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Tax News Update | February 2024

  • 2024 Seminar/Webinar Brochure now available
  • Resumption of Collection Notices
  • Guidance on Pension-Linked Savings Accounts
  • Partnerships Granted Penalty Relief
  • Special Alert for IP PIN Users
  • IRS Delays Reporting Digital Asset Transactions 
  • February Applicable Federal Rates
  • 2024 Back to Basics Update
  • 2024 Seminar / Webinar Dates and Locations 
  • 2023 On-Demand Webinars Available
  • 2024 Desk Reference Guide
  • State Tax Updates
  • The Tax Book – Promo Code 544
  • CFS Tax Tools – Coupon Code BTB57143
  • $50 Referral Bonus 

The only thing that hurts more than paying an income tax is not having to pay an income tax.

~Thomas Dewar


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. 

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.

2024 Seminar/Webinar Brochure

The 2024 Back to Basics Income Tax Seminar Brochure is now available. Click here to view. Registration will be available soon. We will send out an email notification when it is ready and it will also appear on the website,

Resumption of Collection Notices

In January 2024, the IRS will begin sending automated collection notices and letters to individuals with tax debts prior to tax year 2022, and businesses, tax exempt organizations, trusts and estates with tax debts prior to 2023, with exceptions for those with existing debt in multiple years.

Failure-to-pay penalty relief will be granted for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS has adjusted eligible individual accounts and will follow with adjustments to business accounts in late December to early January, and then trusts, estates and tax-exempt organizations in late February to early March 2024. 

This penalty relief is automatic. Eligible taxpayers don’t need to take any action to get it. If a taxpayer already paid failure-to-pay penalties related to their 2020 and 2021 tax years, the IRS will issue a refund or credit the payment toward another outstanding tax.

Notice 2024-7, IR-2023-244

Guidance on Pension-Linked Savings Accounts

The IRS recently issued Notice 2024-22 providing initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs) for their employees.

Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans, such as 401(k) accounts, and are designed to permit and encourage employees to save for financial emergencies.

Employers can offer PLESAs in plan years beginning after Dec. 31, 2023. This means that, in some cases, eligible employees could have begun contributing to a PLESA as early as Jan. 1, 2024. Subject to certain restrictions, matching contributions are made with respect to PLESA contributions at the same rate as contributions to the linked defined contribution plan.

Employees who are eligible to participate in an employer’s defined contribution plan and qualify to contribute to a PLESA, if their employer offers one, may contribute to the PLESA even if they don’t participate in the employer’s defined contribution plan. In general, the maximum balance in a participant’s PLESA (attributable to contributions) is $2,500, though employers can choose to set a lower limit.

PLESAs are treated as designated Roth accounts. This means that contributions are not tax deductible, but withdrawals are generally tax free. Participants can withdraw funds held in the PLESA at least once a month, as necessary.

Partnerships Granted Penalty Relief

Notice 2024-19 provides relief from certain penalties imposed solely for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, by January 31, 2024, to the transferor and transferee in certain transfers of partnership interests that occurred in calendar year 2023.

This relief applies only if the partnership furnishes to the transferor and transferee by by the later of (a) Jan. 31, 2024, or (b) 30 days after the partnership is notified of the § 751(a) exchange, (1) a correct copy of Parts I, II, and III of Form 8308, or a statement that includes the same information, and (2) a correct copy of the complete Form 8308, including Part IV, or a statement that includes the same information and any additional information required under §1.6050K1(c).

Special Alert for IP PIN Users

The “Get an IP PIN” app requires users to establish an identity authentication account.

In prior years, some users obtained their IP PINs using the e-Auth identity verification program. E-Auth has been decommissioned and replaced with Users must have an account to access “Get an IP PIN”.

The IRS is issuing Letter 4869 to IP PIN users that previously had an e-Auth account and have not yet established an account. Letter 4869 includes the taxpayer’s IP PIN and is typically sent to users who are originally issued IP PINs either by paper application or because of an identity authentication/theft issue.

IRS Delays Reporting Digital Asset Transactions 

The IRS has issued Announcement 2024-4 informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until the IRS issues final regs.

Currently, any person engaged in a trade or business who receives cash in excess of $10,000 in one transaction (or two or more related transactions) must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, within 15 days of the receipt of cash and report specified information. The Infrastructure Investment and Jobs Act expanded the definition of the term “cash” to include any digital asset as defined in §6045(g)(3)(D).

In August 2023, the IRS published proposed regulations clarifying the definition of the term digital assets found in §6045(g)(3)(D). These proposed regs have not yet been finalized. Until the regs are finalized, business owners are not required to include the receipt of digital assets when determining whether cash received has a value in excess of the $10,000 reporting threshold.

February Applicable Federal Rates

Short-term (≤ 3 years)4.68%4.63%4.60%4.59%
Mid-term (> 3 years but ≤ 9 years)3.98%3.94%3.92%3.91%
Long-term (> 9 years)4.18%4.14%4.12%4.10%

Sec. 7520 rate – 4.80%

Rev Rul 2024-03

2024 Back to Basics Update

Website – New and improved website for better access to the newsletter and an improved registration system. 

Registration – In an effort to improve registration and CPE / CE reporting we need to have each participant register with his/ her own separate email address. The system is now designed to allow only one distinct email address per person. Your registration is your ticket to the seminar or webinar.

Note: Because of the strict continuing education requirements – each person will have to register separately even if you are part of an office group.

E-book Option – As always, all participants will receive a printed textbook for each session. However, if you prefer to go paperless, you can save $10 per session by selecting e-book only.

Webinars – Over 45% of our registrations are from Webinars – which tells us that more people prefer the convenience of on-line education. We have added additional dates and times for our on-line webinars this year – including an option that is more convenient for those in the Mountain time zone.

Seminar Locations – Due to the success of the webinars, the average classroom size for the in-person seminars has decreased. Unfortunately, this makes it necessary to consolidate a few of our seminar locations. For those who attended our prior seminars in Superior, Janesville, and Racine you will have to select one of our other remaining locations – or join us on-line.

Referral Program – We understand that referrals have always been the best way to grow a business. As a thank you, we will mail you a $50 referral fee for each new attendee who registers for a Back-to-Basics seminar.

2024 Seminar / Webinar Dates and Locations 

Registration will be available soon.


Eau Claire – Holiday Inn Mon. – Sept. 23 Tue. – Sept. 24 Wed. – Dec. 4

4751 Owen Ayres Ct. – 54701

Rothschild – Holiday Inn Thur. – Sept. 26 Fri. – Sept. 27 Thur. – Dec. 5

1000 Imperial Ave. – 54474

Onalaska – Stoney Creek Hotel —————— Mon. – Dec 2 Tue. – Dec. 3

3060 S. Kinney Coulee Rd. – 54650

Sun Prairie – Hilton Garden Inn Mon. – Oct. 21 Tue. – Oct. 22 Mon. – Dec. 16

1220 S. Grand Ave. – 53590

Green Bay – Radisson Hotel Mon. – Oct. 28 Tue. – Oct. 29 Thur. – Dec. 19

2040 Airport Drive – 54313

Oshkosh – Hilton Garden Inn Thur. – Sept. 19 Fri. – Sept. 20 Tue. – Dec. 10

1355 W. 20th Ave. – 54902

Milwaukee – Crowne Plaza* Tue. – Sept. 17 Wed. – Sept. 18 Mon. – Dec. 9

6401 South 13th Street – 53221

Brookfield Conference Center* Wed. – Oct. 23 Tue. – Dec. 17 Wed. – Dec. 18

325 S. Moorland Road – 53005                                                  


Flagstaff – Double Tree by Hilton —————- Mon. – Nov. 4 Tues. – Nov. 5

1175 W. Route 66 – 86001


Mesa – Holiday Inn* Fri. – Nov. 8 Thur. – Nov. 14 Fri. – Nov. 15

1600 S. Country Club Dr. – 85210

Tucson – Double Tree by Hilton —————– Mon. – Nov. 11 Tue. – Nov. 12
445 S. Alvernon Way – 85711

Phoenix – Double Tree by Hilton Wed. – Nov. 6 Thur. – Nov. 7 Wed. – Nov. 13

10220 N. Metro Parkway East – 85051

* New Location

WEBINARS BUSINESS PART I                       PART II

Central Time Fri. – Oct. 25 Tues. – Nov. 19 Thur. – Dec. 12

Central Time Thur. – Oct. 31 Wed. – Dec. 11 Fri. – Dec. 20

Mountain Time Thur. – Nov. 21 Fri.. – Dec. 6 Fri. – Dec. 13

Note: All webinars begin at 8:25 am and end at 4:35 pm in the time zone indicated above.  

2023 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.

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

In mid-January we sent a link for the state tax updates. As a reminder, all Part II participants 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. The link for the state updates included a recorded video, the written text, and PowerPoint slides.

If you did not attend the Part II session, you may purchase the state programs for $30 on our website.  

Area Stakeholder Liaison Teams

Alan Gregersonalan.j.gregerson@irs.govMN, ND
Ann Burtonann.burton@irs.govCO
Jody Stambackjody.k.stamback@irs.govUT, ID
Lelah Martinezlelah.l.martinez@irs.govNM
Michael Smithmichael.smith6@irs.govWI
Mercean Lammercean.lam@irs.govOK
Neki Coxneki.m.cox@irs.govNE, SD
Krista SullivanKrista.M.Sullivan@irs.govMO, KS
Lisa Novack Lisa.A.Novack@irs.govAZ

Speaking Engagements 

If your professional group is looking for outside speakers for an upcoming event – we can help. For additional information, please email

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:
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, 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: Sponsor ID # 108520

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