Paying off employee student loans; estimated tax due; disaster relief; tax checkup; and more

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e-News for Small Business September 10, 2024

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Issue Number: 2024-18

Inside This Issue

* Help pay off workers’ student loans [ #First ]
* Estimated tax payments due Sept. 16; disaster-area taxpayers have more time [ #Second ]
* Disaster relief and preparedness [ #Third ]
* Application period open for Qualifying Advanced Energy Project Tax Credit [ #Fourth ]
* Do an end-of-summer tax checkup to avoid tax surprises next year [ #Fifth ]
* Where’s my elective pay or transfer credit registration number [ #Sixth ]
* Interest rates remain the same for the fourth quarter of 2024 [ #Seventh ]
* Other tax news [ #Eighth ] [ #Fourteenth ]
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*1.  Help pay off workers’ student loans*
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The IRS reminds employers who offer educational assistance programs that they can also use them to help pay for their employees’ student loan obligations [ [link removed] ] through *Dec. 31, 2025*.

Though educational assistance programs have been available for many years, the option to use them to pay for workers’ student loans has only been available for payments made after *March 27, 2020*.

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*2.  Estimated tax payments due Sept. 16; disaster-area taxpayers have more time*
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The IRS reminds small businesses and self-employed taxpayers the deadline to make third quarter estimated tax payments [ [link removed] ] is *Sept. 16, 2024*.

Taxpayers affected by disasters [ [link removed] ] in 17 states, Puerto Rico and the Virgin Islands may automatically qualify for a delayed tax-payment deadline.

Get more information on Direct Pay and options to pay by debit card, credit card or digital wallet at IRS.gov/payments [ [link removed] ] and through the IRS2Go app [ [link removed] ]. 

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*3.  Disaster relief and preparedness*
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*Ernesto*

The IRS announced tax relief for individuals and businesses throughout Puerto Rico [ [link removed] ] and the U.S. Virgin Islands [ [link removed] ] affected by Tropical Storm Ernesto that began on *Aug. 13, 2024*. These taxpayers now have until *Feb. 3, 2025*, to file various federal individual and business tax returns and make tax payments.

*South Dakota*

The IRS announced tax relief for individuals and businesses in South Dakota [ [link removed] ] that were affected by severe storms, straight-line winds and flooding that began on *June 16, 2024*. These taxpayers now have until *Feb. 3, 2025*, to file various federal individual and business tax returns and make tax payments.

*September is National Preparedness Month*

With the peak of hurricane season arriving and an elevated wildfire risk across much of the West, the IRS reminds taxpayers to develop an emergency preparedness plan [ [link removed] ] or, if they already have one, to update it for 2024.

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*4.  Application period open for Qualifying Advanced Energy Project Tax Credit*
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The Treasury, the IRS and the U.S. Department of Energy (DOE) announced that they received more than 800 concept papers — project proposals — seeking a total of nearly $40 billion in tax credits, representing $200 billion in total project investments, for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program [ [link removed] ].

Applicants who submitted a concept paper, whether they received an encourage or discourage letter, may submit a full application on the 48C Portal. Applications are due by *Friday, Oct. 18 11:59 pm ET*.

Applicants can register for a webinar hosted by DOE, IRS and Treasury [ [link removed] ] on *Monday, Sept. 16, at 1:00 pm ET*. 

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*5.  Do an end-of-summer tax checkup to avoid tax surprises next year*
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The IRS urges taxpayers to make tax withholding or payment updates to avoid a potential surprise [ [link removed] ] next year at tax time.

People who should be especially careful are:


* Gig economy workers
* Those with a “side hustle”
* Anyone earning income not subject to withholding

Taxpayers can use the IRS Tax Withholding Estimator [ [link removed] ] to figure out the amount of federal income tax they should pay during the year.

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*6.  Where’s my elective pay or transfer credit registration number*
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Taxpayers who are waiting on approval of their elective pay or transfer credit registration package [ [link removed] ] can contact the IRS.

The IRS wants to hear from taxpayers who submitted a pre-filing registration package [ [link removed] ] and:


* The extended due date for their annual tax return is approaching in 60 days or fewer, and
* They submitted a registration package more than 90 days ago and the status of their registration package has not changed within the last 30 days.

Please contact the IRS by email at [email protected] <[email protected]?subject=Elective%20Pay%20or%20Transfer%20of%20Credit%20inquiry%20> with the following information:


* Subject line: Where's My Registration Number
* Name, last four digits of EIN and address of the registering entity
* Date the registration package was submitted (or an estimated date)
* Name and telephone number for a contact person

*Note:* The contact person must be authorized to receive private taxpayer information about the registering entity: an officer, trustee, or representative (IRS Form 2848, Power of Attorney) of the registering entity.

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*7.  Interest rates remain the same for the fourth quarter of 2024*
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The IRS announced interest rates will remain the same [ [link removed] ] for the calendar quarter beginning *Oct. 1, 2024*.

Generally, 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.

The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates are computed from the federal short-term rate determined during *July 2024*. See Revenue Ruling 2024-18 for details.

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


* Security Summit partners conclude special campaign [ [link removed] ] with reminders to protect tax professionals from identity theft, security threats
* IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible [ [link removed] ] for 2024

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