Notice 2024-47 extends the relief provided in Notice 2024-33, which waived the estimated tax penalty imposed under § 6655 (for a corporation’s failure to pay estimated income tax) to the extent attributable to the revised corporate alternative minimum tax (CAMT) under § 55, but only with respect to an installment of estimated tax due on April 15, 2024, or May 15, 2024, with respect to a taxable year that began in 2024. The relief from the addition to tax under § 6655 provided by Notice 2024-33 is extended to any installment of estimated tax by a corporate taxpayer with respect to a taxable year that began in 2024 that is due on or before August 15, 2024, to the extent attributable to the CAMT. 

Notice 2024-47 will be in IRB:  2024-27, dated 07/01/2024.

WASHINGTON — The Internal Revenue Service today announced the updated IRS Careers website is live and ready to connect job seekers with IRS opportunities. 

As part of an ongoing hiring campaign enabled by Inflation Reduction Act funding, the IRS modernized its primary vehicle to publicize job opportunities and hire new talent. 

“This is a historic period at the IRS as we work to transform the agency and improve our taxpayer service and compliance work,” said IRS Commissioner Danny Werfel. “A key part of our effort involves hiring, promoting and developing qualified employees in a wide variety of fields to help the IRS continue improvements and serve the nation. We’re looking for employees that want to serve taxpayers and the nation. To help attract qualified and diverse candidates across the country, the IRS is taking a variety of steps, including providing better tools and more ways for interested applicants to explore career opportunities with us.” 

After rigorous beta testing, the hiring site irs.gov/jobs now provides a comprehensive landing spot for job seekers to find everything they need to pursue a career at the IRS, including: 

• Upcoming hiring events. 
• Key job descriptions.
• Overview of the IRS and employee benefits.
• Special emphasis hiring paths (veterans, Schedule A Excepted Service Appointing Authority, students and other areas).  

The user-friendly site showcases the IRS commitment to service with a focus on potential employees that are interested in building careers with purpose. The IRS offers a positive work culture with an emphasis on work-life balance. 

The IRS plans to make additional improvements on the site in the future with additional features like career-mapping and a benefits calculator. 

People interested in the latest job openings and hiring events are encouraged to follow the IRS on LinkedIn and its recruitment handle on X (@RecruitmentIRS). 

For tax professionals interested in a career at the IRS, the IRS is hosting an exclusive recruiting event at the Nationwide Tax Forum, being held in Chicago, Orlando, Baltimore, Dallas and San Diego. Tax Forum registrants will be sent more information leading up to each forum and recruiters will be there to share more information about job openings, salaries and benefits.  

The IRS is also partnering with colleges and universities across the country to host students, faculty and recent graduates at special “IRS Tax Adventure” sessions. The program was created to connect students, faculty and recent graduates with IRS offices, hiring opportunities and events. Qualified students attending the Tax Adventure at the 2024 Tax Forums will have an opportunity to participate in an exclusive recruiting event. 

Why work for the IRS? 

Employment with the IRS provides employees an opportunity to serve their country. Careers at the IRS help ensure the tax system is administered with integrity and fairness. IRS employees help collect 96% of the nation's revenue needed to fund things like homeland security, national defense and Social Security, as well as parklands, roads, bridges, libraries and schools. 

Employee benefits include up to $5,000 annually for childcare and 12 weeks of paid parental leave, up to $60,000 in student loan repayment, up to $3,600 in mass transit commuting subsidies annually as well as generous healthcare and retirement benefits. Federal employees also participate in the Thrift Savings Plan, which includes up to 5% matching employer contributions for retirement. 

A career with the IRS comes with stability, a healthy work-life balance and workplace flexibilities. Employees benefit from flexible work schedules, an employee assistance program, health services and multiple leave options. 

The IRS also invests in the growth and development of its staff, providing both classroom and on-the-job training for various positions and potential to advance within the agency.

WASHINGTON — As part of continuing efforts to protect the senior community, the Internal Revenue Service today issued a warning about the rising threat of impersonation scams. 

These scams are targeting older adults by pretending to be government officials, aiming to steal sensitive personal information and money. By posing as representatives from agencies such as the IRS, or other government agencies, these fraudsters use fear and deceit to exploit their victims. 

“Scammers often target seniors, attempting to steal personal information through phone calls, emails or text messages by pretending to be from the IRS or other agencies or businesses,” said IRS Commissioner Danny Werfel. “Preventing these types of scams requires assistance from many different places. By partnering with other federal agencies and others in the tax community, we can reach more seniors and other taxpayers to help protect them against these terrible scams.” 

This is part of a wider effort taking place this week leading up to World Elder Abuse Awareness Day (WEAAD) on Saturday, June 15. WEAAD, observed since June 15, 2006, aims to foster a better understanding of the neglect and abuse faced by millions of older adults, focusing attention on the contributing cultural, social, economic and demographic factors. 

The IRS also has been engaged in long-term efforts to protect against scams and other related schemes, including identity theft. This has been an ongoing focus of the Security Summit partnership between the IRS, state tax agencies and the nation’s tax professional community since 2015. 

Understanding the threats

The IRS has identified a concerning trend where fraudulent actors are increasingly targeting unsuspecting individuals, particularly senior citizens, by masquerading as IRS agents. Victims are pressured into making immediate payments through unorthodox methods such as gift cards or wire transfers under the pretense of resolving fictitious tax liabilities or securing false refunds. 

These scammers deploy advanced techniques to fabricate a veneer of credibility, including the manipulation of caller IDs to appear legitimate. Here are just a few examples of their schemes: 

• Impersonation of known entities: Fraudsters often pose as representatives from government agencies — including the IRS, Social Security Administration and Medicare — others in the tax community or familiar businesses and charities. By spoofing caller IDs, scammers can deceive victims into believing they are receiving legitimate communications. 

• Claims of problems or prizes: Scammers frequently fabricate urgent scenarios, such as outstanding debts or promises of significant prize winnings. Victims may be falsely informed that they owe the IRS money, are owed a tax refund, need to verify accounts or must pay fees to claim non-existent lottery winnings. 

• Pressure for immediate action: These deceitful actors create a sense of urgency, demanding that victims take immediate action without allowing time for reflection. Common tactics include threats of arrest, deportation, license suspension or computer viruses to coerce quick compliance. 

• Specified payment methods: To complicate traceability, scammers insist on unconventional payment methods, including cryptocurrency, wire transfers, payment apps or gift cards, and often require victims to provide sensitive information like gift card numbers. 

Scam precautions and reporting

If an individual receives an unexpected call from someone alleging to be from the IRS, but they have not been notified by mail about any issues with their IRS account, they should hang up immediately. The call is likely from a scammer. 

Do not return the call using the number provided by the caller or the one displayed on their caller ID. If taxpayers are uncertain about the legitimacy of IRS communications, they can contact IRS customer service for verification at 800-829-1040, or for the hearing impaired, TTY/TDD 800-829-4059. 

To view details about an individual’s tax account, they can set up or check their IRS individual online account on IRS.gov. 

Electronic scams are also on the rise, with scammers sending malicious emails and texts posing as IRS representatives to steal personal information. The IRS reminds taxpayers that it does not initiate contact via email, text, or social media regarding tax bills or refunds. 

Report the call or electronic scam by visiting the Hotline page of the Treasury Inspector General for Tax Administration and using an IRS Impersonation Scam Reporting form or by calling 800-366-4484. Forms to report different types of fraud are available on the Hotline page of Treasury Inspector General for Tax Administration website. Taxpayers can click the appropriate option under "IRS Scams and Fraud" and follow the instructions. 

Key points to remember:

Individuals should understand how and when the IRS contacts taxpayers to help them verify whether any communication they receive is genuinely from an IRS employee. 

Most IRS communications are initiated through regular mail delivered by the United States Postal Service. However, in certain situations, the IRS may make phone calls or visit homes or businesses. These situations include having an overdue tax bill, an unfiled tax return or missing employment tax deposit. 

Additionally, an IRS employee might review assets or inspect a business as part of a collection investigation, audit or ongoing criminal investigation. 

Remember the following: 

• The IRS will never demand immediate payment via prepaid debit cards, gift cards or wire transfers. Typically, if taxes are owed, the IRS will send a bill by mail first. 

• The IRS will never threaten to involve local police or other law enforcement agencies. 

• The IRS will never demand payment without allowing opportunities to dispute or appeal the amount owed. 

• The IRS will never request credit, debit or gift card numbers over the phone. 

Remaining vigilant and informed about these scams can help protect taxpayers from financial loss and identity theft. The IRS and partnering federal agencies urge everyone to be cautious, especially when dealing with unsolicited communications concerning taxes. 

In March 2020, the U.S. Department of Justice introduced the National Elder Fraud Hotline to address fraud targeting elderly Americans and support affected individuals. If an individual has fallen victim to elder fraud, they can contact the National Elder Fraud Hotline at 833-FRAUD-11 (833-372-8311).

The hotline operates Monday through Friday, from 10 a.m. to 6 p.m. Eastern Time, and services are available in English, Spanish, and other languages. 

More information

• Tax Scams and Consumer Alerts
• Report Phishing and Online Scams
• The IRS Dirty Dozen: Annual list of scams affecting taxpayers
• Federal Trade Commission- How to avoid a government impersonation scam
• Security Summit partnership

 

WASHINGTON — The Internal Revenue Service today announced the continuing education agenda for the 2024 Nationwide Tax Forum featuring 45 seminars on a wide array of topics that will help tax professionals serve their clients.

This year’s agenda, featuring speakers from the IRS and leading tax associations, includes topics ranging from tax law updates to managing client examinations, from digital assets to the Secure Act 2.0, and from the Employee Retention Credit to clean energy credits.

In the keynote address and plenary session, IRS leadership will focus on the agency’s ongoing work to improve service and transform enforcement and compliance activities.

In addition to the regular tax law update and ethics courses, this year’s forum is hosting two panel discussions on cybersecurity: “Tax Pros and Security – Real-Life Threats and Steps to Protect Your Business” and “IRS Security Summit and the Written Information Security Plan.” In addition, experts from the Pell Center will present “Cybersecurity for Tax Professionals.”

The Nationwide Tax Forum will also equip tax pros to join in the fight against abusive scams, schemes and fraud with three seminars on the topic.

Six of this year’s most popular topics will be presented in both English and Spanish.

Altogether, attendees can earn up to 19 continuing education credits by attending one of the five forums in Chicago, Orlando, Baltimore, Dallas or San Diego.

In addition to the regular seminar lineup, attendees at the Nationwide Tax Forum can attend all of the following special events:

Practice Management / Prácticas de administración

Monday: English from 5-6:30 p.m.; Spanish from 7-8:30 p.m.

Looking for ways to grow or improve your tax business? Maximize your time at the forum by participating in this special Monday session. Tax forum association partners from the National Association of Enrolled Agents, National Association of Tax Professionals, National Society of Accountants, National Society of Tax Professionals and Padgett Business Services will present ideas on how you can attract and manage customers, increase your productivity and have a more satisfying work-life balance.

¿Busca formas de hacer crecer o mejorar su negocio de impuestos? Maximice su tiempo en el foro participando en esta sesión especial el lunes a las 5 p.m. (en inglés). A las 7 p.m. se llevará a cabo la sesión en español, con colaboradores de Advanced Accounting & Tax Services, American Tax Club, BMS of Arizona Corp., Freedom Tax Resolution, Latin Tax Academy, Latino Tax Professional, Midland LDU Insurance and Tax Services, National Association of Enrolled Agents, NAVA School of Business, Noba Digital Academy y Tax Solutions & Bookkeeping LLC.

Scams and Schemes Panel Discussion with CERCA

Wednesday: 12-1 p.m.

Have you been victimized by a tax scam? Scammers are targeting the tax pro community. Join CERCA’s members from the tax and software community and IRS leaders for a panel discussion that will equip tax professionals to protect themselves and their clients. 

National Taxpayer Advocate Town Hall

Wednesday: 4:30-5:30 p.m.

Join National Taxpayer Advocate Erin Collins during the Nationwide Tax Forum Networking Reception to discuss emerging issues facing taxpayers and tax professionals. She wants to hear from the tax professional community and welcomes tax pro participation in addressing these concerns. The program includes a Q&A session.

Beneficial Ownership Information Reporting

Wednesday: 5:45-6:45 p.m.

A new law affecting many small businesses – including many tax practices – went into effect in 2024 requiring companies to report ownership information to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This bonus session, featuring representatives from FinCen and the IRS, will explain what tax professionals need to do to comply with the new reporting requirements.

The special events do not convey continuing education credit.

Early bird deadline approaching

Register by 5 p.m. ET on June 17 to take advantage of the early bird rate of $255 per person. That’s a savings of $54 off the $309 standard rate and $135 off the on-site registration rate of $390. Standard pricing begins on June 17 after 5 p.m. ET and ends two weeks before the start of each forum.

For more information and to register online, visit www.irstaxforum.com.

Association members save an additional $10

Members of the following participating associations can save an additional $10 off the early bird rate if they register by June 17. Those interested should contact their association directly for more information:

• American Bar Association (ABA)
• American Institute of Certified Public Accountants (AICPA)
• National Association of Enrolled Agents (NAEA)
• National Association of Tax Professionals (NATP)
• National Society of Accountants (NSA)
• National Society of Tax Professionals (NSTP)

Location	Forum Dates	Deadline for $309 Standard Rate
Chicago, IL	July 9-11	June 25
Orlando, FL	July 30-Aug. 1	July 16
Baltimore, MD	Aug. 13-15	July 30
Dallas, TX	Aug. 20-22	Aug. 6
San Diego, CA	Sept. 10-12	Aug. 27

The IRS provides continuing education credits to enrolled agents, certified public accountants, Annual Filing Season Program participants and California Tax Education Council participants.

To learn more about the IRS Nationwide Tax Forum, see these YouTube videos:

• 2024 IRS Nationwide Tax Forums: Transforming Tax Services for Professionals
• 5 Things to Know: With John Lipold and Patricia Young, Presented by Tax Talk Today

For more information and to register online, visit www.irstaxforum.com.

WASHINGTON — The Internal Revenue Service today highlighted a number of options available to help taxpayers who missed the April deadline to file their 2023 federal income tax return.  

To help struggling taxpayers, the IRS has important payment programs that can help those who have trouble paying the amount owed and special first-time penalty relief for those who qualify. 

The IRS reminded people that paying what they can as soon as possible will limit penalty and interest charges, which can grow quickly under the tax laws. The interest rate for an individual's unpaid taxes is currently 8%, compounded daily. The late-filing penalty is generally 5% per month and the late-payment penalty is normally 0.5% per month, both of which max out at 25%. 

If a return is filed more than 60 days after the due date, the minimum penalty is either $485 or 100% of the unpaid tax, whichever is less. The failure to pay penalty rate is generally 0.5% of unpaid tax owed for each month or part of a month until the tax is fully paid or until 25% is reached. The rate is subject to change. For more information, see Penalties on IRS.gov.  

However, taxpayers can limit late-payment penalties and interest charges by paying their tax electronically. The fastest and easiest way to do that is with IRS Direct Pay, a free service available only on IRS.gov. Several other electronic payment options are also available. Visit Make a Payment for details. 

File and pay what they can to reduce penalties and interest

Taxpayers should file their tax return and pay any taxes they owe as soon as possible to reduce penalties and interest. An extension to file is not an extension to pay. An extension to file provides an additional six months with a new filing deadline of Oct. 15. Penalties and interest apply to taxes owed after April 15 and interest is charged on tax and penalties until the balance is paid in full. 

Some may qualify for penalty relief

Anyone who receives a penalty notice from the IRS should read it carefully and follow the instructions for requesting relief. Visit Penalty Relieffor information on the types of penalties, requesting penalty relief and appealing a penalty decision. 

Taxpayers who have filed and paid on time and have not been assessed any penalties for the past three years often qualify to have the penalty abated. See the First-Time Penalty Abatement page on IRS.gov. A taxpayer who does not qualify for this relief may still qualify for penalty relief if their failure to file or pay on time was due to reasonable cause and not willful neglect. 

In addition to penalties, interest will be charged on any tax not paid by the April 15 due date and any assessed penalties. Interest stops accruing as soon as the balance due is paid in full. The law does not allow for interest abatement based on reasonable cause or first-time relief. 

Having trouble paying? IRS has options to help

By filing by the deadline, taxpayers avoid failure to file penalties – even if they’re unable to pay. For those who owe federal taxes, the IRS has a number of payment options available. 

Taxpayers that are unable to pay in full by the tax deadline should still file their tax return, pay what they can and explore a variety of payment options available for the remaining balance. The IRS offers several options to helpthem meet their tax obligation, including applying for an online payment plan. 

Taxpayers can receive an immediate response of payment plan acceptance or denial without calling or writing to the IRS. Online payment plan options include: 

• Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full. 

• Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required. 

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay penalty is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional information on payment plans webpage. 

Some taxpayers get automatic extensions

Some taxpayers automatically qualify for extra time to file and pay taxes due without penalties and interest, including: 

• Taxpayers in certain disaster areas. There’s no need for these taxpayers to submit an extension; extra time is granted automatically due to the disaster. Information on the most recent tax relief for disaster situations is available on IRS.gov.
• U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico. 

• Members of the military on duty outside the United States and Puerto Rico, and those serving in combat zones. 

Adjust withholding to prevent tax ‘surprises’

Taxpayers should check their withholding every year to protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year. 

The Tax Withholding Estimator helps individuals bring the tax they pay closer to what is owed. Wage earners can assess their income tax, credits, adjustments and deductions, and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate to their employer, not the IRS. 

WASHINGTON — The Internal Revenue Service today reminded taxpayers whose income is not subject to withholding that the second quarter estimated tax payment deadline is June 17. 

Taxpayers making estimated tax payments should consider this deadline to avoid falling behind on their taxes and facing possible underpayment penalties. And the IRS reminds taxpayers that third quarter payments are due Sept. 16, and the final estimated tax payment for tax year 2024 will be due on Jan. 15, 2025.

For eligible taxpayers, disaster tax relief includes the postponement of filing and payment deadlines. For current tax relief provisions, search Tax relief in disaster situations and visit the IRS news from around the nation page on IRS.gov for the current list of eligible localities. 

Estimated tax payments are usually made by taxpayers who are self-employed, retirees, investors, businesses, corporations and other individuals who do not have taxes withheld. 

Pay-as-you-go

Taxes are pay-as-you-go, to be paid as income is earned, during the year. There are two ways for taxpayers to do this: 

1. Withholding from pay, pension or certain government payments, such as Social Security.  
2. Making quarterly estimated tax payments throughout the year. 

For taxpayers where not enough taxes are being withheld from their salary, pension or other income, estimated tax payments may have to be made. Taxpayers who are employed can avoid having to make estimated tax payments by asking their employer to withhold a larger amount from their earnings by submitting a new Form W-4, Employee's Withholding Certificate. 

Who needs to pay estimated tax?

Taxpayers including sole proprietors, partners and S corporation shareholders must make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return. 

The IRS Interactive Tax Assistant is an online tool that taxpayers can use to see if they are required to make estimated tax payments. Taxpayers can also see the worksheet in Form 1040-ES, Estimated Tax for Individuals, for more information about who must pay estimated tax. 

Corporations that expect to owe tax of $500 or more, generally must make estimated tax payments. For more information, corporations can see Publication 542, Corporations. 

For additional details, see Publication 505, Tax Withholding and Estimated Tax. It includes worksheets and examples that can be especially useful for taxpayers who have dividend or capital gain income, owe alternative minimum or self-employment tax or have other situations. 

Keep records of income reported on Form 1099-K

Individuals working a part-time job or side hustle must report their income. Earnings may be reported to the IRS on a Form W-2, or type of Form 1099. Recipients of Form 1099-K, Payment Card and Third Party Network Transactions must use it with other tax records to help report income. 

Taxpayers earning income not subject to withholding are encouraged to consider making quarterly estimated tax payments during the year to stay current and avoid an unexpected tax bill. 

Remember, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K. 

Paying estimated tax

Electronic payment is the most secure, fastest and easiest way for taxpayers to make an estimated tax payment. Taxpayers can use their Online Account or IRS Direct Pay to make a payment using their checking or savings account. A credit/debit card or digital wallet can also be used. When using a credit/debit card, taxpayers should be aware that payment processors, not the IRS, charge a fee to do so. Payments can be made at IRS.gov/payments and through the IRS2Go app. Both Direct Pay and credit/debit card and digital wallet options are available. 

The Electronic Federal Tax Payment System (EFTPS) can also be used to make an estimated payment. Payment by check or money order made payable to the “United States Treasury” is accepted. For instructions and help figuring out their estimated tax, taxpayers should refer to Form 1040-ES, Estimated Tax for Individuals. 

Electronic funds transfer must be used by corporations to make all federal tax deposits, for example deposits of employment, excise and corporate income tax. Installment payments of estimated tax must also be made via this method. Usually, an electronic funds transfer is made via the EFTPS. 

Avoiding an underpayment penalty

To avoid an underpayment penalty at tax time, taxpayers should pay most of their taxes during the year, owing less than a $1000 when filing their return. Generally, for 2024 that means paying at least 90% of the tax owed on their 2024 return, or at a minimum 100% of the tax shown on their year 2023 tax return. 

Exceptions to the Underpayment of Estimated Tax Penalty and special rules apply for some groups of taxpayers, such as farmers, fishermen, certain higher income taxpayers, casualty and/or disaster victims, those who recently became disabled, recent retirees and those who receive income unevenly during the year. 

Tax Withholding Estimator

The use of the Tax Withholding Estimator by taxpayers will help ensure that the right amount of tax is being withheld from their paychecks or other income that is subject to withholding. Estimates provided are as accurate as the information entered by taxpayers. 

This tool can help taxpayers avoid having too little tax withheld and facing an unexpected tax bill at tax time next year. 

24/7 assistance at IRS.gov

For assistance, tax help is available 24/7 on IRS.gov. Taxpayers can use a variety of tools to find answers to common tax questions, including the Interactive Tax Assistant, Tax Topics and Frequently Asked Questions.

WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that began on April 2, 2024. 

These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments. 

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, individuals and households that reside or have a business in Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties qualify for tax relief. 

Among other things, this means that individuals and many businesses will now have until Nov. 1, 2024, to file their 2023 returns and pay any tax due. This includes taxpayers in Boone and Kanawha counties, who, due to a prior declaration, already had until June 17, 2024, to file and pay. 

The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov. 

Filing and payment relief 

The tax relief postpones various tax filing and payment deadlines that occurred from April 2, 2024, through Nov. 1, 2024 (postponement period). As a result, affected individuals and businesses will have until Nov. 1, 2024, to file returns and pay any taxes that were originally due during this period. 

This means, for example, that the Nov. 1, 2024, deadline will now apply to: 

• Individual income tax returns and payments normally due on April 15, 2024. 

• 2023 contributions to IRAs and health savings accounts for eligible taxpayers. 

• Quarterly estimated income tax payments normally due on April 15, June 17 and Sept. 16, 2024. 

• Quarterly payroll and excise tax returns normally due on April 30, July 31 and Oct. 31, 2024. 

• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024. 

• Calendar-year tax-exempt organization returns normally due on May 15, 2024. 

In addition, penalties for failing to make payroll and excise tax deposits due on or after April 2, 2024, and before April 17, 2024, will be abated as long as the deposits were made by April 17, 2024. 

The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.  

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief. 

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these kinds of unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated. 

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the Bulk Requests from Practitioners for Disaster Relief option, described on IRS.gov. 

Additional tax relief 

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year (2023). Taxpayers have extra time – up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election. For individual taxpayers, this means Oct. 15, 2025. Be sure to write the FEMA declaration number – 4783-DR − on any return claiming a loss. See Publication 547, Casualties, Disasters, and Thefts, for details. 

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, for details. 

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow. 

The IRS may provide additional disaster relief in the future. 

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov. 

Reminder about tax return preparation options

• Eligible individuals or families can get free help preparing their tax return at Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) sites. To find the closest free tax help site, use the VITA Locator Tool or call 800-906-9887. Note that normally, VITA sites cannot help claim disaster losses.
• To find an AARP Tax-Aide site, use the AARP Site Locator Tool or call 888-227-7669.
• Any individual or family whose adjusted gross income (AGI) was $79,000 or less in 2023 can use IRS Free File’s Guided Tax Software at no cost. There are products in English and Spanish.

• Another Free File option is Free File Fillable Forms. These are electronic federal tax forms, equivalent to a paper 1040 and are designed for taxpayers who are comfortable filling out IRS tax forms. Anyone, regardless of income, can use this option.
• MilTax, a Department of Defense program, offers free return preparation software and electronic filing for federal tax returns and up to three state income tax returns. It’s available for all military members and some veterans, with no income limit.

IRS: Kentucky storm victims qualify for tax relief; various deadlines postponed to Nov. 1 

WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 

These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments. 

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, individuals and households that reside or have a business in Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union and Whitley counties qualify for tax relief. 

The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov. 

Filing and payment relief 

The tax relief postpones various tax filing and payment deadlines that occurred from April 2, 2024, through Nov. 1, 2024 (postponement period). As a result, affected individuals and businesses will have until Nov. 1, 2024, to file returns and pay any taxes that were originally due during this period. 

This means, for example, that the Nov. 1, 2024, deadline will now apply to: 

• Individual income tax returns and payments normally due on April 15, 2024. 

• 2023 contributions to IRAs and health savings accounts for eligible taxpayers. 

• Quarterly estimated income tax payments normally due on April 15, June 17 and Sept. 16, 2024. 

• Quarterly payroll and excise tax returns normally due on April 30, July 31 and Oct. 31, 2024. 

• Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024. 

• Calendar-year tax-exempt organization returns normally due on May 15, 2024. 

In addition, penalties for failing to make payroll and excise tax deposits due on or after April 2, 2024, and before April 17, 2024, will be abated as long as the deposits were made by April 17, 2024. 

The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.  

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief. 

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these kinds of unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated. 

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the Bulk Requests from Practitioners for Disaster Relief option, described on IRS.gov. 

Additional tax relief 

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year (2023). Taxpayers have extra time – up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election. For individual taxpayers, this means Oct. 15, 2025. Be sure to write the FEMA declaration number – 4782-DR − on any return claiming a loss. See Publication 547, Casualties, Disasters, and Thefts, for details. 

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, for details. 

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow. 

The IRS may provide additional disaster relief in the future. 

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov. 

Reminder about tax return preparation options

• Eligible individuals or families can get free help preparing their tax return at Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) sites. To find the closest free tax help site, use the VITA Locator Tool or call 800-906-9887. Note that normally, VITA sites cannot help claim disaster losses.
• To find an AARP Tax-Aide site, use the AARP Site Locator Tool or call 888-227-7669.
• Any individual or family whose adjusted gross income (AGI) was $79,000 or less in 2023 can use IRS Free File’s Guided Tax Software at no cost. There are products in English and Spanish.

• Another Free File option is Free File Fillable Forms. These are electronic federal tax forms, equivalent to a paper 1040 and are designed for taxpayers who are comfortable filling out IRS tax forms. Anyone, regardless of income, can use this option.
• MilTax, a Department of Defense program, offers free return preparation software and electronic filing for federal tax returns and up to three state income tax returns. It’s available for all military members and some veterans, with no income limit.

WASHINGTON – The Department of the Treasury and Internal Revenue Service issued Revenue Procedure 2024-26 today for the submission of information by qualified manufacturers of new clean vehicles and dealers and sellers of new clean vehicles and previously-owned clean vehicles. 

Today’s guidance provides additional procedures for qualified manufacturers to submit attestations, certifications and documentation demonstrating the qualified manufacturer’s compliance with certain requirements regarding new clean vehicles placed in service after Dec. 31, 2024. 

The guidance updates procedures for qualified manufacturers to submit information regarding new clean vehicles for upfront review by the IRS, with analytical assistance from the Department of Energy, to ensure the vehicles satisfy relevant requirements for the calendar year and are eligible for the new clean vehicle credit. 

Finally, this revenue procedure provides rules regarding seller report updates and rescissions and provides clarification for qualified manufacturers for the transition rule for impracticable-to-trace battery materials. 

More information can be found on the Inflation Reduction Act of 2022 page on IRS.gov.

Revenue Procedure 2024-26 updates existing procedures and provides additional procedures for qualified manufacturers to submit information regarding new clean vehicles to ensure the vehicles satisfy the requirements of § 30D(d) and (e) of the Internal Revenue Code (Code) for the applicable calendar year and therefore are eligible for the clean vehicle credit under § 30D.  This revenue procedure also updates existing procedures regarding seller report updates and rescissions.  Finally, this revenue procedure modifies section 7.03(4) of Rev. Proc. 2023-33, 2023-43 I.R.B. 1135, and modifies section 5.04 of Rev. Proc. 2023-38, 2023-51 I.R.B. 1544.  

Revenue Procedure 2024-26 will be in IRB:  2024-27, dated July 8, 2024