Taxes

Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.

The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.

The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.

CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations.

The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts on taxpayers.

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”