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Tax News Update - 12th Edition

IRS Security Summit aims to help protect taxpayers and tax professionals from identity theft as holiday and tax seasons approach

The Internal Revenue Service, along with state tax agencies and the nation's tax industry, today announced a special week focusing attention on empowering taxpayers to protect sensitive financial information against identity thieves as the holidays and the 2023 tax season get closer.

Now in its seventh year, the annual National Tax Security Awareness Week takes place from November 28 - December 2. The event is part of a larger effort that continues by the Security Summit, the coalition of the IRS, the states and the nation's tax software and tax professional community. The group formed in 2015 to combat tax-related identity theft by strengthening protections against fraud and raising security awareness.

With the holidays and tax season approaching, the Summit partners warned taxpayers and tax professionals to take extra steps to protect their financial and tax information. People face a heightened risk in coming months as fraudsters take advantage of the holiday season to trick people into sharing sensitive personal information by email, text message and online. Identity thieves use that information to try to file tax returns and steal refunds.

Proposed Tax Legislation

The following is an overview of several recent tax proposals discussed or introduced in Congress over the past several weeks. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws may be affecting you in the future.

Affordable Electric Vehicles for America Act of 2022 (House of Representatives Bill 9289): This bill, introduced Nov. 10, proposes to amend the Internal Revenue Code of 1986 to temporarily suspend application of the requirement that final assembly of vehicles occur within North America for purposes of the clean vehicle credit.

BNA Fairness Act (House of Representatives Bill 9275): This bill, introduced Nov. 3, proposes to amend the Internal Revenue Code of 1986 to exclude from gross income the basic needs allowance of members of the Armed Forces.

The above are proposals. There are many steps each bill must go through before they are signed into law. Information retrieved from:

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