Employee Retention Credit schemes, tax guides, storm victims, business e-file

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e-News for Small Business March 15, 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:? Issue 2023-04

Inside This Issue

* Beware of Employee Retention Credit schemes [ #First ]
* IRS begins new Digital Intake initiative [ #Second ]
* Tax Time Guides ? Resource to help taxpayers file accurate return [ #Third ]
* More important filing season information [ #Fourth ]
* Tax deadline further extended for storm victims [ #Fifth ]
* Final regulations on e-file for businesses [ #Sixth ]
* Other tax news [ #Seventh ] [ #Fourteenth ]
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*1.??Beware of Employee Retention Credit schemes*
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The IRS recently reissued a warning urging taxpayers to review the Employee Retention Credit guidelines before trying to claim the credit [ [link removed] ]. Businesses should be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true.

?While this is a legitimate credit that has provided a financial lifeline to millions of businesses, there continue to be promoters who aggressively mislead people and businesses into thinking they can claim these credits,? said Acting IRS Commissioner Doug O?Donnell.

?Anyone who is considering claiming this credit needs to carefully review the guidelines. If the tax professional they?re using raises questions about the accuracy of the Employee Retention Credit claim, people should listen to their advice. The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.?

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*2.??IRS begins new Digital Intake initiative*
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As part of ongoing transformation efforts, the IRS successfully expanded its digital scanning [ [link removed] ]. The Form 940 scanning process is off to a strong start. It will soon include Forms 1040 and 941. This effort is part of a multi-form, multi-solution initiative known as Digital Intake.

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*3.??Tax Time Guides ? Resource to help taxpayers file accurate return*
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With the 2023 tax filing season in full swing, the IRS reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help with their 2022 tax return. Below is a list of this year?s Tax Time Guides and the topics covered in each.


* Things to consider when filing a 2022 tax return [ [link removed] ]
* Changes to credits and deductions
* Transition year for 1099-K reporting

* Report all income; gig economy and service industry, digital or foreign assets and sources [ [link removed] ]
* Gig economy earnings are taxable
* Service industry tips are also taxable
* Understand digital asset reporting and tax requirements

* Electronic payment and agreement options for taxpayers who owe [ [link removed] ]
* Late filing versus late payment
* Same day payments, short- and long-term payment plans
* Options for those struggling to meet their tax obligations
* Video: Avoiding Interest and Penalty Charges [ [link removed] ]

* Use the Where?s My Refund? tool or IRS2Go app to conveniently check tax refund status [ [link removed] ]
* Refund updates
* Refund timing
* Earned Income Tax Credit and Additional Tax Credit

* Make IRS.gov the first stop for tax help [ [link removed] ]
* Prepare and file taxes online for free
* Online Account [ [link removed] ] can help
* Find answers with Interactive Tax Assistant [ [link removed] ]

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*4.??More important filing season information*
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*IRS Free File expanded to state return filing*
Millions of eligible taxpayers in more than 20 states can use the IRS?s Free File Guided Tax Preparation service to file both federal and state returns [ [link removed] ]. Any taxpayer or family earning $73,000 or less in 2022 can use this free service.

*Beware of new filing season scams involving Form W-2 wages*
New scams urge people to use wage information on a tax return to claim false credits [ [link removed] ] in hopes of getting a big refund. Scam artists suggest people make up large income and withholding figures as well as the employer it is coming from.

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*5.??Tax deadline further extended for storm victims*
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The IRS is offering additional relief to storm victims in Federal Emergency Management Agency (FEMA) designated disaster areas. Disaster-area taxpayers in most of California and parts of Georgia and Alabama now have until Oct. 16, 2023 to file returns and pay taxes [ [link removed] ]. Previously, the deadline was postponed to May 15, 2023.?

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*6.? Final regulations on e-file for businesses*
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The Department of Treasury and IRS issued final regulations amending rules for filing returns [ [link removed] ] and other documents electronically. A free online portal [ [link removed] ], known as Information Returns Intake System (IRIS), launched last month to help businesses file Form 1099 series information returns electronically.

These final regulations reflect changes made by the Taxpayer First Act to increase e-filing without undue hardship on taxpayers.?

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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:


* Reminder to many retirees: Last day to start taking money out of IRAs and 401(k)s [ [link removed] ] is April 1, 2023
* 2023 supplemental application period now open for Low Income Taxpayer Clinic grants [ [link removed] ]
* 2023 IRS Nationwide Tax Forums [ [link removed] ] to be held in five cities
* Taxpayer Advocacy Panel welcomes 8 new members dedicated to improving IRS taxpayer services
* Taxpayers can approve power of attorney or tax information authorization requests online [ [link removed] ]
* Taxpayer Assistance Centers open Saturdays across the nation [ [link removed] ] to improve service

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