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Issue Number:? 2023-01

Inside This Issue

1. IRS delays $600 reporting threshold change for issuing Form 1099-K
2. Clean energy credits
3. Standard mileage rates for 2023; Business use increases 3 cents per mile
4. Final 2022 quarterly estimated tax payments due January 17
5. IRS announces new Taxpayer Experience officer?
6. Interim guidance on new corporate alternative minimum tax
7. Other tax news

1.??IRS delays $600 reporting threshold change for issuing Form 1099-K

The IRS announced a delay to the change of reporting thresholds 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 and Simplified Chinese.

Updated frequently asked questions about Form 1099-K further details these changes.

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2.??Clean energy credits

Home improvements and residential expenditures
The IRS released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. 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 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
• Treasury, IRS issue guidance on the incremental cost for the Commercial Clean Vehicle Credit
• IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles
• Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles

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3.??Standard mileage rates for 2023; Business use increases 3 cents per mile

The IRS issued the 2023 optional standard mileage rates for calculating deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Notice 2023-03 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

Taxpayers who paid too little tax in 2022 are urged to make fourth quarter estimated tax payment 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 information to:

• Act now to avoid penalties
• Know what?s taxable
• Stay current using the Tax Withholding Estimator
• Understand who needs to make a payment

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5.??IRS announces new Taxpayer Experience officer

The IRS announced Courtney Kay-Decker as the new deputy chief of the Taxpayer Experience Office. 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

The Treasury Department and the IRS issued Notice 2023-07, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.

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7.??Other tax news

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 to avoid penalties
• Saver?s Credit higher limits can help low- and moderate-income workers save more in 2023
• Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit
• IRS presents its fiscal year 2022 Agency Financial Report
• Treasury, IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations
• Treasury, IRS provide transitional guidance for broker reporting on digital assets
• Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures
  
  

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