ERC deadline, Form 1099-K, High income non-filers, filing help, disaster relief

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e-News for Small Business March 12, 2024

Tax Resources for Small Business

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S Corporations [ [link removed] ]

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Other Resources

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IRS Social Media [ [link removed] ]

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Issue Number: ?Issue 2024-04

Inside This Issue

* Businesses: Review Employee Retention Credit claims by key March 22 deadline for incorrect credits; take action to avoid future issues [ #First ]
* Know the facts about receiving Form 1099-K in 2024 [ #Second ]
* IRS improves Where?s My Refund? tool for 2024 [ #Third ]
* What to know before completing a tax return [ #Fourth ]
* Interest rates remain the same for the second quarter of 2024 [ #Fifth ]
* Electronically filed returns rejected for missing Form 8962 [ #Sixth ]
* Taxpayers impacted by severe storms qualify for tax relief [ #Seventh ]
* Taxpayer Advocacy Panel seeks civic-minded volunteers to apply for the 2025-member year [ #Eighth ]
* IRS launches new effort aimed at high-income non-filers [ #Ninth ]
* Other tax news [ #Tenth ]
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*1.? Businesses: Review Employee Retention Credit claims by key March 22 deadline for incorrect credits; take action to avoid future issues*
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The IRS urges businesses to review eligibility for the ERC [ [link removed] ] before an approaching March deadline to voluntarily resolve incorrect claims and avoid future issues, such as penalties and interest.

Businesses that received the credit but don?t meet the ERC rules can apply for the ERC Voluntary Disclosure Program [ [link removed] ] before the *March 22* deadline to get a 20% discount on their repayment, among other benefits. The IRS also offers a special ERC Withdrawal Program [ [link removed] ] for those whose claims haven?t been processed yet. View the IRS?s Voluntary Disclosure Program webinar [ [link removed] ] for more information.

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*2.? Know the facts about receiving Form 1099-K in 2024*
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To help taxpayers with filing, the IRS debunked some common myths [ [link removed] ] and scenarios to help small businesses and taxpayers understand responsibilities about Forms 1099-K received in 2024 [ [link removed] ].

The IRS continues to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K.

More information is available at IRS.gov: see what to do with Form 1099-K [ [link removed] ] and frequently asked questions [ [link removed] ].

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*3.? IRS improves Where?s My Refund? tool for 2024*
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The IRS reminds taxpayers of recent improvements [ [link removed] ] to Where's My Refund? [ [link removed] ] on IRS.gov. The tool now provides more information and remains the best way to check the status of a refund.

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*4.? What to know before completing a tax return?*
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The IRS kicked off its 2024 Tax Time Guide series [ [link removed] ] to help remind taxpayers of key items they?ll need to file a 2023 tax return.

As part of its four-part, weekly Tax Time Guide [ [link removed] ] series, the IRS continues to provide new and updated resources to help taxpayers file an accurate tax return.

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*5.? Interest rates remain the same for the second quarter of 2024*
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The IRS announced interest rates will remain the same [ [link removed] ] for the calendar quarter beginning *April 1, 2024*.

In the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points.

These interest rates are computed from the federal short-term rate determined during January 2024. For further details review Revenue Ruling 2024-6 [ [link removed] ].

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*6.? Electronically filed returns rejected for missing Form 8962*
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The IRS reminds taxpayers that an electronically filed tax return will be rejected [ [link removed] ] if the taxpayer is required to reconcile advance payments of the premium tax credit on Form 8962, Premium Tax Credit (PTC) [ [link removed] ] but doesn?t do so.

They must file Form 8962 if any family member was enrolled in Marketplace health insurance and IRS records show that APTC was paid to their Marketplace insurance company.

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*7.? Taxpayers impacted by severe storms qualify for tax relief*
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The IRS announced tax relief for individuals and businesses in parts of California [ [link removed] ]?affected by severe storms and flooding that began on *Jan. 21, 2024*, and parts of Washington state affected by wildfires [ [link removed] ]?that began on *Aug. 18, 2023*.

These taxpayers now have until *June 17, 2024*, to file various federal individual and business tax returns and make tax payments.

The IRS advises farmers and fishers [ [link removed] ] who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, *March 1, 2024*. In such instances, taxpayers can avoid estimated tax penalties.

The current list of eligible localities is always available on the disaster relief [ [link removed] ]?page on IRS.gov.

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*8.? Taxpayer Advocacy Panel seeks civic-minded volunteers to apply for the 2025-member year*
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The IRS announced vacancies in 29 states and territories for the volunteer-led Taxpayer Advocacy Panel (TAP) [ [link removed] ].

TAP members are selected to achieve demographic and geographic diversity, providing representation from all 50 states, the District of Columbia, Puerto Rico and an additional member representing the interests of taxpayers working, living or doing business abroad.

For additional information about TAP, visit ImproveIRS.org [ [link removed] ] or call 888-912-1227 and select prompt number five.

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*9.? IRS launches new effort aimed at high-income non-filers*
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The IRS announced a new effort focused on high-income taxpayers [ [link removed] ] who have failed to file federal income tax returns. Using Inflation Reduction Act funding, the IRS will issue compliance letters to more than 125,000 cases where tax returns haven?t been filed since 2017.

This week, the IRS will begin mailing compliance alerts for failure to file a tax return, formally known as the CP59 notice [ [link removed] ]. About 20,000 to 40,000 letters will go out each week, beginning with filers in the highest-income categories.

The new non-filer initiative is part of a larger effort underway [ [link removed] ] with the IRS working to ensure large corporate, large partnership and high-income individual filers pay the taxes they owe.

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


* Tax professionals should watch out for a ?new client? scam [ [link removed] ] during the tax filing season.
* Military personnel who want to file free federal tax returns [ [link removed] ] have several options, including the Department of Defense's MilTax [ [link removed] ] and the IRS Free File program.
* IRS updated FS-2024-04, Fact Sheet frequently asked questions for the Premium Tax Credit [ [link removed] ].
IRS begins audits of corporate jet usage [ [link removed] ] to ensure tax compliance.
* Low Income Taxpayer Clinic (LITC) is taking applications for supplemental grants [ [link removed] ] through *April 10*.
* IRS issued FAQs related to the USDA Discrimination Financial Assistance Program [ [link removed] ] for farmers, ranchers and forest landowners who experienced discrimination by the USDA in farm lending prior to 2021.
* The IRS announced the addition of two private-sector experts [ [link removed] ] to help the agency?s efforts in the cryptocurrency and other digital assets arena.

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