- FinCEN Issues Updated FAQs on BOI Reporting
- IRS Launches Voluntary ERC Disclosure Program
- IRS Expands Business Tax Account Access
- On-Demand Income Tax Webinars Available
- Limited Supply of 2023 Textbooks for Sale
- 2024 Standard Mileage Rates
- 2024 Desk Reference Guide
- State Tax Updates
- January Applicable Federal Rates
- Area Stakeholder Liaison Teams
- The Tax Book – Promo Code 544
- CFS Tax Tools – Coupon Code BTB57143
- $50 Referral Bonus
“It’s tax season. When I woke up this morning and realized it was tax season, I said, My God, didn’t we just pay taxes last year?”
~ David Letterman
Instructors
James Hockenberry, EA – Jim is the President of Back to Basics Income Tax Seminars and has over 31 years of experience in income tax and financial planning. He is an Enrolled Agent and holds a Bachelor of Business Administration (BBA) degree from the University of Wisconsin-Eau Claire. He has worked as a tax researcher / technical writer and has served as an instructor for several tax and financial organizations. Jim has also written several texts regarding income tax, estate tax, and financial planning matters.
Steve O’Rourke, EA – Steve is an Enrolled Agent with a successful tax practice in Oshkosh, Wisconsin. His firm, which was established in 1989, prepares over 2,500 individual and business tax returns. Steve has a Bachelor of Business Administration (BBA) degree from the University of Wisconsin – Oshkosh. He has over 40 years of experience as a tax professional and is a nationally known speaker, having taught tax seminars for the National Association of Enrolled Agents, the National Association of Tax Professionals, and several other professional organizations nationwide.
FinCEN Issues Updated FAQs on BOI Reporting
The Financial Crimes Enforcement Network (FinCEN) has updated its FAQs on the Beneficial Ownership Information (BOI) reporting requirements that will take effect on Jan. 1, 2024. Enacted as part of the Corporate Transparency Act, certain business entities created or registered to do business in the United States will be required to report identifying information about the beneficial owners to FinCEN. Under FinCEN’s rules, a beneficial owner is the individual or individuals who ultimately own or control the company. The updated FAQs include new information about the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance/enforcement, FinCEN identifiers (a unique code that can identify a beneficial owner without having to disclose all their identifying information), and third-party service providers. The updated FAQs can be accessed on the FinCEN website at: www.fincen.gov/boi-faqs.
Note: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled “Important Compliance Notice” and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.
IRS Launches Voluntary ERC Disclosure Program
As part of an ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the IRS launched a new Voluntary Disclosure Program on Dec. 21, 2023, to help businesses who want to pay back the money they received after filing ERC claims in error. The special disclosure program runs through March 22, 2024, and the IRS added provisions allowing repayment of 80% of the claim received.
Interested employers must apply to the ERC Voluntary Disclosure Program by March 22, 2024. Those that the IRS accepts into the program will need to repay only 80% of the credit they received. If the IRS paid interest on the employer’s ERC refund claim, the employer doesn’t need to repay that interest. Employers who are unable to repay the required 80% of the credit may be considered for an installment agreement on a case-by-case basis, pending submission and review of a Form 433-B, Collection Information Statement for Businesses, available on IRS.gov, and all required supporting documentation.
To qualify for this program, the employer must provide the IRS with the names, addresses and telephone numbers of any advisors or tax preparers who advised or assisted them with their claim and details about the services provided. Further qualifications and program details are in Announcement 2024-3.
Additionally, in early December the IRS sent Letter 105 C, Claim Disallowed, to more than 20,000 taxpayers notifying them of disallowed Employee Retention Credit (ERC) claims. To prevent improper ERC payments from being made to ineligible entities, the IRS is disallowing claims made by entities that did not exist or did not have paid employees during the period of eligibility. The mailings are part of an expanded compliance effort that includes a special withdrawal program for those with pending claims who have since realized they may have filed an inaccurate tax return.
IRS Expands Business Tax Account Access
The IRS announced the launch of the second phase of a new online self-service tool for businesses that expands the business tax account capabilities and eligible entity types.
As a result, individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.
This phase of the business tax account adds new features.
Users can now download a PDF of a business tax transcript:
- For sole proprietors, this includes Forms: 940, 941, 943, 944, 945, 8752, 8288, 11-C, 730, 2290.
- For S corporations, this includes Forms: 940, 941, 943, 944, 945, 8752, 8288, 11-C, 730, 1120S, 2290.
- For partnerships, this includes Forms: 940, 941, 943, 944, 945, 1065, 8752, 8288, 8804, 11-C, 730, 2290.
Sole proprietors can also view certain notices:
- CP080: Reminder – we have not received your return, credits may be on your account.
- CP136: Annual notification of Federal Tax Deposit (FTD) requirements (Forms: 941, 941-SS).
- CP216F: Application for extension of time to file an employee plan return – approved.
Individual partners and individual shareholders will be able to access business tax account information once they have filed a business return with the Schedule K-1 and it is processed by the IRS. To access business tax account, individuals must have a Schedule K-1 for a minimum of one year during the 2019-2022 period on file. They will only be able to view information for the year(s) they have a Schedule K-1 on file. New businesses won’t have access until a business return is submitted, processed, and on file with the IRS.
For more information about this app, visit IRS.gov/businessaccount.
On-Demand Webinars Available
All three of our 2023 8-hour webinars are available on demand at a reduced price but without CE/CPE credits. They are perfect for new hire training and review. Click here to check out the content, agendas, and pricing.
Limited Supply of 2023 Textbooks for Sale
We have a limited supply of textbooks from our 2023 seminar series available. Click here for details and pricing.
2024 Standard Mileage Rates
The IRS has issued the 2024 standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 67 cents per mile for business use.
- 21 cents per mile for medical or qualified moving purposes.
- 14 cents per mile in service of charitable organizations.
Notice 2024-8, also contains the maximum automobile cost ($62,000) used to calculate the allowance under a fixed and variable rate (FAVR) plan and the maximum fair market value of employer-provided automobiles ($62,000) first made available to employees for personal use in calendar year 2024 for which employers may use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule.
2024 Desk Reference Guide
Now that the final numbers for 2024 have been released by the IRS, we have updated the Desk Reference Guide for the new year. Click here for your copy of the 2024 Desk Reference Guide.
State Tax Updates
We will be sending a link for the state tax updates in mid-January. As a reminder, all Part II participants will have the ability to view the Wisconsin and Arizona state updates for FREE. The state tax update programs will not qualify for continuing education credits. You will receive a link to the video, the written text, and the PowerPoint slides as soon as they are available.
If you did not attend the Part II session, you may purchase the state programs for $40. We will provide a registration page at www.btb.tax when it is available for sale.
January Applicable Federal Rates
| Annual | Semiannual | Quarterly | Monthly | |
| Short-term (≤ 3 years) | 5.00% | 4.94% | 4.91 | 4.89% |
| Mid-term (> 3 years but ≤ 9 years) | 4.37% | 4.32% | 4.30% | 4.28% |
| Long-term (> 9 years) | 4.54% | 4.49% | 4.47% | 4.45% |
Sec. 7520 rate – 5.20% |
Area Stakeholder Liaison Teams
| Stakeholder | States | |
| Liaison | Covering | |
| Alan Gregerson | alan.j.gregerson@irs.gov | MN, ND |
| Ann Burton | ann.burton@irs.gov | CO |
| Jody Stamback | jody.k.stamback@irs.gov | UT |
| Lelah Martinez | lelah.l.martinez@irs.gov | NM |
| Lisa Novack | lisa.a.novack@irs.gov | AZ |
| Michael Smith | michael.smith6@irs.gov | WI |
| Mercean Lam | mercean.lam@irs.gov | OK |
| Neki Cox | neki.m.cox@irs.gov | NE, SD |
| Krista Sullivan | Krista.M.Sullivan@irs.gov | MO, KS |
Speaking Engagements
If your professional group is looking for outside speakers for an upcoming event – we can help. For additional information, please email jhockenberry@dbcllc.com.
The Tax Book – Promo Code: 544
Use Promo Code 544 for additional discounts and take advantage of The Tax Book’s award-winning tax research solutions.
Order at: www.thetaxbook.com/order
Promo Code: 544
CFS Tax Tools – Coupon Code: BTB57143
CFS Tax Software, Inc.
Tax Tools is a collection of over 300 worksheets, calculators, flowcharts, and forms that tackle a variety of tough tax topics (many of which aren’t included in your 1040 software), including:
- Individual Tax Planner
- ACA modules
- Penalty and Interest Calculator
- Social Security Optimization
- Updated for latest tax law changes
You can order online at www.taxtools.com, or call 1-800-343-1157. Either way, be sure to use Coupon Code BTB57143 for additional savings.
$50 Referral Bonus
Refer a new attendee to a Back to Basics Income Tax Full Day Seminar and receive a $50 referral fee. Upon receipt of the new attendee registration(s), BTB Income Tax Seminars will mail you a check of $50 for each new attendee. Click Here to get a copy of the referral coupon.
(NOTE: Not valid with any other special offers or discounts)
Back to Basics Income Tax Seminars® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Sponsor ID # 108520