Holiday identity theft, 1099-K, get ready for tax season changes, Commissioner Rettig?s final message

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e-News for Small Business November 29, 2022

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Issue Number: 2022-18

Inside This Issue

* Special week on identity theft as holiday and tax seasons approach [ #First ]
* More taxpayers to receive a Form 1099-K [ #Second ]
* Get ready now to file 2022 federal income tax return [ #Third ]
* IRS Commissioner Charles Rettig?s final message [ #Fourth ]
* Other tax news [ #Fifth ] [ #Fourteenth ]
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*1.??Special week on identity theft as holiday and tax seasons approach*
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The IRS, along with state tax agencies and the nation's tax industry, announced the annual National Tax Security Awareness Week focusing attention on empowering taxpayers to protect sensitive financial information against identity thieves [ [link removed] ] as the holidays and the 2023 tax season get closer.

Taxpayers can see the highlights and find where to follow IRS [ [link removed] ] on social media for the latest information.

As part of the week, there are several new IRS educational posters that are now available to raise awareness on key points being addressed:


* Publication 5461, Protect personal and financial information online [ [link removed] ]
* Publication 5461-B, Get an Identity Protection PIN [ [link removed] ]
* Publication 5461-C, Businesses should watch out for tax-related scams and implement safeguards [ [link removed] ]
* Publication 5461-D, Tax professionals should review their security protocols [ [link removed] ]
* Publication 5709, How to Create a Written Information Security Plan for Data Safety [ [link removed] ]

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*2.??More taxpayers to receive a Form 1099-K*
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The Internal Revenue Service reminds taxpayers earning income [ [link removed] ] from selling goods and/or providing services 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.

There is no change to the taxability of income; the only change is to the reporting rules for Form 1099-K. As before, income, including from part-time work, side jobs or the sale of goods, is still taxable. Taxpayers must report all income on their tax return unless it is excluded by law, whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.

The IRS emphasizes that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. If a Form 1099-K is incorrect and reflects income they didn?t earn, they should call the issuer. The IRS cannot correct it. Visit frequently asked questions [ [link removed] ] on IRS.gov for more information.

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*3.??Get ready now to file 2022 federal income tax return*
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The IRS encourages taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier [ [link removed] ]. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence.

Taxpayers should be aware of:


* Need to adjust tax withholding when changes happen, reporting non-wage income
* Factors affecting refund size and timing
* Previously unprocessed returns
* Expiring tax ID numbers

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*4.??IRS Commissioner Charles Rettig?s final message*
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We are on the brink of an exciting new era for the IRS [ [link removed] ], one that is desperately needed to transform the agency to improve taxpayer service and ensure fairness in tax compliance.

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*5.??Other tax news*
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The following information may be of interest to individuals and groups in or related to small businesses:


* Reminder to IRA owners age 70? or over: Qualified charitable distributions [ [link removed] ] are great options for making tax-free gifts to charity
* IRS? five-year Strategic Plan [ [link removed] ] now available in Spanish
* IRS announces job openings to hire over 700 new employees [ [link removed] ] across the country to help taxpayers in person
* Treasury and IRS expand program for approving certain retirement plans [ [link removed] ]

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