Resolve incorrect ERC claims; new online payment options; trucker deadline; disaster relief

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e-News for Small Business August 27, 2024

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Issue Number:  2024-17

Inside This Issue

* Voluntary Disclosure Program reopens to help businesses with incorrect ERC claims [ #First ]
* Business Tax Account has new options for easier payments# [ #Second ]
* Reminder for truckers of tax deadline Sept. 3 [ #Third ]
* Disaster tax relief available [ #Fourth ]
* Interim guidance: Employer matching contributions made to retirement plans related to employee student loan payments [ #Fifth ]
* New coalition combatting scams and schemes [ #Sixth ]
* Security Summit Summer Series [ #Seventh ]
* Organizations who claim elective pay can pre-file for 2023 tax year [ #Eighth ]
* Other tax news [ #Ninth ]
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*1.  Voluntary Disclosure Program reopens to help businesses with incorrect ERC claims*
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The IRS reopened the Voluntary Disclosure Program for the Employee Retention Credit through November 22 [ [link removed] ] to help businesses correct improper payments at a 15% discount and avoid future audits, penalties and interest. The IRS urges businesses that received Employee Retention Credit payments to recheck eligibility [ [link removed] ] requirements and consider the reopened program.

The IRS also announced plans to mail up to 30,000 letters to reverse or recapture potentially more than $1 billion in improper ERC claims.

Businesses with pending, unpaid ERC claims should consider the ERC Claim Withdrawal Program [ [link removed] ] that allows them to remove a pending ERC claim – one that the IRS has not processed yet.

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*2.  Business Tax Account has new options for easier payments*
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The IRS continues to expand the features within Business Tax Account [ [link removed] ] (BTA), an online self-service tool for business taxpayers.

With the latest expansion, an eligible business taxpayer can use BTA to pay federal tax deposits, see their balance and make a payment on their full balance due – all in one place. The account is now accessible in Spanish with more translations planned.

To set up a new Business Tax Account or get more information visit Business Tax Account [ [link removed] ].

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*3.  Reminder for truckers of tax deadline Sept. 3*
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The IRS reminds small business taxpayers who operate large trucks and buses of the deadline for filing Form 2290 [ [link removed] ], Heavy Highway Vehicle Use Tax Return, is *Tuesday, Sept. 3*, for vehicles used in *July 2024*. The usual *Aug. 31* deadline is delayed until the next business day because it falls on a Saturday this year.

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*4.  Disaster tax relief available*
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*Tax relief for Hurricane Debby victims*

The IRS announced tax relief for individuals and businesses in South Carolina and certain counties in Georgia, Florida and North Carolina [ [link removed] ] affected by Hurricane Debby. Later, the IRS expanded relief to Vermont [ [link removed] ].

Affected taxpayers now have until *Feb. 3, 2025*, to file various federal individual and business tax returns and make tax payments.

*Tax relief for Minnesota*

The IRS announced tax relief for individuals and businesses in 25 Minnesota counties [ [link removed] ] affected by severe storms and flooding that began *June 16, 2024*.

Affected taxpayers now have until *Feb. 3, 2025*, to file various federal individual and business tax returns and make tax payments.

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*5.  Interim guidance: Employer matching contributions made to retirement plans related to employee student loan payments*
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The IRS issued interim guidance for sponsors of 401(k) and similar retirement plans [ [link removed] ] that provide, or wish to provide, matching contributions based on eligible student loan payments made by their participating employees.

The Notice 2024-63 [ [link removed] ] applies for plan years beginning after *Dec. 31, 2024*. The IRS plans to issue proposed regulations providing further guidance, but plan sponsors may rely on the notice until the IRS issues proposed regulations.

The IRS welcomes public comments on this notice, which provides details on how to submit comments.

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*6.  New coalition combatting scams and schemes*
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A coalition representing the IRS, state tax agencies and tax industry partners announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems [ [link removed] ].

The new task force is called the Coalition Against Scam and Scheme Threats (CASST).

The combined effort will improve defenses across private and public sectors with a goal of making it harder for scammers to slip improper or false tax returns through the system.

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*7.  Security Summit Summer Series*
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*Identity theft protection highlighted*

Learn about the updated Written Information Security Plan designed to help protect tax professionals [ [link removed] ] against continuing threats from identity thieves and data breaches.

The IRS and Summit partners highlight the updated Publication 5708, Creating a Written Information Security Plan (WISP) for your Tax & Accounting Practice. This WISP is a template to help tax pros and has been updated and expanded to make data security planning easier.

*Simple steps to increase data security*

The “Security Six” protections offer a simple but important starting point [ [link removed] ] for tax pros to protect their offices, computers and data as well as their clients. These best practices include using anti-virus software, firewalls, multi-factor authentication, backup software or services, encrypted drives and virtual private networks (VPNs).

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*8.  Organizations who claim elective pay can pre-file for 2023 tax year*
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The IRS urges qualifying businesses, tax-exempt organizations, and state, local and Indian tribal governments to complete the pre-filing registration process now for projects [ [link removed] ] placed in service in 2023 if they plan to claim elective pay.

The IRS is hosting office hour sessions to help organizations with the pre-filing registration process and the IRA/CHIPS Pre-filing Registration Tool for elective payment and transferability of clean energy and CHIPS credits.

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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:


* Child and Dependent Care tax credit [ [link removed] ] can help offset summer day camp expenses.
* IRS accepting applicants for 2025 Compliance Assurance Process (CAP) [ [link removed] ] with expanded eligibility criteria. CAP helps large corporate taxpayers improve federal tax compliance.

*Extension filers*


* Choose a tax preparer carefully [ [link removed] ]
* Important reminders when preparing to file [ [link removed] ]
* Free tax filing options are still available [ [link removed] ]

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