Recap small business week, 1099-K, settling tax debt, storm victims
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Issue Number: 2023-07Inside This Issue
1.??Recap of Small Business WeekThe 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 on IRS.gov for the resources and information the IRS shared during this annual event. 2.??Prepare now for new Form 1099-K reporting thresholdA 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. 3.??Use current version of Form 656-B, Offer in Compromise BookletThe IRS recently released its April 2023 version of Form 656-B, Offer in Compromise Booklet. 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. Check out IRS Tax Tip 2023-58 that explains the OIC process in detail including how to:
4.??Storm victims tax reliefThe tax relief for storm victims provides additional time to file various federal individual and business tax returns and make tax payments:
5.??Missed the April 18 filing deadline? File now to limit penalties and interestThe IRS urges taxpayers who missed Tuesday?s April 18, 2023,?tax-filing deadline 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. 6.??IRS wraps up its 2023 Dirty Dozen listThe IRS and its Security Summit partners issued their annual Dirty Dozen list of tax scams for 2023, 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. 7.??Upcoming IRS improvements for small business ownersSmall 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, including:
8.??Other tax newsThe following information may be of interest to individuals and groups in or related to small businesses:
FAQs, regulations and guidance
Applications and nominations
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