Hiring, 403(b) expansion, hobby vs. business, Taxpayer Bill of Rights, PTIN renewal, acting IRS Commissioner, new tax gap data

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e-News for Small Business November 16, 2022

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Issue Number:? 2022-17

Inside This Issue

* IRS improving service by hiring thousands for 2023 filing season [ #First ]
* Know the difference between a hobby and a business [ #Second ]
* Program expanded for certain retirement plans [ #Third ]
* Taxpayer Bill of Rights: Taxpayers right to finality [ #Fourth ]
* 2023 PTIN renewal period underway [ #Fifth ]
* Doug O?Donnell to serve as acting IRS Commissioner [ #Sixth ]
* New Tax Gap data underscores importance of compliance efforts [ #Seventh ]
* Other tax news [ #Eighth ]
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*1.??IRS improving service by hiring thousands for 2023 filing season*
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The IRS recently hired 4,000 new customer service representatives [ [link removed] ] to help answer phones and provide other services. In addition to the thousands of employees already hired, the IRS is also seeking over 700 new employees [ [link removed] ] to help taxpayers at Taxpayer Assistance Centers across the country.

This marks significant progress as the agency prepares for the 2023 filing season. This increase in staffing is part of much wider IRS improvements enabled by the Inflation Reduction Act funding approved in August 2022.

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*2.??Know the difference between a hobby and a business*
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Sometimes knowing the distinction between a hobby and business isn?t always clear cut. The IRS has provided resources to help people make the determination [ [link removed] ].

The following information is available on IRS.gov to help a taxpayer determine if their hobby qualifies as a business:


* Business Activities [ [link removed] ]
* Earning side income: Is it a hobby or a business? [ [link removed] ]

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*3.??Program expanded for certain retirement plans*
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The Treasury Department and the IRS recently announced an expansion of the 403(b) retirement plan [ [link removed] ]. Taxpayers can find details of the expansion in Revenue Procedure 2022-40 [ [link removed] ], which includes other changes and contains notable additions for:


* Expansion for initial plan determination
* Terminations

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*4.??Taxpayer Bill of Rights: Taxpayers right to finality*
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The IRS reminds taxpayers interacting with the IRS on one of their ten basic rights - the right to finality [ [link removed] ]. These ten basic rights, known as the Taxpayer Bill of Rights [ [link removed] ], are a set of fundamental rights that taxpayers should be aware of. The right to finality comes into play for taxpayers going through an audit and explains that taxpayers have the right to know when the IRS has completed their audit.

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*5.??2023 PTIN renewal period underway*
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The IRS urges active tax return preparers to start the upcoming 2023 filing season smoothly by renewing their Preparer Tax Identification Numbers (PTINs) now. All current PTINs will expire *December 31, 2022*.

Visit IRS.gov for more information about how to renew a PTIN online [ [link removed] ], how to apply for a PTIN and PTIN system enhancements.

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*6.??Doug O?Donnell to serve as acting IRS Commissioner*
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Outgoing IRS Commissioner Chuck Rettig recently announced that Doug O?Donnell, IRS Deputy Commissioner for Services and Enforcement, has been selected to serve as acting IRS Commissioner [ [link removed] ]. Commissioner Rettig?s term ended on November 12,2022.

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*7.??New Tax Gap data underscores importance of compliance efforts*
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The IRS released a new set of tax gap estimates [ [link removed] ] on tax years 2014 through 2016 showing the estimated gross tax gap increased to $496 billion, a rise of more than $58 billion from the prior estimate.

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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:


* Seniors can reduce their tax burden [ [link removed] ] by donating to charity through their retirement account
* Tax resources and information available for U.S. service members [ [link removed] ] and veterans as they navigate their unique and sometimes complex tax situation
* IRS seeks comments on upcoming energy guidance [ [link removed] ]
* IRS Independent Office of Appeals? priorities for 2023 focus on taxpayer service [ [link removed] ]

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