Recap small business week, 1099-K, settling tax debt, storm victims

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e-News for Small Business May 10, 2023

Tax Resources for Small Business

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E-file Employment Tax Forms [ [link removed] ]

Businesses with Employees [ [link removed] ]

Self-Employed Individuals Tax Center [ [link removed] ]

S Corporations [ [link removed] ]

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Other Resources

IRS Home Page [ [link removed] ]

A-Z Index for Business [ [link removed] ]

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IRS Social Media [ [link removed] ]

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Issue Number: 2023-07

Inside This Issue

* Recap of Small Business Week [ #First ]
* Prepare now for new Form 1099-K reporting threshold [ #Second ]
* Use current version of Form 656-B, Offer in Compromise Booklet [ #Third ]
* Storm victims tax relief [ #Fourth ]
* Missed the April 18 filing deadline? File now to limit penalties and interest [ #Fifth ]
* IRS wraps up its 2023 Dirty Dozen list [ #Sixth ]
* Upcoming IRS improvements for small business owners [ #Seventh ]
* Other tax news [ #Eighth ] [ #Fourteenth ]
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*1.??Recap of Small Business Week*
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The IRS joined the Small Business Administration in support of its 2023 National Small Business Week. Small business owners, employers and self-employed individuals should visit the Small Business Week page [ [link removed] ] on IRS.gov for the resources and information the IRS shared during this annual event.

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*2.??Prepare now for new Form 1099-K reporting threshold*
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A new reporting threshold for Form 1099-K, Payment Card and Third-Party Network Transactions, began in tax year 2023. Small businesses should keep good records now for the next filing season. Find more information at IRS.gov/1099k [ [link removed] ].

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*3.??Use current version of Form 656-B, Offer in Compromise Booklet*
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The IRS recently released its April 2023 version of Form 656-B, Offer in Compromise Booklet [ [link removed] ]. Offers in compromise give taxpayers the opportunity to settle their tax debts for less than the full amount they owe once they?ve exhausted all other payment options.

Taxpayers and small businesses should always download and use the most current version of this form to avoid processing delays. The booklet also includes every form taxpayers must complete as part of the OIC process and is now available in Spanish [ [link removed] ].

Check out IRS Tax Tip 2023-58 that explains the OIC process in detail [ [link removed] ] including how to:


* Avoid paying an OIC application fee if a taxpayer qualifies as low-income (as defined by Form 656)
* Confirm if a taxpayer is eligible to file an OIC and calculate a preliminary offer amount using the OIC Pre-Qualifier Tool [ [link removed] ]
* File an offer by watching a how-to OIC video playlist series [ [link removed] ] that?s now also available in Spanish and Simplified Chinese

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*4.??Storm victims tax relief*
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The tax relief for storm victims provides additional time to file various federal individual and business tax returns and make tax payments:


* Florida storm victims [ [link removed] ] have until *August 15, 2023*
* Indiana [ [link removed] ], Tennessee [ [link removed] ]and Arkansas [ [link removed] ]storm victims have until *July 31, 2023*

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*5.??Missed the April 18 filing deadline? File now to limit penalties and interest*
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The IRS urges taxpayers who missed Tuesday?s *April 18, 2023,*?tax-filing deadline [ [link removed] ] to file as soon as possible.

Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

The IRS also reminds taxpayers who could file for a refund that they don't receive a penalty for filing late, but that every year, more than 1 million taxpayers overlook a tax refund.

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*6.??IRS wraps up its 2023 Dirty Dozen list*
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The IRS and its Security Summit partners issued their annual Dirty Dozen list of tax scams for 2023 [ [link removed] ], reminding taxpayers and businesses to watch out for these schemes that occur throughout the year as fraudsters look for ways to steal money, personal information, data and more.

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*7.??Upcoming IRS improvements for small business owners*
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Small business taxpayers will soon see changes to help them better interact with the IRS in ways that work best for them. New improvements to phone service, in-person and online options will allow small business taxpayers to get the help they need when they need it.

Find out what enhancements the IRS plans under its Strategic Operating Plan [ [link removed] ], including:


* Additional ability to respond to notices and file documents online
* Business Online Accounts
* Mobile-friendly forms

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*8.??Other tax news*
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The following information may be of interest to individuals and groups in or related to small businesses:


* Going green could help taxpayers qualify for expanded home energy tax credits [ [link removed] ]
* IRS releases fiscal year 2022 Data Book [ [link removed] ] describing agency?s activities
* IRS reminds tax-exempt organizations of annual May filing deadline [ [link removed] ]
* IRS revises Form 8940, Request for Miscellaneous Determination [ [link removed] ], as part of ongoing efforts to improve service, allow electronic filing
* IRS Tax Withholding Estimator helps people get ready for the 2024 filing season [ [link removed] ]; make sure withholding is right on 2023 paychecks
* Taxable state tax refunds [ [link removed] ]: Filers in certain states may want to amend

*FAQs, regulations and guidance*


* IRS, Departments of Labor and Health and Human Services issue frequently asked questions about upcoming changes to COVID-19 coverage and payment requirements [ [link removed] ]
* IRS issues frequently asked questions on compensation payments made by states for forced sterilization [ [link removed] ]
* IRS issues guidance on eligibility requirement for energy communities for the bonus credit program [ [link removed] ] under the Inflation Reduction Act
* Reminder: Proposed regulations related to the new clean vehicle critical mineral and battery components [ [link removed] ] go into effect April 18
* Treasury, IRS issue safe harbor deed language for extinguishment and boundary line adjustment clauses [ [link removed] ]
* Treasury and IRS propose regulations identifying micro-captive transactions as abusive tax transactions [ [link removed] ]

*Applications and nominations*


* IRS seeking applications for TCE and VITA grants [ [link removed] ]; organizations provide free tax return help for seniors, underserved
* IRS seeks membership nominations for the 2024 Internal Revenue Service Advisory Council [ [link removed] ]

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