2023 inflation, improperly claimed credit, payroll and COVID relief deadlines, payment apps, disabilities

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e-News for Small Business October 26, 2022

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Issue Number:  2022-16

Inside This Issue

* Tax year 2023 tax inflation adjustments announced; IRA limits increase [ #First ]
* Quarterly payroll deadline approaching; file return electronically [ #Second ]
* Be wary of third parties improperly promoting the Employee Retention Credit [ #Third ]
* 1099-Ks for sales over $600 in early 2023 [ #Fourth ]
* Take steps during National Cybersecurity Month [ #Fifth ]
* Important tax information for disaster areas [ #Sixth ]
* Be proactive to avoid surprise tax bills [ #Seventh ]
* Reasonable accommodations provide equal access to all taxpayers [ #Eighth ]
* Other tax news [ #Ninth ]
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*1.  Tax year 2023 tax inflation adjustments announced; IRA limits increase*
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The IRS recently announced annual inflation adjustments to tax year 2023 [ [link removed] ]. Revenue Procedure 2022-38 provides details on the tax year 2023 annual inflation adjustments for more than 60 tax provisions. Some highlights include adjustments to the standard deduction, marginal rates, Alternative Minimum Tax and the Earned Income Credit.

Additional changes for 2023 include an increase in the contribution limits [ [link removed] ] for Individual Retirement Arrangements (IRAs), 401(k), 403(b), most 457 plans and more.

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*2.  Quarterly payroll deadline approaching; file return electronically*
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The deadline for employers to file quarterly payroll tax returns is October 31, 2022 [ [link removed] ]. While filing using paper returns is available, the IRS strongly encourages e-filing as the most secure, accurate method to file returns and save time. Read more on the benefits of e-filing and various ways to file payroll tax returns.

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*3.  Be wary of third parties improperly promoting the Employee Retention Credit*
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The IRS warns employers to watch for third parties advising them to claim the Employee Retention Credit when they may not qualify [ [link removed] ] for it, or for the amount claimed. The IRS reminds taxpayers they are responsible for information reported on their tax returns.

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*4.  1099-Ks for sales over $600 in early 2023*
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The IRS reminds taxpayers earning income from selling goods and/or providing services [ [link removed] ] that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. The reminder addresses that:


* There is no change in taxability of income
* Money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable
* Taxpayers should consider making estimated tax payments

Visit the current Form 1099-K Frequently Asked Questions [ [link removed] ] now available on IRS.gov. The newly designed page includes general information, reporting requirements and filing the form.

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*5.  Take steps during National Cybersecurity Month*
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The IRS and its Security Summit partners urge families to remain vigilant year-round and consider taking additional steps to protect their personal information [ [link removed] ] during National Cybersecurity Month. They offer a few simple suggestions to help protect children and other vulnerable groups.

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*6.  Important tax information for disaster areas*
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*COVID penalty relief in declared disaster areas*

The IRS reminds taxpayers in some recently declared Federal Emergency Management Agency disaster areas that they may have more time to file to qualify for penalty relief for their 2019 and 2020 tax returns under Notice 2022-36 [ [link removed] ].

*Rebuilding tax records after a natural disaster can be difficult*

Tax records may be necessary to get federal assistance or insurance reimbursement. Here are some steps to help taxpayers reconstruct important records [ [link removed] ] to recover and rebuild.

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*7.  Be proactive to avoid surprise tax bills*
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While the next tax season seems far away, now is the perfect time to review and adjust your withholding and estimated tax payments. The IRS offers tools and resources to help taxpayers stay on top of their taxes year-round [ [link removed] ]. There is still time left in 2022 to check current tax withholding [ [link removed] ] and benefit from any necessary changes.

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*8.  Reasonable accommodations provide equal access to all taxpayers*
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The IRS is committed to serving all taxpayers, including people with disabilities [ [link removed] ]. Reasonable accommodations make it possible for all taxpayers to receive equal access. Learn more on how to request reasonable accommodations.

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*9.  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 announced its continued support by joining international efforts to fight charity fraud [ [link removed] ]
* IRS reminds grandparents and other relatives with dependents to check eligibility for the 2021 Child Tax Credit [ [link removed] ]
* IRS reminds people who work in certain industries that tip income is taxable and must be reported [ [link removed] ]
* Over 9 million potentially eligible families to receive letters on unclaimed key tax benefits [ [link removed] ]; Free File to remain open until *November 17, 2022*, to help people claim these benefits

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