 3949-A es un formulario de uso público relacionado con impuestos presentado voluntariamente por individuos para informar presuntas violaciones de la ley tributaria por parte de individuos y empresas. La presentación del Formulario 3949-A permanece confidencial. Las personas pueden denunciar sospechas de infracciones de la ley tributaria, tales como:
Estas son sólo algunas de las presuntas infracciones que las personas pueden denunciar. El IRS revisará las presentaciones y determinará la acción apropiada a tomar en función de la información proporcionada. Estas acciones pueden incluir un referido para una auditoría o para un proceso penal. La Oficina de Control de Fraude del IRS promueve el cumplimiento de las leyes tributarias fortaleciendo la respuesta del IRS al fraude y mitigando las amenazas emergentes. Esto incluye mejorar la detección de fraude, identificar áreas de alto riesgo, mejorar el cumplimiento y ayudar a desarrollar y enviar referidos de fraude a Investigación Criminal del IRS cuando corresponda. Organizaciones exentas de impuestosSi una persona sospecha que una organización exenta de impuestos no cumple con las leyes tributarias, puede presentar el Formulario 13909, Queja de organización exenta de impuestos (en inglés). Estas organizaciones pueden incluir organizaciones exentas, planes de empleados, gobiernos tribales indios y otras unidades gubernamentales. Los detalles y la información proporcionada pueden ayudar a responsabilizar a las entidades y organizaciones exentas de impuestos de cumplir con las leyes tributarias. Posible recompensa monetariaLa información enviada por personas sobre actividades fraudulentas relacionadas con impuestos a veces puede dar lugar a una posible recompensa monetaria. Las personas que soliciten consideración para una recompensa deben presentar el Formulario 211, Solicitud de adjudicación de información original (en inglés). El Formulario 211 y cualquier anexo deben incluir información específica y creíble acerca de la persona que el denunciante cree que conducirá al cobro de las ganancias. La Oficina de Denuncias del IRS evalúa las presentaciones del Formulario 211. Planes, promotores o preparadores fraudulentosCada año, el IRS compila una lista de la Docena Sucia que genera conciencia pública acerca de una variedad de estafas comunes que los contribuyentes pueden encontrar. La lista de este año incluía estafas de phishing y smishing, créditos de retención de empleados cuestionables, reclamaciones de crédito tributario sobre combustible, fábricas de compromiso y organizaciones benéficas falsas que explotan la generosidad de los contribuyentes. Se recomienda a cualquier persona que experimente estas estafas, o a los contribuyentes que se encuentren con promotores o preparadores de impuestos que vendan estos planes fraudulentos, a presentar el Formulario 14242(SP), Informar Sospechas de Promociones Tributarias o Preparadores de Impuestos Abusivos. Las personas deben enviar por correo o fax un Formulario 14242 completo y cualquier material de respaldo al IRS Lead Development Center: Internal Revenue Service Fax: 877-477-9135 El IRS Lead Development Center dentro de la Oficina de Investigaciones de Promotores realiza un seguimiento de cada referido y garantiza que los casos que involucran estafas tributarias abusivas y preparación inadecuada de declaraciones de impuestos se envíen de manera adecuada para que se tomen medidas adicionales al IRS. Los referidos pueden dar lugar a medidas cautelares contra los preparadores o promotores, sanciones monetarias o referidos a acciones penales. Gracias por suscribirse a Consejos Tributarios en Español del IRS, un servicio de correo electrónico del IRS. Para obtener más información sobre los impuestos federales, por favor visite la página de internet IRS.gov. Este mensaje fue distribuido automáticamente de la lista de correos electrónicos de Consejos Tributarios en Español del IRS. Por favor no responda a este mensaje. |
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IR-2024-291: IRS: International Fraud Awareness Week highlights how to report fraud; taxpayer protection against scams, schemes
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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2024-291Inside This IssueIRS: International Fraud Awareness Week highlights how to report fraud; taxpayer protection against scams, schemes WASHINGTON – As part of International Fraud Awareness Week, the Internal Revenue Service reminds taxpayers how to report tax-related fraud in their community to protect personal and financial information from scam artists and tax schemes. During International Fraud Awareness Week, Nov. 17-23, the IRS Office of Fraud Enforcement and IRS Criminal Investigation aim to raise awareness of fraud, scams and schemes affecting taxpayers across the country. The IRS also encourages individuals, businesses and tax professionals to take time now to learn to recognize red flags and to ensure defenses are in place to stop scammers and those who promote unscrupulous tax schemes. The Security Summit, a public-private partnership between the IRS, state tax agencies and the nation's tax industry, also works to protect taxpayers, businesses and the tax system from identity thieves and warn people to watch out for common scams and schemes. Reporting tax fraud Tax fraud can come in many forms, including scams targeting individuals, tax-related schemes pitched by unscrupulous promoters and fraud committed by taxpayers who knowingly file incomplete or inaccurate information with the IRS. The public can assist the IRS in identifying and investigating possible fraud of individuals and businesses by filing Form 3949-A, Information Report Referral. Form 3949-A is a tax-related public use form submitted voluntarily by individuals to report alleged violations of tax law by individuals and businesses. A Form 3949-A submission remains confidential. Individuals can report suspected tax law violations such as:
These are only some of the suspected violations individuals can report. The IRS will review submissions and determine the appropriate action to take based on the information provided. These actions may include a referral for audit or a referral for criminal prosecution. The IRS Office of Fraud Enforcement promotes compliance with tax laws by strengthening the IRS response to fraud and mitigating emerging threats. This includes improving fraud detection, identifying areas of high risk, enhancing enforcement and helping develop and submit fraud referrals to IRS Criminal Investigation where appropriate. Tax-exempt organizations If an individual suspects a tax-exempt organization is not complying with tax laws, they can submit Form 13909, Tax-Exempt Organization Complaint. These organizations may include exempt organizations, employee plans, Indian tribal governments and other governmental units. The details and information provided can help hold tax-exempt entities and organizations accountable for following tax law. Possible monetary award Information submitted by individuals regarding fraudulent tax-related activity can sometimes lead to a possible monetary award. Individuals requesting consideration for an award should submit Form 211, Application for Award of Original Information. The Form 211 and any attachments must include specific and credible information concerning the person that the whistleblower believes will lead to the collection of proceeds. The IRS Whistleblower Office evaluates Form 211 submissions. Fraudulent schemes, promoters or preparers Each year, the IRS compiles a Dirty Dozen list that brings public awareness to a variety of common scams that taxpayers may encounter. This year's list included phishing and smishing scams, questionable Employee Retention Credits, Fuel Tax Credit claims, Offer in Compromise mills and fake charities exploiting taxpayer generosity. Anyone experiencing these scams, or taxpayers encountering promoters or tax preparers peddling these schemes, are encouraged to submit Form 14242, Report Suspected Abusive Tax Promotions or Preparers. People should mail or fax a completed Form 14242 and any supporting materials to the IRS Lead Development Center: Internal Revenue Service Fax: 877-477-9135 The Lead Development Center within the Office of Promoter Investigations follows up on each referral and ensures cases involving abusive tax schemes and improper tax return preparation are appropriately sent for further action to the IRS. Referrals may lead to injunctions against preparers or promoters, monetary penalties or referrals to criminal enforcement action. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
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