BTB Stock Newsletter

Tax News Update | June 2024

  • June 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 

Holler if you’re ready for some summer nights.

Rascal Flatts


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 BTB Brochure Mailing

The 2024 BTB brochure was mailed out in mid-April.  If you did not receive a copy of the brochure – you can always go to the BTB website or click here for a copy. As for the brochure mailing, it seems that the PTIN list may have had an error as some tax professionals received more than one brochure and/or a brochure with an incorrect name. We apologize for any inconvenience. If you received an extra brochure in the mail – please share it with a colleague so they may register for our continuing education events.

Early Bird Discount Ends Soon

Register now for the BTB seminars/webinars before the early bird pricing ends on June 17, 2024.

Back to Basics Income Tax Seminars has launched a new website where you can now create and manage your own account.

  1. On-line registration. Once your account is created you can then login and register for each event. Click the buttons below to get started.
  1. Mail. You can always fill out the registration form – mail a completed form to our office and we will register for you. 
  1. Fax: If you would like to fax your registration form – fill out the form and fax it to 920-336-1844.  

Note: Group discounts are also available for 2 or more professionals from the same office. If you fill out a registration form for everyone in your group – we will do the rest for you. 

2025 HSA, HRA Inflation Adjustments Released

Rev. Proc. 2024-25 announces the maximum calendar year 2025 inflation adjusted amount for health savings account contributions, the annual deductible floor for high deductible health plans, and the maximum amount for an excepted benefit health reimbursement arrangement.

HSAs. The annual HSA contribution limits for calendar year 2025 will be:

  • Self-only coverage: $4,300
  • Family coverage: $8,550

To qualify as a “high deductible health plan,” a plan must require an annual deductible of at least $1,650 for self-only coverage or $3,300 for family coverage. Annual out-of-pocket expenses (deductibles, co-payments, and other nonpremium amounts) cannot exceed $8,300 for self-only or $16,600 for family coverage.

HRAs. For plan years beginning in 2025, $2,150 is the maximum amount that may be made newly available during the coverage period for an excepted benefit HRA.

IRS Adds Additional Protections to CAF, TDS

The IRS has added additional protections for tax professionals to increase security for the Centralized Authorization File (CAF) program and placed new guidelines on requesting client transcripts by phone.

There is risk that fraudsters could use a compromised CAF to obtain transcripts and other sensitive taxpayer personally identifiable information (PII) to commit identity theft refund fraud and other crimes. In many cases, the fraudster has not only obtained a practitioner’s CAF number but also has the practitioner’s sensitive personal information.

To address this issue, the IRS has a process in which suspected compromised CAF numbers are placed into a suspended status pending further review. Once placed into a suspended status, the owner of the CAF number will be contacted to confirm if the CAF number has been compromised. If the compromise is confirmed, the IRS will take the appropriate actions to address the compromised CAF number. More information about this issue can be found in a special alert issued by the IRS Office of Professional Responsibility.

In addition to the changes being made to protect tax professionals from a compromised CAF number, the IRS has also taken related security steps to change how tax professionals can order transcripts by phone through the Transcript Delivery System (TDS).

Tax professionals now need to call the Practitioner Priority Service (PPS) line to request transcripts to be deposited into their Secure Object Repository (SOR) mailbox. IRS employees on other phone lines may not be authorized to provide transcripts through the SOR delivery method. Tax professionals will need to pass enhanced authentication. If the identity of the caller cannot be verified, transcripts will not be delivered using the SOR delivery method but will instead be mailed to the taxpayer’s address of record.

Tax professionals should also be on the lookout for unsolicited scam emails asking to provide credential information such as CAF number, EFIN information and driver’s license. These emails may look like they are coming from the IRS or a tax software company. Tax professionals who receive these unsolicited emails should report them to

Disaster Relief Available Through Retirement Plans and IRAs

The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022, amended the Internal Revenue Code to provide for special rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters occurring on or after Jan. 26, 2021.

Prior to the changes, there was no disaster relief allowing these distributions and loans that applied generally for all major disasters; instead, Congress would enact relief on a disaster-by-disaster or year-by-year basis. Under SECURE 2.0, Congress has provided for ongoing disaster relief for these distributions and loans in the case of federally declared major disasters.

The IRS has issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.

These FAQs are being issued to provide general information as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and they may be updated or modified upon further review. Because these FAQs have not been published in the Internal Revenue Bulletin, they will not be relied on or used by the IRS to resolve a case. Similarly, if an FAQ turns out to be an inaccurate statement of the law as applied to a particular taxpayer’s case, the law will control the taxpayer’s tax liability.

Nonetheless, a taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax. Any later updates or modifications to these FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. Additionally, prior versions of these FAQs will be maintained on to ensure that taxpayers, who may have relied on a prior version, can locate that version if they later need to do so.

IRS Releases New Offer in Compromise Booklet  

The IRS released the latest version (April 2024) of Form 656-B (Offer in Compromise Booklet). An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax liability for less than the full amount owed. 

The offer program provides eligible taxpayers an opportunity to resolve their tax debt by allowing them to make an appropriate offer based on what the IRS considers the taxpayer’s ability to pay. The taxpayer must have exhausted other options for paying their tax debt. Thus, the IRS will not accept an offer if the taxpayer can pay their tax debt in full through an installment agreement or equity in assets. Before a taxpayer files an offer, they must (1) file all tax returns they are legally required to file; (2) have received a bill for at least one tax debt included in the offer; (3) make all required estimated tax payments for the current year; and (4) for business owners with employees, make all federal tax deposits for the current quarter and the two preceding quarters.

Q3 Interest Rates Remain the Same 

The IRS has announced that over/under payment interest rates will remain the same for the calendar quarter beginning July 1, 2024. The interest rates for the third quarter of 2024 are: 

  • 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
  • 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.

June Applicable Federal Rates

Short-term (≤ 3 years)5.12%5.06%5.03%5.01%
Mid-term (> 3 years but ≤ 9 years)4.66%4.61%4.58%4.57%
Long-term (> 9 years)4.79%4.73%4.70%4.68%

Sec. 7520 rate – 5.6%

Rev Rul 2024-12

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.

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

* indicates new location

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
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, WY, MT
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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