1099-K threshold change delayed, 2023 mileage rates, estimated tax payments, clean energy guidance

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e-News for Small Business January 10, 2023

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Issue Number:? 2023-01

Inside This Issue

* IRS delays $600 reporting threshold change for issuing Form 1099-K [ #First ]
* Clean energy credits [ #Second ]
* Standard mileage rates for 2023; Business use increases 3 cents per mile [ #Third ]
* Final 2022 quarterly estimated tax payments due January 17 [ #Fourth ]
* IRS announces new Taxpayer Experience officer? [ #Fifth ]
* Interim guidance on new corporate alternative minimum tax [ #Sixth ]
* Other tax news [ #Seventh ]
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*1.??IRS delays $600 reporting threshold change for issuing Form 1099-K*
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The IRS announced a delay to the change of reporting thresholds [ [link removed] ] for third-party settlement organizations. Third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount.

The IRS released guidance outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting that would generate Form 1099-Ks for taxpayers. This news release is also available in Spanish [ [link removed] ] and Simplified Chinese [ [link removed] ].

Updated frequently asked questions [ [link removed] ] about Form 1099-K further details these changes.

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*2.??Clean energy credits*
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*Home improvements and residential expenditures*
The IRS released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits [ [link removed] ]. The Inflation Reduction Act of 2022 (IRA) amended the credits for energy efficient home improvements and residential energy property. These FAQs provide details on the IRA?s changes [ [link removed] ] to these tax credits, information on eligible expenditures, and provides examples of how the credit limitations work.

*Clean vehicles guidance*


* Treasury, IRS issue guidance on their intent to publish regulations regarding clean vehicles [ [link removed] ]
* Treasury, IRS issue guidance on the incremental cost for the Commercial Clean Vehicle Credit [ [link removed] ]
* IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles [ [link removed] ]
* Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles [ [link removed] ]

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*3.??Standard mileage rates for 2023; Business use increases 3 cents per mile*
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The IRS issued the 2023 optional standard mileage rates [ [link removed] ] for calculating deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Notice 2023-03 [ [link removed] ] contains the optional 2023 standard mileage rates, as well as the maximum automobile cost used to calculate the allowance.

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*4.? Final 2022 quarterly estimated tax payments due January 17*
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Taxpayers who paid too little tax in 2022 are urged to make fourth quarter estimated tax payment [ [link removed] ] on or before *January 17, 2023* to avoid an unexpected potential tax bill or penalty when they file in 2023.

Find helpful estimated tax payments [ [link removed] ] information to:


* Act now to avoid penalties
* Know what?s taxable
* Stay current using the Tax Withholding Estimator [ [link removed] ]
* Understand who needs to make a payment

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*5.??IRS announces new Taxpayer Experience officer*
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The IRS announced Courtney Kay-Decker as the new deputy chief of the Taxpayer Experience Office [ [link removed] ]. Under the leadership of Chief Taxpayer Experience Officer Ken Corbin, Kay-Decker will lead IRS efforts to improve the taxpayer experience.

This role includes driving the strategy for taxpayer interactions, monitoring and prioritizing the taxpayer experience, coordinating identification of taxpayer trends and best practices. The new deputy will also work on putting in place servicewide taxpayer experience improvements.

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*6.??Interim guidance on new corporate alternative minimum tax*
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The Treasury Department and the IRS issued Notice 2023-07 [ [link removed] ], which provides interim guidance regarding the application of the new corporate alternative minimum tax [ [link removed] ] (CAMT) until the issuance of proposed regulations.

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*7.??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 reminds those over age 72 to start withdrawals from IRAs and retirement plans [ [link removed] ] to avoid penalties
* Saver?s Credit higher limits can help low- and moderate-income workers save more in 2023 [ [link removed] ]
* Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit [ [link removed] ]
* IRS presents its fiscal year 2022 Agency Financial Report [ [link removed] ]
* Treasury, IRS issue guidance on corporate stock repurchase excise tax [ [link removed] ] in advance of forthcoming regulations
* Treasury, IRS provide transitional guidance for broker reporting on digital assets [ [link removed] ]
* Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures [ [link removed] ]

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