Wild ERC scams, service upgrades, natural disasters, green energy credits, IRS e-filing, interest rates

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e-News for Small Business May 30, 2023

Tax Resources for Small Business

Small Business Self-Employment Center [ [link removed] ]

Small Business Forms & Instructions [ [link removed] ]

Small Business Tax Workshops, Meetings and Seminars [ [link removed] ]

Webinars for Small Businesses [ [link removed] ]

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] ]

Forms, Instructions & Publications [ [link removed] ]

Filing Your Taxes [ [link removed] ]

Pay Online [ [link removed] ]

Taxpayer Advocate Service [ [link removed] ]

Retirement Plans for Small Entities and Self-Employed [ [link removed] ]

Tax Information for Charities [ [link removed] ]
and Other Non-Profits [ [link removed] ]

State Government Websites [ [link removed] ]

SSA/RS Reporter [ [link removed] ]

IRS Social Media [ [link removed] ]

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Issue Number: 2023-08

Inside This Issue

* Beware: Aggressive marketing of Employee Retention Credit scams [ #First ]
* Small business owners: Improvements coming soon [ #Second ]
* Prepare for natural disasters: Protect personal information [ #Third ]
* Initial guidance for the Domestic Content Bonus Credit [ #Fourth ]
* IRS evaluates providing free IRS-run e-file system [ #Fifth ]
* Building energy-efficient homes may qualify for credit [ #Sixth ]
* Interest rates remain the same for the third quarter of 2023 [ #Seventh ]
* Other tax news [ #Eighth ] [ #Fourteenth ]
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*1.??Beware: Aggressive marketing of Employee Retention Credit scams*
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As a barrage of aggressive broadcast advertising, direct mail solicitations and online promotions continues, the IRS renews an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit [ [link removed] ].

The IRS advises businesses to work with a trusted tax professional, not someone promoting the credit.

The IRS stepped up enforcement actions, including audits and more. It?s an important pandemic-era credit and valuable if claimed properly, but it could result in repayment and substantial penalties and interest if not. Illegitimate claims slow down processing of the credit for everyone.?

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*2.??Small business owners: Improvements coming soon*
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Good news for small business owners ? improvements to IRS phone service and online options are coming [ [link removed] ]. These customer service upgrades will make it easier and more convenient to file online and respond to notices.

Small business taxpayers can expect to see these customer service upgrades soon:


* Expanded online service tools
* More ways to respond to notices and file documents
* Simplified, mobile-friendly forms
* Improved processing times and faster refunds

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*3.??Prepare for natural disasters: Protect personal information*
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In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminds businesses to protect important tax and financial information [ [link removed] ] as part of a complete emergency preparedness plan.

In addition to recordkeeping advice, the IRS offers tips for reconstructing records and using a payroll service provider that has a fiduciary bond in place. This bond protects the employer in the event of default by the payroll service provider. The IRS also reminds employers to carefully choose their payroll service providers [ [link removed] ].

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*4.??Initial guidance for the Domestic Content Bonus Credit*
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Small business owners of green energy projects such as wind, solar and energy storage technologies should review Notice 2023-38 [ [link removed] ].

The notice outlines upcoming proposed regulations that will provide initial guidance about rules concerning energy storage facilities and products. It also describes a safe harbor regarding the classification of certain components.

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*5.??IRS evaluates providing free IRS-run e-file system*
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The IRS submitted a report to Congress evaluating the feasibility of a free, voluntary, IRS-run electronic tax filing system for taxpayers called Direct File [ [link removed] ]. The report focuses on three areas: taxpayer opinions, cost and feasibility.

The IRS is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.

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*6.??Building energy-efficient homes may qualify for credit*
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Contractors who build or substantially reconstruct qualified energy-efficient homes may be eligible for tax credits up to $5,000 per home.

Taxpayers can visit Credit for Builders of Energy Efficient Homes [ [link removed] ] on IRS.gov for more information.

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*7.??Interest rates remain the same for the third quarter of 2023*
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Interest rates will remain the same for the calendar quarter beginning July 1, 2023. Small businesses can find the list of interest rates for underpayments and overpayments for individuals and corporations [ [link removed] ] in the news release.

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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:


* Improving nationwide access to IRS Appeals; public input requested [ [link removed] ]
* Now open: 2024 Low Income Taxpayer Clinic grant application [ [link removed] ]

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