e-News for Small Business Issue 2024-15

As part of ongoing transformation efforts, the IRS announced an expansion of its Business Tax Account, now available in Spanish. In addition, eligible business taxpayers can see their balance due and make a payment in one place. Sole proprietors can also now download business entity transcripts from their Business Tax Account. This transcript shows entity information like business name, address, location address and more for the Employer Identification Number on file.

This week, the IRS announced continued progress on a variety of taxpayer service and technology projects using Inflation Reduction Act funding that expands online tools and digital services.

2. IRS warns about misleading claims of non-existent Self Employment Tax Credit

The IRS issued a consumer alert following bad advice circulating on social media about a non-existent Self Employment Tax Credit that’s misleading taxpayers into filing false claims.

Promoters on social media are marketing what they describe as the “Self Employment Tax Credit” as a way for self-employed people and gig workers to get big payments for the COVID-19 pandemic period.

Similar to misleading marketing around the Employee Retention Credit, these promoters share inaccurate information suggesting many people qualify for the tax credit and payments of up to $32,000.

3. Treasury, IRS issue updated guidance on required minimum distributions from IRAs and other retirement plans

The Treasury and the IRS issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries.

At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act.

4. Registration still open for IRS Tax Forum in Baltimore, Dallas; conference features education and more for tax pros

With several locations already sold out, the IRS encouraged tax professionals to register soon for a spot at the upcoming IRS Nationwide Tax Forum in Baltimore, Aug. 13-15 or Dallas, Aug. 20-22.

5. Security Summit warns tax pros to remain vigilant against phishing emails and cloud-based attacks

In the second installment of a special series, the IRS and Security Summit partners warn tax professionals to be aware of evolving phishing scams and cloud-based schemes designed to steal sensitive taxpayer information.

The IRS and Security Summit partners – representing state tax agencies and the nation's tax industry – continue to see a steady stream of e-mail and related attacks aimed at the nation's tax professional community. These are designed to steal sensitive tax and financial information from clients.

6. Reminder: car dealers and sellers be aware of phishing scams

The IRS would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business.

Fraudsters and identity thieves attempt to trick recipients into clicking a suspicious link, filling out personal and financial information or downloading a malware file onto their computer. In light of the recent ransomware attack aimed at car dealers, the IRS is warning individuals and businesses to remain vigilant against these attacks.

7. IRS provides relief to Hurricane Beryl victims in Texas

The IRS announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.

8. IRS enhances FATCA registration website with multi-factor authentication

The IRS enhanced the identity authentication process that financial institutions can use to register under the Foreign Account Tax Compliance Act (FATCA).

As of July 14, taxpayers are required to sign in or register with either of the IRS’ credential service providers, Login.gov or ID.me, to access the FATCA Registration System. FATCA requires most U.S. taxpayers holding financial assets outside the U.S. and certain foreign financial institutions to report assets and financial accounts to the IRS.

9. Other tax news

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

Treasury and the IRS issued guidance on the inappropriate use of partnership rules to inflate the basis of the underlying assets without causing any meaningful change to the economics of a business.
The IRS encourages taxpayers who requested an extension of time to file their taxes to consider using IRS Free File and other resources on IRS.gov to help them file over the summer rather than waiting for the October deadline. There’s no need to wait if taxpayers are ready to file.

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