Large cash payments, Idalia, Hawaii, credits and deductions, helping employees with student loans

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e-News for Small Business September 8, 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] ]

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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: 2023-12

Inside This Issue

* Businesses must e-file large cash transaction reports beginning Jan. 1 [ #First ]
* IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts [ #Second ]
* Third quarter estimated tax payment due Sept. 15 [ #Third ]
* Tax relief: Hurricane Idalia and Hawaiian wildfires [ #Fourth ]
* IRS issues guidance on state tax payments [ #Fifth ]
* Energy credits and deductions updates [ #Sixth ]
* IRS webinar educates workers about employer educational assistance programs to help pay student loans [ #Seventh ]
* Videos now available in other languages [ #Eighth ]
* Other tax news [ #Ninth ]
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*1.??Businesses must e-file large cash transaction reports beginning Jan. 1*
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Beginning *Jan. 1, 2024*, businesses must e-file all Forms 8300 [ [link removed] ] (and other certain types of information returns required to be filed in a given calendar year) if they're required to file at least 10 information returns other than Form 8300.

Many businesses are finding the free and secure e-filing system to be a more convenient and cost-effective way to meet the reporting deadline of 15 days after a transaction ? and they get an email acknowledgment of receipt. Businesses can also batch e-file their reports, which is especially helpful to those required to file many forms.

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*2.??IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts*
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Capitalizing on Inflation Reduction Act funding and following a top-to-bottom review of enforcement efforts, the IRS announced the start of a sweeping, historic effort to restore fairness in tax compliance [ [link removed] ] by shifting more attention onto high-income earners, partnerships, large corporations and promoters abusing the nation's tax laws.

The effort, building off work following last August's IRA funding, will center on adding more attention on wealthy, partnerships and other high earners that have seen sharp drops in audit rates for these taxpayer segments during the past decade.

The changes will be driven with the help of improved technology as well as Artificial Intelligence that will help IRS compliance teams better detect tax cheating, identify emerging compliance threats and improve case selection tools to avoid burdening taxpayers with needless "no-change" audits.

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*3.??Third quarter estimated tax payment due Sept. 15*
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A reminder to taxpayers who make estimated tax payments [ [link removed] ] ? the deadline to submit third quarter payments is *Sept. 15, 2023*.

Gig workers, sole proprietors, retirees, partners and S corporation shareholders generally must make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return. The IRS Tax Withholding Estimator [ [link removed] ], Interactive Tax Assistant [ [link removed] ] and the worksheet in Form 1040-ES, Estimated Tax for Individuals [ [link removed] ] all offer clear step-by-step instructions to see if they?re required to make estimated tax payments. And the payments page [ [link removed] ] on IRS.gov explains the many easy ways to pay.

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*4.??Tax relief: Hurricane Idalia and Hawaiian wildfires*
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The IRS announced tax relief for individuals and businesses affected by Idalia in Florida [ [link removed] ] and for Hawaii wildfire victims in Maui and Hawaii counties [ [link removed] ]. These taxpayers now have until *Feb. 15, 2024*, to file various federal individual and business tax returns and make payments.

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*5.??IRS issues guidance on state tax payments*
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The IRS is providing additional guidance and certainty to states [ [link removed] ] and their residents regarding the federal income tax consequences of state payments made to them. This is in addition to previous IRS guidance on state payments made in 2022 as explained in IRS News Release IR-2023-23 [ [link removed] ].

Most taxpayers that receive state tax refunds do not have to include them as income for federal tax purposes. The guidance also covers payments that spill over from 2022 into 2023 and payments from state general welfare programs.

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*6.??Energy credits and deductions updates*
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* *Prevailing wage and apprenticeship requirements*
The IRS issued proposed regulations [ [link removed] ] related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship (PWA) requirements.

* *Tax deduction for increased energy savings*
Building owners placing into service energy-efficient commercial building property (EECBP), or energy efficient building retrofit property (EEBRP) may be able to claim a tax deduction. Find out more on eligibility and qualifications in this graphic, easy-to-understand e-Poster [ [link removed] ]. Find more information on the IRS.gov energy efficient commercial buildings deduction [ [link removed] ] webpage.

* *Clean vehicle credit changes*
Consumers considering an automobile purchase should understand several recent changes to the new Clean Vehicle Credit [ [link removed] ] for qualified plug-in electric drive vehicles, including qualified manufacturers and tax rules.

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*7.??IRS webinar educates workers about employer educational assistance programs to help pay student loans*
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Fall college semester is quickly approaching and the IRS reminds employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations [ [link removed] ] for their employees. The IRS will hold a free webinar about Qualified Educational Assistance Programs on *Sept. 14, 2023*.

"The IRS wants to remind both employers and employees about this special feature that can help with student loans," IRS Commissioner Danny Werfel said. "There is a limited window of time for this educational assistance program, and the IRS wants to make sure employers don't overlook this option that can help businesses attract and retain workers."

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*8.??Videos now available in other languages*
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* *Form 1099-K informational video available in Korean, Russian and Spanish*
Taxpayers who sell items or provide services and are paid by payment cards or through payment apps, may get a Form 1099-K that reports these transactions to the IRS. Taxpayers must keep good records of these payments throughout the year.

Taxpayers wanting to learn more on this topic can watch a new, short IRS video [ [link removed] ] that?s also now available in Korean [ [link removed] ], Russian [ [link removed] ] and Spanish [ [link removed] ].

* *Small Business Tax Workshop available in Spanish*
The popular eight-video, interactive series Small Business Tax Workshop (SP) [ [link removed] ] is now available in Spanish. It?s designed to help small business owners learn their tax rights and responsibilities.

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


* Interest rates increase [ [link removed] ] for the fourth quarter 2023
* IRS announces administrative transition period for new Roth catch-up requirement [ [link removed] ]; catch-up contributions still permitted after 2023
* The IRS released a new e-Poster [ [link removed] ] with information about passport issues tied to seriously delinquent tax debt and how taxpayers can resolve passport revocations
* New school year reminder to educators; maximum educator expense deduction [ [link removed] ] is $300 in 2023
* Proposed regulations on reporting by brokers for sales or exchanges of digital assets [ [link removed] ]; new steps designed to end confusion, help taxpayers, aid high-income compliance work

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