Get Ready for 2023, Security Awareness Week highlights, payment apps/1099-Ks

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e-News for Small Business December 13, 2022

Tax Resources for Small Business

Small Business Self-Employment Center [ [link removed] ]

Small Business Forms & Instructions [ [link removed] ]

Small Business Tax Workshops, Meetings and Seminars [ [link removed] ]

Webinars for Small Businesses [ [link removed] ]

E-file Employment Tax Forms [ [link removed] ]

Businesses with Employees [ [link removed] ]

Self-Employed Individuals Tax Center [ [link removed] ]

S Corporations [ [link removed] ]

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Other Resources

IRS Home Page [ [link removed] ]

A-Z Index for Business [ [link removed] ]

Forms, Instructions & Publications [ [link removed] ]

Filing Your Taxes [ [link removed] ]

Pay Online [ [link removed] ]

Taxpayer Advocate Service [ [link removed] ]

Retirement Plans for Small Entities and Self-Employed [ [link removed] ]

Tax Information for Charities [ [link removed] ]
and Other Non-Profits [ [link removed] ]

State Government Websites [ [link removed] ]

SSA/RS Reporter [ [link removed] ]

IRS Social Media [ [link removed] ]

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Issue Number:? 2022-19

Inside This Issue

* ?Get Ready? for 2023: What?s new and what to consider when filing [ #First ]
* Highlights from 2022 National Tax Security Awareness Week [ #Second ]
* Find answers to questions about payment applications and Form 1099-K [ #Third ]
* Small business online learning and educational products [ #Fourth ]
* Interest rates increase the first quarter of 2023 [ #Fifth ]
* Guidance on wage and apprenticeship requirements for enhanced credits/deductions announced [ #Sixth ]
* Qualified applicants sought for the Electronic Tax Administration Advisory Committee? [ #Seventh ]
* Community and bilingual volunteers needed to provide free tax help [ #Eighth ]
* Other tax news [ #Ninth ]
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*1. ?Get Ready? for 2023: What?s new and what to consider when filing*
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Taxpayers are encouraged to take important actions this month to help them file 2022 federal tax returns. The latest updates and what to consider when filing [ [link removed] ] provides helpful information to taxpayers to make filing in 2023 easier.

Some key items for taxpayers include:


* Reporting rules changed for Form 1099-K
* Some tax credits return to 2019 levels
* No above-the-line charitable deductions?
* More people eligible for the Premium Tax Credit
* Eligibility rules changed to claim tax credit for clean vehicles

Helpful resources on filing in 2023


* Checklist to help taxpayers choose a tax preparer [ [link removed] ]
* Reviewing tax credits and deductions [ [link removed] ] now helps set taxpayers up for success at tax time

Bookmark the Get Ready [ [link removed] ] page to receive reminders on steps for taxpayers to take to get a jump on their taxes.

Back to top [ #top ]

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*2.??Highlights from 2022 National Tax Security Awareness Week*
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The 2022 National Tax Security Awareness Week [ [link removed] ], hosted by the IRS, along with its Security Summit partners, recently concluded its five-day event focused on raising taxpayer and tax professional awareness about security issues. The event featured a variety of helpful information from protecting people from the risk of identity theft to helping protect the nation?s tax system from refund-related fraud.

Unable to attend? Highlights of the five-day event include:


* Stay safe online [ [link removed] ]
* Watch out for fake charities [ [link removed] ]
* Tax pros should review security plans and checklists [ [link removed] ]
* Choosing unique Identity Protection PIN provides extra safety for taxpayers [ [link removed] ]
* Businesses should be on guard against cyberattacks [ [link removed] ]

Back to top [ #top ]

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*3.??Find answers to questions about payment applications and Form 1099-K*
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Small businesses that accept payments using a third-party payment network (online payment app) can visit IRS.gov/1099K [ [link removed] ] to find answers to questions about Form 1099-K. Information on Understanding Your Form 1099-K [ [link removed] ] is now available in multiple languages, including Spanish, Korean, Vietnamese and Haitian Creole.

Back to top [ #top ]

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*4.??Small business online learning and educational products*
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Online Learning and Educational Products [ [link removed] ] provides a series of online training videos covering tax topics, such as the IRS Small Business Tax Workshop [ [link removed] ]. These resources for both new and established small business owners are available on IRS.gov.

Back to top [ #top ]

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*5.??Interest rates increase the first quarter of 2023*
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The IRS recently announced that interest rates will increase for the calendar quarter beginning *January 1, 2023*. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1, 2022.

A complete list of the new rates can be found here [ [link removed] ].

Revenue Ruling 2022-23 [ [link removed] ] announcing the rates of interest will appear in Internal Revenue Bulletin 2022-51, dated December 19, 2022.

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*6.??Guidance on wage and apprenticeship requirements for enhanced credits/deductions announced*
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The Treasury Department and the IRS recently announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits [ [link removed] ] under the Inflation Reduction Act.?

Back to top [ #top ]

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*7.??Qualified applicants sought for the Electronic Tax Administration Advisory Committee*
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The IRS is seeking qualified applicants [ [link removed] ] for nomination to the Electronic Tax Administration Advisory Committee. Applications will be accepted through *January 31, 2023*.

The IRS also strongly encourages applications from people representing the viewpoints of average taxpayers, including consumer advocates and others with an interest in tax issues.

Back to top [ #top ]

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*8.??Community and bilingual volunteers needed to provide free tax help*
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The IRS is seeking community and bilingual volunteers [ [link removed] ] to train for the upcoming 2023 filling season to provide free tax help across the country. Free training is available, with volunteer sites offering flexible in-person or virtual federal tax return assistance to individuals and families nationwide.

Back to top [ #top ]

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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 video offers guidance on how to avoid tax scams and how to report tax scammers [ [link removed] ]
* 2020 unemployment compensation exclusion [ [link removed] ] FAQs updated
* Treasury and IRS propose regulations identifying syndicated conservation easement transactions as abusive tax transactions [ [link removed] ]
* Connect to the IRS social media and e-news subscriptions [ [link removed] ] for tax tips and resources

Back to top [ #top ]

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