Feedback on notices and letters, trucker deadline, stock options, 3 energy credits

Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;}
IRS.gov Banner
e-News for Small Business August 18, 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] ]

________________________________________________________________________

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] ]

?

?


Issue Number: 2023-11

Inside This Issue

* Inflation Reduction Act: 1-year report card [ #First ]
* IRS asks for feedback to help improve its notices and letters [ #Second ]
* Truckers: E-file by Aug. 31 tax payment deadline [ #Third ]
* Plan sponsors: Be aware of ESOP-related compliance issues [ #Fourth ]
* Energy credits [ #Fifth ]
* Other tax news [ #Sixth ] [ #Fourteenth ]
________________________________________________________________________

*1.??Inflation Reduction Act: 1-year report card*
________________________________________________________________________

One year into its modernization efforts under the Inflation Reduction Act and the IRS continues to make significant progress toward its goals [ [link removed] ] of delivering world-class service, upgrading its technology and ensuring high-income taxpayers, large corporations, and complex partnerships pay taxes owed.

First year progress includes:


* Delivering dramatically improved service during the 2023 filing season
* Providing improved customer callback option, which is available for around 95% of callers seeking live help
* Offering voice and chatbots to help taxpayers with securing account transcripts, getting answers to questions about balances due and more.
* Reaching new milestones in its paperless initiative by scanning hundreds of times more forms and providing taxpayers more online response options

Back to top [ #top ]

________________________________________________________________________

*2.??IRS asks for feedback to help improve its notices and letters*
________________________________________________________________________

The IRS Strategic Operating Plan outlines how it will use the funds received under the Inflation Reduction Act of 2022. The plan includes ways for updating IRS notices and letters, making it easier for taxpayers to read, understand and respond.

The IRS is asking for stakeholder feedback on letters or notices they have received to help accomplish this goal.

Anyone wanting to submit feedback or ideas on improving IRS letters and notices can do so though the [email protected] mailbox. Feedback should include the name or number of the notice or letter, the submitter?s experience with the notice or letter, and a clear explanation of how to improve the written communications.

The IRS will consider feedback received by *Aug. 23, 2023*, in its next round of updates ? but welcomes feedback after that date since the agency will be updating its notices and letters on a continuing basis.

The agency will not be able to respond to each individual email, but it will share how it used taxpayer and stakeholder feedback to improve its notices and letters as the projects proceeds.

Back to top [ #top ]

________________________________________________________________________

*3.??Truckers: E-file by Aug. 31 tax payment deadline*
________________________________________________________________________

The IRS encourages those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the *Aug. 31, 2023*, payment deadline for vehicles first used in July 2023.

Get more information [ [link removed] ] on who must file, what information to gather and filing options, and more.

Back to top [ #top ]

________________________________________________________________________

*4.??Plan sponsors: Be aware of ESOP-related compliance issues*
________________________________________________________________________

As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the IRS warns businesses and tax professionals to be aware of compliance issues associated with Employee Stock Ownership Plans [ [link removed] ] (ESOPs).

Prior to the Inflation Reduction Act, more than a decade of budget cuts prevented the IRS from keeping pace with the increasingly complicated set of tools that the wealthiest taxpayers use to hide their income and evade paying their share.

"The IRS is now taking swift and aggressive action to close this gap," IRS Commissioner Werfel said. "Part of that includes alerting higher-income taxpayers and businesses to compliance issues and aggressive schemes involving complex or questionable transactions, including those involving ESOPs."

The IRS provides avenues to report individuals who promote improper and abusive tax schemes [ [link removed] ], as well as those who deliberately prepare improper returns.

Back to top [ #top ]

________________________________________________________________________

*5.??Energy credits*
________________________________________________________________________

*Energy Efficient Home Improvement Credit*
The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers that want to claim the Energy Efficient Home Improvement Credit [ [link removed] ].

*Expanded credit for homebuilders under Section 45L*
The IRS reminds eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home [ [link removed] ].

*Solar and wind powered energy facilities in low-income communities*
The Department of the Treasury and the IRS issued guidance for owners of solar and wind powered energy facilities in low-income communities [ [link removed] ] for increased energy credit under the Inflation Reduction Act.?

Back to top [ #top ]

________________________________________________________________________

*6.??Other tax news*
________________________________________________________________________

The following information may be of interest to individuals and groups in or related to small businesses:


* The IRS selects new Chief Transformation and Strategy Officer to lead change [ [link removed] ] efforts under the Inflation Reduction Act; David Padrino to oversee Strategic Operating Plan work to help taxpayers, drive agency improvements
* Taxpayers not under examination now have easier way to electronically request relief for late-filed international documents and forms [ [link removed] ]

*Guidance and regulations*


* Treasury and the IRS issue guidance relating to section 5000D of the Internal Revenue Code [ [link removed] ]
* Treasury and the IRS issue proposed regulations identifying certain monetized installment sales as listed transactions [ [link removed] ]

*Security Summit*


* Special summer series concludes [ [link removed] ] with important security reminders
* Tax professionals can help protect clients by knowing the signs of data theft [ [link removed] ]
* Remain vigilant against phishing emails and cloud-based attacks [ [link removed] ]

Back to top [ #top ] [ #top ]

________________________________________________________________________

FaceBook Logo [ [link removed] ]??YouTube Logo [ [link removed] ] ?Instagram Logo [ [link removed] ]? Twitter Logo [ [link removed] ] ?LinkedIn Logo [ [link removed] ]

________________________________________________________________________

Thank you for subscribing to this IRS email service.

This message was distributed automatically from the mailing list e-News for Small Business. Please Do Not Reply To This Message.



?

________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington DC 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}