COVID penalty relief, quarterly taxes, important benefits, setting up a business, right to privacy
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e-News for Small Business September 9, 2022
Tax Resources for Small Business
Small Business and Self-Employed One-Stop Resource [ [link removed] ]
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S Corporations [ [link removed] ]
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Other Resources
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IRS Social Media [ [link removed] ]
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Issue Number: Issue 2022-13
Inside This Issue
* COVID: Broad-based penalty relief for millions of taxpayers [ #First ]
* September 15 deadline for third quarter estimated tax payments [ #Second ]
* 2021 tax extension filers, don?t overlook important tax benefits [ #Third ]
* September is National Preparedness Month [ #Fourth ]
* Every taxpayer has the right to privacy [ #Fifth ]
* Aspiring entrepreneurs: Learn the basics of setting up a business [ #Sixth ]
* Interest rates increase for fourth quarter [ #Seventh ] [ #Eighth ]
* Other tax news [ #Eighth ]
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*1.??COVID: Broad-based penalty relief for millions of taxpayers*
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To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 tax returns late certain 2019 or 2020 tax returns late [ [link removed] ]. The IRS is also taking an additional step to help those who?ve already paid these penalties by providing a refund or credit. The IRS expects to complete these payments by the end of September 2022.
This relief will be automatic ? there?s no need to call the IRS.
The COVID-related penalty relief news release [ [link removed] ] provides more information on what penalties are included and what criteria must be met to receive relief.
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*2.??September 15 deadline for third quarter estimated tax payments*
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The IRS reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is *September 15, 2022*.
Taxpayers with income that isn?t subject to withholding can learn more about making timely quarterly payments [ [link removed] ], including those who:
* Are self-employed, investors or retirees
* Have income such as interest, dividends, capital gains, alimony, cryptocurrency or rental income
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*3.??*2021 tax extension filers, don?t overlook important tax benefits**
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The IRS reminds taxpayers who?ve yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they?re entitled and to file electronically as soon as possible [ [link removed] ].
"Each year, eligible taxpayers overlook money saving deductions and credits that can help them with the cost of raising a family, daycare, paying for college, saving for retirement or making a donation to charity," said IRS Commissioner Chuck Rettig. "We want to ensure they're aware of all the tax benefits for which they may qualify."
Tax tip: Taxpayers: File when ready, don?t wait until October 17 to file a 2021 tax return [ [link removed] ]
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*4.??September is National Preparedness Month*
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With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the IRS urges everyone to develop an emergency preparedness plan, or if they already have one, update it for 2022.
Taxpayers should consider six areas when updating and securing tax records [ [link removed] ] before natural disasters strike.
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*5.??Every taxpayer has the right to privacy*
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The privacy of America's taxpayers is paramount at the IRS. The right to privacy is 1 of the 10 rights the Taxpayer Bill of Rights gives all taxpayers [ [link removed] ].
The right to privacy ensures taxpayers can expect that any IRS inquiry, examination or enforcement action will comply with the law and not be unnecessarily intrusive.
Learn how this affects financial documentation, personal property and more.
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*6.??Aspiring entrepreneurs: Learn the basics of setting up a business*
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New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners [ [link removed] ].
The basics include:
* Applying for an employer identification number
* Choosing a business structure
* Choosing a tax year
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*7.??Interest rates increase for fourth quarter*
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The IRS announced that interest rates will increase [ [link removed] ] for the calendar quarter beginning *October 1, 2022*. The rate will be 6% for most taxpayers.
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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:
* After disaster strikes [ [link removed] ], getting copies of important records can help people rebuild their lives
* IRS Appeals invites input on enhancing video conference [ [link removed] ] options for taxpayers and tax professionals
* IRS adds new information in traditional Chinese to help with tax authorizations, part of growing multilingual effort to support taxpayers and help tax pros, third-party designees [ [link removed] ]
* Taxpayers should be sure to have all their info before going to a tax pro [ [link removed] ]
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