e-News for Small Business Issue 2022-03

e-News for Small Business February, 23, 2022
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number: 2022-03 Inside This Issue Reminder for farming and fishing businesses: March 1 tax deadline Important filing season information Additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 The Work Opportunity Tax Credit benefits employers A Closer Look at the Earned Income Tax Credit Other tax news 1.  Reminder for farming and fishing businesses: March 1 tax deadline  The IRS reminds those with income from a farming or fishing business to file and pay their entire tax due on or before Tuesday, March 1, 2022, if they did not make estimated tax payments. Back to top 2. Important filing season information IRS launches new resource webpage with latest details and information about 2022 filing season There's a special, new IRS.gov webpage for taxpayers and payroll professionals that provides the latest details and information affecting the 2022 filing season. The page also addresses ongoing efforts by the agency regarding the inventory of previously filed tax returns. IRS suspends mailing of additional letters As part of ongoing efforts to provide help for people during this period, the IRS suspended more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return. Tax time guides Make IRS.gov the first stop for tax help American Rescue Plan changes can boost refunds for many families; people should file even if they haven't for years Important considerations before filing a 2021 tax return Updated FAQs Help for taxpayers preparing 2021 returns Higher Education Emergency Grants 2020 Recovery Rebate Credit tracing payments 2021 Child Tax Credit and Advance Child Tax Credit Payments 2021 Recovery Rebate Credit updates and additional updates IRS Taxpayer Assistance Centers open on special Saturdays for face-to-face help As part of the ongoing efforts to help people during this year's filing season, the IRS also announced special Saturday hours at many Taxpayer Assistance Centers across the country. Avoid penalty and interest charges, pay taxes by April 18 deadline To avoid interest and penalty charges don't be late. Taxpayers should file their tax return and pay the amount due by April 18, 2022. The video Avoiding Interest and Penalty Charges provides more details.  Back to top 3. Additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 The IRS provided further details on the additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021. Back to top 4. The Work Opportunity Tax Credit benefits employers This new video, The Work Opportunity Tax Credit Benefits Employers, outlines the benefits of this credit, and is now available for viewing on the IRSvideos YouTube channel. Back to top 5. A Closer Look at the Earned Income Tax Credit The most recent issue of A Closer Look features Refundable Credits Program Management Director Gwen Garren, who provides an overview of the Earned Income Tax Credit (EITC) and its recent changes. "The EITC has been benefitting low- and moderate-income workers for 46 years, and many working families receive more money through EITC than they pay in federal income tax," said Garren. "It gives us a great feeling to know our hard work results in people getting the money they are eligible for, and we're committed to getting the job done as quickly as we can, even with current constraints related to the pandemic." Back to top 6.  Other tax news The following information may be of interest to individuals and groups in or related to small businesses: Scams Scammers work year-round; stay vigilant Latest spear-phishing scams target tax professionals  More information Virtual currency: Update to Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Low Income Taxpayer Clinics represented nearly 20,000 taxpayers dealing with an IRS tax controversy Parents of children born in 2021, guardians and other eligible people who did not receive all of their third-round EIPs can claim up to $1,400 per person through the 2021 Recovery Rebate Credit Join the Taxpayer Advocacy Panel and help improve the IRS; apply by April 8  Back to top           Thank you for subscribing to this IRS email service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

•  

---

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com. This service is provided to you at no charge by the Internal Revenue Service (IRS).

---

This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535