Episode Title: IRS Proposes Major Rules Update for Tax Pros: Circular 230 Changes

Description: The IRS and Treasury Department are proposing significant updates to Circular 230, which governs tax professionals who practice before the IRS. Learn about key changes including tech competency and more.

Show Notes:

• IRS & Treasury propose updates to Circular 230 for tax practitioners.
• Updates address changes in law and tax practice.
• Key changes: Registered tax return preparers, contingent fees, technological competency, and more.
• OPR (Office of Professional Responsibility) retains jurisdiction over suspended practitioners.
• New rules for appraisers included.
• IRS Source: IR-2024-315

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Episode Title: IRS Sending Automatic Stimulus Payments! Do You Qualify?

Description: The IRS is sending out automatic payments to eligible taxpayers who missed claiming the 2021 Recovery Rebate Credit! Find out if you're getting a payment and what to do if you haven't filed your 2021 taxes.

Show Notes:

• IRS sending automatic payments to 1 million taxpayers for unclaimed 2021 Recovery Rebate Credit.
• Payments will be direct deposited or mailed by late January 2025.
• No action needed for those who filed a 2021 return and are eligible.
• Maximum payment is $1,400 per individual.
• Non-filers: Must file 2021 return by April 15, 2025, to claim the credit.
• IRS Source: IR-2024-314

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Episode Title: IRS Seeks Feedback on Research Credit Form: Have Your Say!

Description: The IRS has released draft instructions for Form 6765, the Credit for Increasing Research Activities, and they want your input! Learn about the key changes and how to submit feedback to influence the final version.

Show Notes:

• IRS seeks feedback on draft instructions for Form 6765 (Research Credit).
• Specific focus areas: Section G reporting, ASC 730 Directive, business component detail, statistical sampling.
• Feedback deadline: June 30, 2025. Email lbi.rt.team@irs.gov
• New sections E, F, and G have been added to Form 6765.
• Section G is optional for 2024, mandatory for 2025 (with exceptions).
• Link to draft instructions: IR-2024-313

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