Improper ERC claims, abusive partnership transactions, impersonation scams; education assistance FAQs; childcare tax credit; late filing options; energy credits
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| Issue Number: 2024-13Inside This Issue
1. IRS in new stage of ERC work; Businesses should fix incorrect claims nowAfter a detailed review to protect businesses, the IRS plans to deny thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. The IRS urges businesses to review IRS resources and consult their trusted tax professional for help with resolving incorrect claims.
2. Guidance issued on using retirement plan distributions for emergenciesThe IRS issued new guidance on exceptions to the 10% additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. These provisions became effective Jan. 1, 2024. 3. New FAQs for employers offering education assistance programsThe IRS issued frequently asked questions in FS-2024-22 related to educational assistance programs. Taxpayers may exclude certain educational assistance benefits from their gross income if they are provided under an educational assistance program. 4. Businesses: Childcare Tax Credit is worth up to $150,000The Employer-Provided Childcare Tax Credit is an incentive for businesses to provide childcare services to employees. To be eligible, an employer must have paid or incurred qualified childcare costs during the tax year to provide childcare services to employees. Find out more at IRS Employer-Provided Childcare Tax Credit including rules on expenses and facilities, and how to claim the credit on Form 8882. 5. IRS focusing on abusive use of partnershipsThe IRS announced new steps to combat abusive partnership transactions that help wealthy taxpayers avoid paying what they owe. A new group in the Office of Chief Counsel will focus on developing guidance on partnerships, including closing loopholes. The office will work closely with a pass-through group in the Large Business and International division that will be established this fall. Treasury and the IRS issued a fact sheet on the inappropriate use of partnership rules following discoveries by IRS audit teams. 6. IRS warns seniors about scammers posing as government agenciesThe IRS issued a warning about the rising threat of impersonation scams. The warning was part of a wider effort before World Elder Abuse Awareness Day on June 15. These efforts aim to foster a better understanding of the neglect and abuse faced by millions of older adults, focusing attention on the contributing cultural, social, economic and demographic factors. 7. Still haven't filed a 2023 tax return? Review these optionsThe IRS has options to help taxpayers who missed the April 15 deadline to file their 2023 federal income tax return. Get information on:
8. Disaster tax relief for Kentucky and West VirginiaTax relief was announced for individuals and businesses in parts of Kentucky and West Virginia affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. These taxpayers have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments. 9. Energy creditsThe IRS and Treasury recently issued guidance on energy incentives.
Find more information on the Inflation Reduction Act of 2022 page on IRS.gov. 10. IRS Careers website revamped for job seekersThe IRS Careers website is designed to connect job seekers with IRS opportunities. Part of the ongoing hiring campaign enabled by Inflation Reduction Act funding, the IRS modernized its primary vehicle to publicize job opportunities and hire new talent. 11. Revised draft Form 6765 releasedForm 6765, Credit for Increasing Research Activities, also known as the Research Credit, was revised to ease taxpayer burden and improve the information received for tax administration. 12. 2024 IRS Nationwide Tax Forum: seminars, special events for tax professionalsThe continuing education agenda is available for the 2024 IRS Nationwide Tax forum featuring 45 seminars on topics that will help tax professionals serve clients. Attendees can also attend special events. 13. Other tax newsThe following information may be of interest to individuals and groups in or related to small businesses:
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