e-News for Tax Professionals Issue 2020-29

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Issue Number:  2020-29

Inside This Issue

1. IRS Nationwide Tax Forums kick off next week
2. Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work
3. July 23 webinar: Understanding Form 2290, Heavy Highway Vehicle Use Tax
4. 2021 PTIN fee for tax return preparers
5. "Dirty Dozen" tax scams for 2020: Americans urged to be vigilant to these threats during the pandemic and its aftermath
6. IRS sending letters to those experiencing delays with advance payment of employer credits
7. IRS statement on providing accessible tax notices to the blind
8. Treasury and IRS release draft partnership form to provide greater clarity on international tax reporting
9. J5 reflects on two-years pursuing global tax cheats
10. IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases
11. News from the Justice Department’s Tax Division
12. Technical Guidance

The online IRS Nationwide Tax Forums kick off next week with a keynote address by Commissioner Chuck Rettig and seminars on refundable credits, taxpayer advocacy, the centralized partnership audit regime and an update on charities and other tax-exempt entities. View next week’s schedule here.

Attendees at the Nationwide Tax Forums have access to up to 30 live-streamed webinars between July 21 and Aug. 20. Registrations remain available.

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The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location.

To help tax practitioners, the IRS, state tax agencies and the nation’s tax industry next week will begin a five-part summer awareness initiative called Working Virtually: Protecting Tax Data at Home and at Work. The initiative highlights security actions key to protecting tax professionals as they respond to COVID-19 by remotely from their office and clients. Taxpayers can also benefit from some of the security tips.

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The IRS will present the webinar, Understanding Form 2290 Heavy Highway Vehicle Use Tax, at 1 p.m. ET on July 23. The 75-minute webinar will consider:

• Form 2290 Filing Requirements
• Form 2290 Due Dates
• Form 2290 E-Filing Requirements
• Heavy Highway Vehicle Use Tax: Payment Options
• Plus a live Q & A

Tax Pros can earn one continuing education credit by participating.

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The Internal Revenue Service announced the 2021 annual fee that tax return preparers must pay to apply for or renew their Preparer Tax Identification Number (PTIN).

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The Internal Revenue Service announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.

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The Internal Revenue Service has started sending letters to taxpayers who have experienced delays in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19.

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The IRS has agreed to develop and implement a process to allow blind taxpayers to request post-filing tax notices—such as notices about additional taxes or penalties owed—in Braille, large print, or electronic formats.

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The Treasury Department and the IRS released a proposed redesigned partnership form for tax year 2021 (filing season 2022).

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Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5) this week.

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The U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. The Internal Revenue Service calls on any taxpayer involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon.

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A federal grand jury in Waco, Texas, returned an indictment charging a San Antonio tax preparer with aiding in the preparation of false tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney John F. Bash for the Western District of Texas.

The United States has filed a complaint seeking to bar a Chicago area tax return preparer from preparing federal income tax returns for others, the Justice Department announced today.

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Notice 2020-56 extends the deadline for conducting a CHNA and adopting an implementation strategy to meet the community health needs identified through the CHNA to December 31, 2020.  Because of the burdens the COVID-19 pandemic has placed on hospitals, the Internal Revenue Service today provided additional relief to hospital organizations that must meet the Community Health Needs Assessments (CHNA) requirements.

Notice 2020-56 will be in IRB: 2020-32, dated Aug. 3.

Revenue Ruling 2020-15 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.

Revenue Ruling 2020-15 will be in IRB:  2020-32, dated Aug. 3.

Notice 2020-57 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under § 431(c)(6)(E)(ii)(I), as reflected by the application of § 430(h)(2)(C)(iv).

Notice 2020-57 will be in IRB: 2020-32, dated Aug. 3.

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