Inside This Issue
- Beware of the warning signs for misleading Employee Retention scams
- Learn directly from the IRS: Register for the IRS Nationwide Tax Forums
- Interest rates remain the same for the third quarter of 2023
- Webinars for tax practitioners
- News from the Justice Department’s Tax Division
- Technical Guidance
1. Beware of the warning signs for misleading Employee Retention scams
As aggressive marketing continues, the IRS renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit (ERC). The IRS and tax professionals continue to see a barrage of aggressive broadcast advertising, direct mail solicitations and online promotions involving the ERC. While the credit is real, aggressive promoters are wildly misrepresenting and exaggerating who can qualify for the credits. The IRS continues to increase compliance work involving ERC; for example, the agency has trained auditors examining ERC claims posing the greatest risk, and the IRS Criminal Investigation division is working to identify fraud and promoters of fraudulent claims. Remind your clients to beware of these scams because anyone who improperly claims the ERC must pay it back, possibly with penalties and interest. This article is available in Spanish and Simplified Chinese.
2. Learn directly from the IRS: Register for the IRS Nationwide Tax Forums
Attend the upcoming IRS Nationwide Tax Forums and have access to the latest insights and expertise straight from the IRS. Each of the five tax forums is a three-day event with more than 40 seminars and workshops on a wide variety of federal and state tax issues presented by experts from the IRS and partner organizations from the tax community. Attendees may earn up to 18 continuing education credits.
In addition to continuing professional education, attendees get access to the popular Case Resolution Program as well as dozens of exhibitors in the Exhibit Hall. Attendees can also participate in focus groups and network with colleagues. The IRS Nationwide Tax Forums are back in-person and will take place in the following five cities:
- New Orleans: July 11-13
- Atlanta: July 25-27
- Washington, D.C. area: Aug. 8-10
- San Diego: Aug. 22-24
- Orlando: Aug. 29-31
For more information or to register, visit IRStaxforum.com.
3. Interest rates remain the same for the third quarter of 2023
Interest rates will remain the same for the calendar quarter beginning July 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates:
- 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
- 4.5% for the portion of a corporate overpayment exceeding $10,000.
- 7% for underpayments (taxes owed but not fully paid).
9% for large corporate underpayments.
4. Webinars for tax practitioners
Tax pros: Here are some upcoming webinars for the tax practitioner community. For more information or to register, visit IRS.gov.
- World of Offer in Compromise – Follow-up Q&A Session on June 1 at 2 p.m. ET. Continuing education will not be offered.
- Americans Abroad: Tax Obligations and Reporting Requirements on June 13 at 1 p.m. ET. Earn up to 2 CE credits; certificates of completion will be offered to all participants who qualify.
5. News from the Justice Department’s Tax Division
Georgina Gonzalez, a Columbia, S.C., return preparer and regional manager of multiple tax preparation business locations, pleaded guilty to conspiracy to defraud the United States by preparing and filing false tax returns. Gonzalez is scheduled to be sentenced at a later date and faces a maximum sentence of five years in prison, as well as a period of supervised release, restitution and other monetary penalties.
Notice 2023-43 provides guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS).
Revenue Ruling 2023-11 provides the third quarter interest rates for 2023, including the rates for underpayments and overpayments. The rates for interest determined under section 6621 of the code for the calendar quarter will begin July 1, 2023.
