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Tax News Update March 2024

“I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.” ~Arthur Godfrey

● BTB Launches New Website
● 2024 Seminar/Webinar Brochure now available
● 2024 Vehicle Depreciation Limits
● Warning Signs for Incorrect ERC Claims
● Recent Scams Target Tax Pros
● Q2 Interest Rates Remain the Same
● March 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

“I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the

~Arthur Godfrey

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.

BTB Launches New Website
Back to Basics Income Tax Seminars has launched a new website where you can now create and manage
your own account. Registration is now open but before you register for an event, you must create your
account with a unique username and password. Instructions can be found here.
Once your account is created you can then login and register for each event.

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,

2024 Vehicle Depreciation Limits
The IRS has released the §280F depreciation deduction limits for passenger autos, including trucks and
vans, first placed in service during 2024. For passenger autos acquired after Sept. 27, 2017, placed in
service during 2024, and subject to bonus depreciation under §168(k), the depreciation limits are:
● $20,400 for the first year
● $19,800 for the second year
● $11,900 for the third year
● $7,160 for each succeeding year

For passenger autos placed in service during 2024 that are not subject to §168(k) bonus depreciation, the
depreciation limits are:
● $12,400 for the first year
● $19,800 for the second year
● $11,900 for the third year
● $7,160 for each succeeding year.
The IRS also has released the lease inclusion amounts for lessees of passenger autos first leased in 2024.
Rev. Proc. 2024-13

Warning Signs for Incorrect ERC Claims
With a key March deadline quickly approaching, the IRS highlighted seven warning signs that an
Employee Retention Credit (ERC) claim may be questionable to help small businesses that may need to
resolve incorrect claims. The indicators, built on feedback from the tax professional community and IRS
compliance personnel, center on misinformation some unscrupulous ERC promoters used. The notification comes as the March 22, 2024 deadline nears for the ERC Voluntary Disclosure Program for
anyone who mistakenly submitted a claim and was compensated.
Get full details on the Back to Basics tax update blog.

Recent Scams Target Tax Pros

A recurring scam this filing season targets tax professionals with a spearphishing email to collect their
EFINs. The scammer poses as a tax software provider and emails the tax pro with a request that they
provide their EFIN information by fax. When the tax pro faxes back their EFIN information, the scammer
uses the information to steal client data and file fraudulent tax returns for refunds.

New Client Scam
In this scam, the scammer emails a tax professional to ask for help with their taxes. This phishing email
has a malicious link or attachment that the scammer claims is their tax information. When the tax
professional clicks the link or opens the attachment, the scammer gets access to the preparer’s email
address, password and possibly other information. Some scammers may also load malware onto the tax
pro’s computer to gain access to their system – and their clients’ data. Scammers may also use that tax
professional’s hacked email account to target clients.
If you receive these emails do not respond to the email or follow the directions in the email. Instead report it immediately to TIGTA and send a copy of the email to

Q2 Interest Rates Remain the Same
The IRS has announced that over/under payment interest rates will remain the same for the
calendar quarter beginning March 1, 2024. The interest rates for the second quarter of 2024 are:
● 8% for overpayments (payments made in excess of the amount owed), 7% for
● 5.5% for the portion of a corporate overpayment exceeding $10,000.
● 8% for underpayments (taxes owed but not fully paid).
● 10% for large corporate underpayments.

Rev Rul 2024-06
February Applicable Federal Rates

Annual Semiannual Quarterly Monthly
Short-term (≤ 3 years)4.71%4.66%4.63%4.62%
Mid-term (> 3 years but ≤ 9
4.13% 4.09%4.07% 4.06%
Long-term (> 9 years)4.40%4.35%4.33% 4.31%

Sec. 7520 rate – 5.00%

Rev Rul 2024-04

2024 Back to Basics Update
– New and improved website for better access to the newsletter and an improved registration
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

2024 Seminar / Webinar Dates and Locations

Eau Claire – Holiday Inn
4751 Owen Ayres Ct. – 54701
Mon. – Sept. 23Tue. – Sept. 24Wed. – Dec. 4
Rothschild – Holiday Inn
1000 Imperial Ave. – 54474
Thur. – Sept. 26Fri. – Sept. 27Thur. – Dec. 5
Onalaska – Stoney Creek Hotel
3060 S. Kinney Coulee Rd. – 54650
——————Mon. – Dec 2Tue. – Dec. 3
Sun Prairie – Hilton Garden Inn
1220 S. Grand Ave. – 53590
Mon. – Oct. 21Tue. – Oct. 22Mon. – Dec. 16
Green Bay – Radisson Hotel
2040 Airport Drive – 54313
Mon. – Oct. 28Tue. – Oct. 29Thur. – Dec. 19
Oshkosh – Hilton Garden Inn
1355 W. 20th Ave. – 54902
Thur. – Sept. 19Fri. – Sept. 20Tue. – Dec. 10
Milwaukee – Crowne Plaza*
6401 South 13th Street – 53221
Tue. – Sept. 17Wed. – Sept. 18Mon. – Dec. 9
Brookfield Conference Center*
325 S. Moorland Road – 53005
Wed. – Oct. 23 Tue. – Dec. 17Wed. – Dec. 18
Flagstaff – Double Tree by Hilton
1175 W. Route 66 – 86001
—————-Mon. – Nov. 4Tues. – Nov. 5
Mesa – Holiday Inn*
1600 S. Country Club Dr. – 85210
Fri. – Nov. 8 Thur. – Nov. 14Fri. – Nov. 15
Tucson – Double Tree by Hilton
445 S. Alvernon Way – 85711
—————–Mon. – Nov. 11Tue. – Nov. 12
Phoenix – Double Tree by Hilton
10220 N. Metro Parkway East – 85051
Wed. – Nov. 6Thur. – Nov. 7 Wed. – Nov. 13
*New Location

Central TimeFri. – Oct. 25Tues. – Nov. 19Thur. – Dec. 12
Central Time Thur. – Oct. 31Wed. – Dec. 11Fri. – Dec. 20
Mountain TimeThur. – 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

Stakeholder LiaisonEmailStates Covering
Alan Gregersonalan.j.gregerson@irs.govMN, ND
Ann Burtonann.burton@irs.govCO
Jody UT, ID
Lelah Martinezlelah.l.martinez@irs.govNM
Michael WI
Mercean Lammercean.lam@irs.govOK
Neki NE, 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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