Tax relief, drought, hurricanes, dyed fuel, farmers, ranchers, Alaska, working with family, FBAR deadline, taxable PPP

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e-News for Small Business October 12, 2022

*Tax Resources for Small Business*

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*Issue Number:? 2022-15*

*Inside This Issue*

* Tax relief: Hurricane Ian, Fiona, Alaskan storms, dyed fuel and drought [ #First ]
* Don?t miss this important October 17 tax extension deadline [ #Second ]
* Understanding taxes when a family member signs the paycheck [ #Third ]
* October FBAR extension deadline nears for foreign bank and financial account holders [ #Fourth ]
* Improperly forgiven Paycheck Protection Program loans are taxable [ #Fifth ]
* Taxpayer Bill of Rights: America?s taxpayers are entitled to a fair and just tax system [ #Sixth ]
* An IRS online account is simple, safe, and secure [ #Seventh ]
* Other tax news [ #Eighth ]
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1.??*Tax relief: Hurricane Ian, Fiona, Alaskan storms, dyed fuel and drought*
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The IRS released guidance on tax relief for taxpayers impacted by severe weather conditions in multiple areas of the country.

*Hurricanes Ian and Fiona and Alaskan storms*

Victims of severe weather throughout the Carolinas [ [link removed] ], Florida [ [link removed] ], in parts of Alaska [ [link removed] ] and in all 78 Puerto Rican municipalities [ [link removed] ]now have until *February 15, 2023*, to file various federal individual and business tax returns and make tax payments that were due *October 17, 2022*.

*Dyed fuel*

The IRS, in response to continued disruptions resulting from Hurricane Ian, will not impose a penalty when dyed diesel fuel [ [link removed] ] with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway in the state of Florida. This penalty relief expands previously issued penalty relief that applied only to emergency vehicles. The IRS is closely monitoring the situation and will provide additional relief as needed.

*Farmers and ranchers*

Farmers and ranchers forced to sell livestock because of drought [ [link removed] ] conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. The IRS announced a one-year extension which gives eligible farmers and ranchers until the end of their first tax year after the first drought-free year to replace the sold livestock.

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*2.? *Don?t miss this important October 17 tax extension deadline**
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The IRS reminds taxpayers who requested an extension to file their 2021 tax return [ [link removed] ] to do so by *Monday, October 17, 2023*.

But, for those who are ready to file, there is no need to wait until that date.

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*3.??*Understanding taxes when a family member signs the paycheck**
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Many people work for a family member [ [link removed] ], whether it?s a child helping out at their parent?s shop or spouses running a business together. The tax implications depend on the relationship and the type of business.

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*4.??*October FBAR extension deadline nears for foreign bank and financial account holders**
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The IRS reminds U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is *October 15, 2022*. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network?s (FinCEN) website.

The FBAR news release [ [link removed] ] also provides information about significant civil and criminal penalties.

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*5.??*Improperly forgiven Paycheck Protection Program loans are taxable**
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The IRS issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan) [ [link removed] ]. The guidance covers when the taxpayer is not eligible to exclude the forgiveness from income and what they should do.

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*6.??*Taxpayer Bill of Rights: America?s taxpayers are entitled to a fair and just tax system**
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Tax fairness [ [link removed] ] means the tax system is equitable to all citizens. This is not just a concept - it is the law. The right to a fair and just tax system is one of 10 rights in the Taxpayer Bill of Rights, which clearly outline the fundamental rights of every taxpayer.

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*7.??*An IRS online account is simple, safe, and secure**
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An IRS online account makes it easy for people to quickly get the tax planning info they need [ [link removed] ]. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in and get the latest on their payment history, balance, and more.

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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:

? IRS updates answers to states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds [ [link removed] ]
? IRS reports significant increase in texting scams; warns taxpayers [ [link removed] ] to remain vigilant
? IRS Appeals revises initial contact letters as part of effort to enhance the taxpayer experience [ [link removed] ]
? IRS announces 2023 Tax Counseling for the Elderly and Volunteer Income Tax Assistance [ [link removed] ] Program Grants
? IRS asks for comments on upcoming energy guidance [ [link removed] ]

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