e-News for Small Business Issue 2022-08

The first four entries in this year's Dirty Dozen series involve charitable remainder annuity trusts, Maltese individual retirement arrangements, foreign captive insurance, and monetized installment sales.

2.?IRS provides guidance for leave donations to help Ukrainians

IRS Notice 2022-28 provides guidance to employers about special tax relief for leave-based donation programs they may set up to aid victims of the Russian invasion of Ukraine that began in February 2022.

?Under a leave-based donation program, an employer may permit its employees to give up their vacation, sick or personal leave in exchange for cash payments by the employer to charitable organizations.

3.?IRS offering jobs to thousands of workers this summer

To better help taxpayers and businesses, the IRS is looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer. Find more information and links to sign up for virtual and in-person job sharing events in IRS news release 2022-114.

?A contact representative provides administrative and technical assistance to individuals and businesses primarily over the phone, through written correspondence or in person. These full-time positions fall under a special hiring condition called direct-hire authority. Full-time, bilingual (Spanish) positions are also available. No prior tax experience is required.

4.?Missed the April 18th deadline to file and pay taxes your taxes?

The federal income tax deadline has passed for most individual taxpayers. However, some haven?t filed their 2021 tax returns or paid their tax due.

Anyone who didn't file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov to prepare and file returns electronically.

5.?File electronically when ready; speeds refunds, avoids added interest, penalties

Don't wait to file: IRS encourages taxpayers with October filing extensions and others who still need to file. Taxpayers who requested an extension have until October 17 this year to file their tax return. However, if a taxpayer has all the necessary information to file an accurate return, filing before summer vacation can be a win-win.

6.?2022 IRS Nationwide Tax Forum begins July 19

The 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.

The forum offers education on tax law, virtual currency, collection issues and many other topics.

7.?A Closer Look: Expanding Access in Puerto Rico

The latest executive column from ?A Closer Look? features Ken Corbin, IRS? first Chief Taxpayer Experience Officer. Ken is also Commissioner of the Wage and Investment Division and this column discusses the outreach initiatives for Puerto Rico residents.

Residents who may have little or no experience filing a federal tax return or receiving credits. ?Not only do we want them to know about the credit, but we also want them to know there is help ? some of it free - for getting it.?

This column is also available in Spanish.

8.?Other tax news

The following information may be of interest to individuals and groups in or related to small businesses:?

The IRS has extended its VITA and TCE grants application deadline.
IRS reminder to Americans abroad: File 2021 return by June 15; eligible families can claim expanded tax benefits.?
IRS releases fiscal year 2021 Data Book describing agency?s activities.
To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service is looking to offer jobs to thousands of workers this summer as contact representative positions at several IRS offices nationwide.?
Court of Appeals affirms microcaptive insurance transactions are shams.
The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 1, 2022.

Guidance and updated FAQs

IRS revises FAQs for Tax Year 2021 Earned Income Tax Credit
IRS revises 2021 Child Tax Credit and Advance Child Tax Credit ?FAQ?s.
IRS updates feature on Where?s My Refund?
IRS provides guidance for residents of Puerto Rico to claim the Child Tax Credit.?

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