Business Tax Account expands; ownership interest donation scam; bad social media advice; more

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e-News for Small Business December 17, 2024

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Issue Number: 2024-25

Inside This Issue

* Business Tax Account available for Corporate Designated Officials; Income Verification Express Service open to Designated Officials and sole proprietors [ #First ]
* Charitable contribution scams on the rise  [ #Second ]
* Highlights from National Tax Security Awareness Week [ #Third ]
* Other tax news [ #Fourth ] [ #Fourteenth ]
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*  Business Tax Account available for Corporate Designated Officials; Income Verification Express Service open to Designated Officials and sole proprietors*
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The IRS continues to open its Business Tax Account to a growing number of business taxpayers [ [link removed] ] and expand the features available. The latest expansion lets Designated Officials view and pay their corporation’s tax balances and make federal tax deposits. In addition, Designated Officials and sole proprietors can now use Business Tax Account for tax transcript authorization requests from lenders through the IRS Income Verification Express Service.

The IRS urges every eligible business to activate and use their Business Tax Account.

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*  Charitable contribution scams on the rise *
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The IRS warns taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS.

Businesses can find out more info on this abusive transaction, their responsibility, how to avoid the scam and what the IRS is doing about it [ [link removed] ].

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*  Highlights from National Tax Security Awareness Week*
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The special week was part of the Security Summit initiative, a joint effort of the IRS, the states, the tax industry and tax professionals. The group works to protect taxpayers and the tax system against identity theft.


* Day 1: IRS warns of holiday scams [ [link removed] ], encourages protecting sensitive personal information
* Day 2: Watch out for bad tax advice on social media [ [link removed] ]
* Day 3: Guard against fraudsters with an IRS identity protection PIN [ [link removed] ]
* Day 4: Update digital security [ [link removed] ] to guard against the latest scams
* Day 5: Tax pros urged to guard clients’ information [ [link removed] ] against identity theft 

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


* IRS Criminal Investigation releases fiscal year 2024 Annual Report [ [link removed] ]; details agency’s global reach, billion-dollar impact
* Retirees: Make required withdrawals from retirement plans [ [link removed] ] by year-end deadline
* Save for retirement now, get a tax credit later: Saver’s Credit can help low- and moderate-income taxpayers [ [link removed] ] save more in 2025
* IRS announces 2025 grants for the Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program [ [link removed] ]
* New report: Billions recovered in tax; progress made on service improvements [ [link removed] ]
* IRS requests applications for 2025 Electronic Tax Administration Advisory Committee membership [ [link removed] ]

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