e-News for Small Business Issue 2024-22

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes.

The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for providing access to people with disabilities.

Volunteers needed to evaluate IRS Business Tax Account

The IRS Taxpayer Experience Office is looking for volunteers to participate in focus groups about the Business Tax Account online self-service tool. The purpose of the sessions is to get feedback about account access and authorization processes.

Volunteers must be a chief executive officer, officer, partner, shareholder, Designated Official (DO) or someone who can legally bind their organization for entity types below.

No extensive tax law knowledge is required. The focus groups will not include policy, technical or legislative issues.

Volunteers need to register by noon ET the day before the session of their choice. To register, email [email protected] with this information:

Subject Line: Focus Group Volunteer: Business Tax Account.
Name.
Entity type.
Position title.
State of residence.
Contact information including email address and phone number.
Desired focus group date and time (choose one).
Special accommodations needed.

Each focus group will have 12 participants. Selected volunteers will get a confirmation email with a Microsoft Teams meeting link from [email protected].

Nov.21: S Corporation DO from 3-4:15 p.m. ET
Nov. 22: Partners/shareholders from 11 a.m.-12:15 p.m. ET
Dec. 3: C Corporation DO from noon-1:15 p.m. ET
Dec. 3: Partners/shareholders from 3-4:15 p.m. ET
Dec 4: S Corporation DO from noon-1:15 p.m. ET
Dec. 4: Partnership DO from 3-4:15 p.m. ET
Dec. 5: Partnership DO from noon-1:15 p.m. ET
Dec 5: C Corporation DO from 3 - 4:15 p.m. ET

Tax-exempt organizations don’t have to file new AMT form

The Treasury and IRS granted a filing exception for tax-exempt organizations. They do not have to file Form 4626, Alternative Minimum Tax – Corporations, for tax year 2023. But tax-exempt organizations should keep Form 4626 with their records to document whether they are an applicable corporation for purposes of the alternative minimum tax and, if so, to determine any corporate alternative minimum tax liability.

The IRS welcomes comments on proposed regulations for this topic by Thursday, Dec. 12, 2024.

Reminder: Due dates ahead for disaster-area filers with extensions

The IRS reminds disaster-area business taxpayers who were granted extensions to file their 2023 returns that, depending on their location, returns are due Feb. 3 or May 1, 2025:

Taxpayers in the entire states of Louisiana and Vermont, all of Puerto Rico and the Virgin Islands and parts of Arizona, Connecticut, Illinois, Kentucky, Minnesota, Missouri, New York, Pennsylvania, South Dakota, Texas and Washington state have until Feb. 3, 2025, to file their 2023 returns.
Taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina and parts of Tennessee and Virginia have until May 1, 2025, to file 2023 tax returns. For these taxpayers, May 1 is also the deadline for filing 2024 returns and paying any tax due.

The current list of eligible localities is on the disaster relief page on IRS.gov. Taxpayers qualifying for relief who live outside the disaster area should call the IRS at 866-562-5227.

Essential resources to rebuild records after a natural disaster can help prove and document losses for federal assistance or insurance reimbursement.

Special relief for attacks in Israel
Taxpayers who live in or have a business in Israel, Gaza or the West Bank and certain other taxpayers affected by the terrorist attacks in the State of Israel have until Sept. 30, 2025, to file and pay their federal taxes. This includes all 2023 and 2024 returns.

Disaster relief available to people in Alaska

The IRS provides disaster tax relief for businesses and individuals in the Juneau area of Alaska, affected by flooding that began on Aug. 5.

Affected taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

IRS issues guidance for several tax credits

The Treasury and IRS released regulations and guidance for these credits:

Energy Efficient Home Improvement Credit: New guidance outlines requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer.
Advanced manufacturing investment credit: Final rules offer guidance on how to implement the Advanced Manufacturing Investment Credit, which was created by the CHIPS Act of 2022. The final regulations include eligibility requirements and provide clarity on the amended investment credit recapture provisions.
Sustainable Aviation Fuel Credit: New Notice 2024-74 for the Sustainable Aviation Fuel credit was created by the Inflation Reduction Act.

IRS shares 2025 tax inflation adjustments

A recent news release and IRS notice provide information on adjustments and changes to more than 60 tax provisions that will affect taxpayers when they file tax returns in 2026.

Changes for tax year 2025 include:

Standard deductions.
Marginal rates.
Alternative minimum tax exemption amounts.
Qualified transportation fringe benefit.
Health flexible spending cafeteria plans.
Foreign earned income exclusion.
Annual exclusion for gifts.

Other tax news

These topics may be of interest to small businesses and their partners:

Accessible formats available for most IRS products through the IRS Alternative Media Center.
401(k) limit increases to $23,500 for 2025; IRA limit remains $7,000.
IRS encourages all taxpayers to sign up for an identity protection PIN for the 2025 tax season.
IRS reminds tax professionals to renew PTINs for 2025 tax season.

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