The Internal Revenue Service (IRS) is gearing up for the 2024 tax filing season with the launch of the Tax Professional Awareness Week starting Monday, January 8. This initiative is designed to support tax professionals, ensuring they are well-prepared for the upcoming tax season and understand the latest developments and challenges in the field.
Tax Professional Awareness Week is part of the IRS’s continuous effort to support both taxpayers and the tax community. Every year, millions of taxpayers rely on the expertise of tax professionals for preparing their federal tax returns and other tax-related filings. IRS Commissioner Danny Werfel emphasized the crucial role of these professionals in maintaining the integrity of the nation’s tax system. He encouraged taxpayers needing assistance to seek out trusted tax professionals, including those affiliated with recognized national organizations.
A key focus of the IRS during this week is to remind taxpayers, especially those eligible for refundable credits like the Earned Income Tax Credit or Child Tax Credit, of the importance of choosing reputable tax professionals. The IRS has made resources available to assist taxpayers in selecting a qualified tax professional. Additionally, the IRS highlights the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, which offer free basic tax return preparation to qualifying individuals.
Throughout the week, the IRS will address several critical issues frequently encountered by tax professionals. These include due diligence, electronic filing identification numbers (EFINs), preparer tax identification numbers (PTINs), e-filing, e-Services, and identity theft. The IRS plans to disseminate information on these topics through social media posts and outreach materials.
The IRS has scheduled two informative webinars:
Wednesday, Jan. 10: A session focused on answering frequently asked questions about due diligence.
Friday, Jan. 12: A webinar dedicated to navigating the rules of refundable tax credits.
These webinars will not only provide valuable information but also offer Continuing Professional Education credit for attendees participating in the live sessions. Resources, training, and tools for tax professionals will be highlighted and available through the online Tax Return Preparer Toolkit.
In addition to IRS-led webinars, Tax Professional Awareness Week will feature various training opportunities, including courses, seminars, and expos presented by members of the tax professional community. Prominent contributors include the Texas Society of CPAs, the University of Minnesota, and the University of Michigan.
For small business owners and tax professionals, this initiative is a vital opportunity to stay informed and prepared for the 2024 tax season. The week promises to be a resourceful period, offering a wealth of knowledge and tools essential for effective tax preparation and filing.
For more details, tax professionals and interested parties are encouraged to visit the Tax Professional Awareness Week website.
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