New 1099 filing portal, tax season, wage statements deadline, free file, digital assets, avoid underpaying, storms, scams

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e-News for Small Business January 27, 2023

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:? 2023-02

Inside This Issue

* File information returns online with new free IRS portal [ #First ]
* 2023 tax filing season kicks off with returns due April 18 [ #Second ]
* January 31 deadline for wage statements: Forms W-2, W-3, 1099-NEC [ #Third ]
* IRS Free File launches [ #Fourth ]
* Updates to question on digital assets; taxpayers should continue to report all digital asset income [ #Fifth ]
* Tax relief for storm victims [ #Sixth ]
* Check tax withholding now to avoid underpaying taxes [ #Seventh ]
* Avoid scams: Understand how the IRS contacts taxpayers [ #Eighth ]
* Other tax news [ #Ninth ]
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*1.??File information returns online with new free IRS portal*
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Small businesses can now file Form 1099 series information returns using a new online portal [ [link removed] ], available free from the IRS.

Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, accurate and requires no special software. This may be especially helpful to any small business that currently sends their 1099 forms on paper to the IRS. Through it they can submit automatic extensions, make corrections and reduce expenses related to paper filing.

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*2.??2023 tax filing season kicks off with returns due April 18*
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The 2023 tax filing season has started with a focus on improving service and a reminder to taxpayers to file electronically with direct deposit to speed refunds and avoid delays.

The filing season news release [ [link removed] ] covers efforts to increase customer service and offers tips taxpayers can follow for a smooth filing season.

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*3.??January 31 deadline for wage statements: Forms W-2, W-3, 1099-NEC*
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The IRS reminds employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements [ [link removed] ] by *January 31, 2023*.

Form to be filed by employers by January 31 deadline include:


* Form W-2, Wage and Tax Statement
* Form W-3, Transmittal of Wage and Tax Statements
* Form 1099-NEC, Nonemployee Compensation

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*4.??IRS Free File launches*
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The IRS?s Free File Guided Tax Preparation service is now live and ready for taxpayers to use [ [link removed] ]. Free File went live January 13, 2023, 10 days prior to the 2023 filing season start date.

Any taxpayer or family earning $73,000 or less in 2022 can use this free service. Because the official filing season did not start until January 23, IRS Free File providers accepted completed tax returns, but held them until they could be filed electronically on that date.

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*5.??Updates to question on digital assets; taxpayers should continue to report all digital asset income*
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Taxpayers must again answer a digital asset question and report all digital asset-related income [ [link removed] ] when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term ?digital assets? has replaced ?virtual currencies,? a term used in previous years.

The instructions help taxpayers find out:


* What a digital asset is
* When to check "Yes"
* How to report digital asset income
* When to check "No"

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*6.??Tax relief for storm victims*
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The IRS is offering relief to storm victims in Federal Emergency Management Agency (FEMA) designated disaster areas. For parts of California [ [link removed] ], the tax relief postpones various tax filing and payment deadlines that occur *starting on January 8, 2023*. For parts of Georgia and Alabama [ [link removed] ], the tax relief postpones various tax filing and payment deadlines that occur *starting on January 12, 2023*.

As a result, affected individuals and businesses will have until *May 15, 2023*, to file returns and pay any taxes that were originally due during this period, along with other relief measures.

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*7.??Check tax withholding now to avoid underpaying taxes*
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The IRS reminds taxpayers who earn wages to use the Tax Withholding Estimator [ [link removed] ] now to adjust their 2023 withholding. People's tax situations occasionally change through marriage or divorce, adding a child or having one move out on their own. Checking now and making necessary adjustments early in the year [ [link removed] ] may help them avoid underpaying their taxes and the need for quarterly estimated tax payments.

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*8.??Avoid scams: Understand how the IRS contacts taxpayers*
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The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

Find out how to recognize if the call is a scam [ [link removed] ] ? and what to do if you receive this kind of phone call. Learn more about how the IRS contacts taxpayers and how to know it?s really the IRS reaching out [ [link removed] ].

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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 completes automatic corrections of tax year 2020 accounts related to unemployment compensation exclusion [ [link removed] ]; 12 million refunds issued
* IRS selects nine new IRSAC members [ [link removed] ] for 2023
* National Taxpayer Advocate delivers 2022 Annual Report to Congress [ [link removed] ]
* Understanding the difference between standard and itemized deductions [ [link removed] ]
* Tax tips for gig economy entrepreneurs and workers [ [link removed] ]

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