OIC mills; repay incorrect ERC at a discount; tax relief and more

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e-News for Small Business October 8, 2024

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Issue Number:  2024-20

Inside This Issue

* Avoid misleading Offer in Compromise mills [ #First ]
* Reminder: Nov. 22 is deadline to apply to ERC Voluntary Disclosure Program [ #Second ]
* Tax relief: terrorist attacks, hurricane, storms, droughts [ #Third ]
* Share refundable tax credit information with employees [ #Fourth ]
* Other tax news [ #Fifth ]
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*  Avoid misleading Offer in Compromise mills*
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The IRS reminds businesses to beware of promoters [ [link removed] ] that claim their services are necessary to resolve unpaid federal taxes while charging big fees, often with no results.

Taxpayers can see if they’re eligible for the Offer in Compromise program with the:


* Pre-qualifier tool [ [link removed] ]
* Individual Online Account [ [link removed] ]

Learn more from the new video playlist [ [link removed] ] on offer in compromise.

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* Reminder: Nov. 22 is deadline to apply to ERC Voluntary Disclosure Program *
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The IRS’s second Employee Retention Credit Voluntary Disclosure Program [ [link removed] ] runs through *Nov. 22, 2024*. This program lets businesses repay credits they received after filing ERC claims in error.

The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance actions such as audits, full repayment, penalties and interest. This second round of the program is open for tax periods in 2021.

The frequently asked questions about the second ERC Voluntary Disclosure Program [ [link removed] ] can help employers learn more.

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*  Tax relief: terrorist attacks, hurricane, storms, droughts*
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The current list of eligible localities is available on the Tax relief in disaster situations [ [link removed] ] page on IRS.gov.

See below for recent disaster and deadline extensions.

*Terrorist attacks*

Due to recent terrorist attacks in Israel, the IRS is providing additional tax relief to affected businesses and individuals [ [link removed] ]. The relief postpones deadlines to *Sept. 30, 2025*, for filing federal returns, making tax payments and performing other tax-related actions.

*Hurricane Helene*

The IRS offers tax relief for all businesses and individuals affected by Hurricane Helene [ [link removed] ], including all of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

Taxpayers in these areas have until *May 1, 2025*, to file some federal tax returns and make tax payments.

*Hurricane Helene – Dyed diesel fuel*

In response to disruptions caused by Hurricane Helene, the IRS won’t charge a penalty when dyed diesel fuel with a sulfur content [ [link removed] ] that does not exceed 15 parts-per-million is sold for use or used on the highway throughout all of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

This relief is retroactive to *Sept. 26, 2024*, and will remain in effect through *Oct. 15, 2024*.

*Illinois and Pennsylvania*

The IRS offers tax relief for businesses and individuals in parts of Illinois affected by severe storms [ [link removed] ] and flooding that began July 13. Tax relief for businesses and individuals in parts of Pennsylvania affected by Tropical Storm Debby [ [link removed] ] is also available.

These taxpayers now have until *Feb. 3, 2025*, to file some federal tax returns and make tax payments.

*Farmers and ranchers*

The IRS issued guidance that offers tax relief for farmers and ranchers [ [link removed] ] forced to sell or exchange livestock because of drought conditions.

Notice 2024-70 provides a list of the areas eligible for the relief. The list includes 41 states and other regions where drought was reported during the 12-month period ending *Aug. 31, 2024*.

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*  Share refundable tax credit information with employees*
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Businesses can share this outreach package [ [link removed] ] with employees and others to help the IRS reach people who can benefit from tax credits.

Many taxpayers are eligible for refundable tax credits [ [link removed] ] but don’t claim them. For example, the IRS estimates four of every five eligible taxpayers claim the Earned Income Tax Credit, but millions of eligible taxpayers don’t claim it and miss out on this valuable credit.

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*  Other tax news*
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These topics may be of interest to small businesses and their partners:


* Filing tips
* Get last minute tax filing help [ [link removed] ] fast at IRS.gov
* Extension filers: Gather all tax info [ [link removed] ] before filing

* IRS updates frequently asked questions for the Premium Tax Credit [ [link removed] ]
* IRS releases draft form for public comment: Form 7217, Partners Report of Property Distributed by a Partnership [ [link removed] ]
* Volunteers needed [ [link removed] ] to provide free tax services across the country; sign up now to help during the upcoming filing season
* Elizabeth Askey [ [link removed] ] named chief of IRS Independent Office of Appeals

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