e-News for Small Business

The ERC Voluntary Disclosure Program expired, but the IRS encourages businesses to recheck claims and pursue the claim withdrawal process if they need to ask the IRS not to process an ERC claim for any tax period that hasn?t been paid yet.?

2.? IRS reminds U.S. taxpayers living, working abroad to file tax return

The IRS reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024.

Taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel, have until Oct. 7, 2024, to both file and pay most taxes due. See Notice 2023-71 for more information.

3.? Disaster relief updates

Visit Tax Relief in Disaster Situations on IRS.gov for all disaster-related tax information. Recent announcements include:

The Wrangell Cooperative Association of Alaska Tribal Nation affected by severe storms, landslides and mudslides that began on Nov. 20, 2023.
Parts of Maine affected by severe storms and flooding that began on Jan. 9, 2024.
Parts of Rhode Island affected by severe storms and flooding that began on Dec. 17, 2023, and Jan. 9, 2024.
Parts of Hawaii additional deadline extensions for those affected by wildfires that occurred Aug. 8, 2023.

4.? Guidance on clean energy efficient property and improvements

The Department of Treasury and the IRS issued Announcement 2024-19 that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements.

Find additional information about energy-related tax benefits under the Inflation Reduction Act such as energy efficient homes, on IRS.gov/cleanenergy.

5.? Solar and wind powered energy facilities

The Department of the Treasury and the IRS issued Revenue Procedure 2024-19 to provide guidance for owners of certain solar or wind facilities built in connection with low-income communities.

The Treasury Department and IRS also released Notice 2023-17 on Feb. 13, 2023, to establish the Low-Income Communities Bonus Credit Program.

6.? Annual Dirty Dozen series: Increase awareness of common scams

The annual Dirty Dozen series provides individuals and businesses with information on a variety of common scams they may encounter during the peak of filing season and beyond.

Check out current topics:

7.? Other tax news

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

Special Saturday help is available at 70 Tax Assistance Centers nationwide. To find out more about a May 18 event near you, visit IRS face-to-face Saturday help on IRS.gov.
Got an extension? These tips can still help you
- Check eligibility for the Credit for Other Dependent
- Don?t forget about the Adoption Tax Credi
- Tax breaks for parenting expenses can result in a lower tax bill and a higher refund
- Things to remember when filing a 2023 tax return

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