Disaster relief FAQs; tax-exempt organizations filing deadline; SOP update

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e-News for Small Business May 14, 2024

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Issue Number: ?2024-10

Inside This Issue

* Reminder: $1 billion in tax refunds from 2020 expire soon [ #First ]
* FAQs issued for disaster relief related to retirement plans [ #Second ]
* Tax-exempt organizations: May 15 is filing deadline [ #Third ]
* Guidance issued for certain clean vehicle credits [ #Fourth ]
* IRS released Strategic Operating Plan update [ #Fifth ]
* Safeguard tax and financial information in case of natural disasters [ #Sixth ]
* Guidance issued about the Qualifying Advanced Energy Project Credit Program [ #Seventh ]
* Successful Direct file pilot officially ends [ #Eighth ]
* Inflation Reduction Act teams focus on enhanced taxpayer service [ #Ninth ]
* IRS releases guidance on transfers of certain credits under Inflation Reduction Act [ #Tenth ]
* IRS offers help with pre-filing registration process for elective payment and transfer of clean energy and CHIPS credits [ #Eleventh ]
* Other tax news [ #Twelfth ]
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*1.? Reminder: $1 billion in tax refunds from 2020 expire soon*
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The IRS reminded 1 million people [ [link removed] ] who didn?t file their tax year 2020 returns that they may be eligible for a refund if they file by the *May 17* deadline. Share this information with employees who may not have been required to file in 2020. They may be eligible for valuable tax credits.

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*2.? FAQs issued for disaster relief related to retirement plans*
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For certain taxpayers affected by federally declared major disasters, the IRS issued frequently asked questions (FAQs) in Fact Sheet 2024-19 [ [link removed] ], related to rules for distributions from retirement plans and Individual Retirement Arrangements and for retirement plan loans.

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*3.? Tax-exempt organizations: May 15 is filing deadline*
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The IRS encourages tax-exempt organizations to check out IRS resources [ [link removed] ] and file their taxes by the *May 15* deadline.

Recorded online workshops [ [link removed] ] from the IRS can help officers, board members and volunteers of small and mid-size organizations with the necessary steps to comply with filing requirements and maintain the organization?s tax-exempt status.

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*4.? Guidance issued for certain clean vehicle credits*
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The IRS issued final regulations [ [link removed] ] for the new and previously owned clean vehicle credits. Get details on the Inflation Reduction Act of 2022 page on IRS.gov [ [link removed] ].

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*5.? IRS released Strategic Operating Plan update*
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The IRS released an update on the Strategic Operating Plan [ [link removed] ], which outlines plans for the agency?s transformation work and highlights dozens of improvements for taxpayers since the Inflation Reduction Act passed.

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*6.? Safeguard tax and financial information in case of natural disasters*
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May kicks off the season of disaster preparation [ [link removed] ] with National Wildfire Awareness Month and National Hurricane Preparedness Week, *May 5-11*. Be sure to protect tax and financial records.

For more disaster information, also visit Ready.gov [ [link removed] ] and FEMA.gov [ [link removed] ].

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*7.? Guidance issued about the Qualifying Advanced Energy Project Credit Program*
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The Treasury and the IRS issued Notice 2024-36 for owners [ [link removed] ] of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects and critical material projects.

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*8.? Successful Direct file pilot officially ends*
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The IRS announced the closure of the Direct File pilot [ [link removed] ] after several hundred thousand taxpayers across 12 states signed up for Direct File accounts, and 140,803 taxpayers filed federal tax returns using the new service.

Taxpayers using Direct File claimed more than $90 million in tax refunds and reported $35 million in tax balances due.

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*9.? Inflation Reduction Act teams focus on enhanced taxpayer service*
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Funding from the Inflation Reduction Act helps the IRS support businesses and individuals who can take advantage of clean energy credits [ [link removed] ].

The funding also has allowed the agency to improve compliance and focus on customer service in many ways, including expanding online tools, offering virtual sessions to answer taxpayer questions and helping with technical issues.

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*10.? IRS releases guidance on transfers of certain credits under Inflation Reduction Act*
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The IRS issued final regulations describing rules and definitions [ [link removed] ] for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. Find details on the Inflation Reduction Act of 2022 [ [link removed] ] page on IRS.gov.

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*11.? IRS offers help with pre-filing registration process for elective payment and transfer of clean energy and CHIPS credits*
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The IRS is offering a help session through Microsoft Teams for entities who have questions about the pre-filing registration process and the new IRA/CHIPS Pre-filing Registration Tool [ [link removed] ].

IRA/CHIPS is the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act. Pre-filing registration is required for eligible taxpayers using elective payment or transfer of credits options [ [link removed] ].

IRS staff will be available to answer pre-filing registration questions on *May 15 *from *1-2:30 p.m. ET*. Attendees need to register for the session [ [link removed] ].

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


* How to request help from IRS Independent Office of Appeals [ [link removed] ]
* Taxpayers have the right to challenge the IRS? position [ [link removed] ]
* What taxpayers should do if they receive mail from IRS [ [link removed] ]
* Tax pros: 2024 Nationwide Tax Forums [ [link removed] ] registration open
* Taxpayers and tax pros: Beware of common tax scams [ [link removed] ]
* SECURE 2.0 Act [ [link removed] ] changes affect how businesses complete Forms W-2
* Disaster relief FAQs: Retirement plans and IRAs [ [link removed] ] under the SECURE 2.0 Act of 2022
* Understanding when the IRS can offer disaster-related tax relief [ [link removed] ] for individuals and businesses affected by federally declared disasters

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