Inside This Issue
1. IRS ends unannounced Revenue Officer visits to taxpayers
As part of a larger transformation effort, the IRS will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice by IRS revenue officers, the unarmed agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances by collecting unpaid taxes and unfiled tax returns. Effective immediately, unannounced visits will end except in a few unique circumstances and will be replaced with mailed letters to schedule meetings. This news release is also available in Spanish and Simplified Chinese.
2. Commissioner signals new phase of Employee Retention Credit work
With the IRS making substantial progress in the ongoing effort related to the Employee Retention Credit (ERC) claims, the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing. Speaking Tuesday at a special roundtable session of tax professionals in Atlanta, IRS Commissioner Danny Werfel noted the IRS has shifted efforts after successfully clearing the backlog of valid ERC claims. Now, the agency is intensifying compliance work and putting in place additional procedures to deal with fraud in the program.
3. Additional information: IRS updates Employee Retention Credit FAQs; part of continuing effort to address compliance issues, tax pro concerns
As part of a continuing effort to address concerns with Employee Retention Credit claims, the IRS announced today the agency has started to update frequently asked questions on IRS.gov to help businesses and tax professionals navigate the complex credit. The IRS added 13 frequently asked questions to a special page about the Employee Retention Credit, or ERC. More information will be added in coming days.
The changes follow a series of concerns raised by tax professionals and others, including feedback IRS Commissioner Danny Werfel received at a special ERC roundtable at the Atlanta Tax Forum earlier this week. Tax professionals raised concerns about a number of unanswered questions that they are receiving from business clients regarding the credit.
4. Security Summit: Identity Protection PINs are an important tool against tax-related identity theft
Tax pros: The IRS and its Security Summit partners remind you about the Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft. Identity Protection PINs, also referred to as IP PINs, serve as a defense against identity thieves. The IRS, state tax agencies and the nation’s tax industry – working together as the Security Summit – need assistance from tax professionals to let their clients know that IP PINs are now available to anyone who can verify their identity. This is the second news release in a five-part “Protect Your Clients; Protect Yourself” summer series from the Security Summit, a public-private partnership that works to protect the tax system against tax-related identity theft and fraud. This news release is available in Spanish and Simplified Chinese.
5. IRS Nationwide Tax Forums head to the D.C. area; register for Orlando forum by Aug. 15 for the standard rate
The IRS Nationwide Tax Forum makes its way to the Washington, D.C. area to deliver its premier education and outreach program of the summer. The IRS Nationwide Tax Forums will be at the National Harbor on Aug. 8-10, followed by:
• San Diego: Aug. 22-24 (sold out)
• Orlando: Aug. 29-31(standard rate registration deadline is Aug. 15)
In addition to an agenda of more than 40 continuing education seminars, tax pros can participate in a new series of special events, including sessions focused on practice management, the taxpayer experience, cybersecurity and a town hall meeting with the National Taxpayer Advocate; bring their toughest unresolved IRS case to the onsite Case Resolution Program; and meet with vendors in a two-day expo.
Learn more and register for the D.C. area and Orlando events by visiting the IRS Nationwide Tax Forums website.
6. IRS selects new Chief Transformation and Strategy Officer to lead change efforts under the Inflation Reduction Act
David Padrino will serve as the IRS Chief Transformation and Strategy Officer, a recently created role at the agency that will spearhead improvement efforts under Inflation Reduction Act funding. Padrino joins the IRS after spending more than two decades in a variety of other leadership roles across local, state and federal governments as well as on transformation efforts in the private sector.
7. Technical Guidance
Notice 2023-53 provides updates on the corporate bond monthly yield curve, the corresponding spot segment rates for July 2023 used under section 417(e)(3)(D), the 24-month average segment rates applicable for July 2023, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).
Notice 2023-55 announces temporary relief for taxpayers in determining whether a foreign tax is eligible for a foreign tax credit under sections 901 and 903.
Revenue Procedure 2023-26 describes a program that provides an opportunity for fast-track processing of certain requests for letter rulings solely or primarily under the jurisdiction of the Associate Chief Counsel (Corporate). This new program replaces the pilot program established by Rev. Proc. 2022-10, 2022-6 I.R.B. 473.
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