e-News for Small Business Issue 2024-20

OIC mills; repay incorrect ERC at a discount; tax relief and more

e-News for Small Business October 8, 2024
Tax Resources for Small Business Small Business Self-Employment Center Small Business Forms & Instructions Small Business Tax Workshops, Meetings and Seminars Webinars for Small Businesses E-file Employment Tax Forms Businesses with Employees Self-Employed Individuals Tax Center S Corporations Other Resources IRS Home Page A-Z Index for Business Forms, Instructions & Publications Filing Your Taxes Pay Online Taxpayer Advocate Service Retirement Plans for Small Entities and Self-Employed Tax Information for Charities and Other Non-Profits State Government Websites SSA/RS Reporter IRS Social Media	Issue Number:  2024-20 Inside This Issue Avoid misleading Offer in Compromise mills Reminder: Nov. 22 is deadline to apply to ERC Voluntary Disclosure Program Tax relief: terrorist attacks, hurricane, storms, droughts Share refundable tax credit information with employees Other tax news   Avoid misleading Offer in Compromise mills The IRS reminds businesses to beware of promoters that claim their services are necessary to resolve unpaid federal taxes while charging big fees, often with no results. Taxpayers can see if they're eligible for the Offer in Compromise program with the: Pre-qualifier tool Individual Online Account Learn more from the new video playlist on offer in compromise. Back to top Reminder: Nov. 22 is deadline to apply to ERC Voluntary Disclosure Program The IRS's second Employee Retention Credit Voluntary Disclosure Program runs through Nov. 22, 2024. This program lets businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance actions such as audits, full repayment, penalties and interest. This second round of the program is open for tax periods in 2021. The frequently asked questions about the second ERC Voluntary Disclosure Program can help employers learn more. Back to top   Tax relief: terrorist attacks, hurricane, storms, droughts The current list of eligible localities is available on the Tax relief in disaster situations page on IRS.gov. See below for recent disaster and deadline extensions. Terrorist attacks Due to recent terrorist attacks in Israel, the IRS is providing additional tax relief to affected businesses and individuals. The relief postpones deadlines to Sept. 30, 2025, for filing federal returns, making tax payments and performing other tax-related actions. Hurricane Helene The IRS offers tax relief for all businesses and individuals affected by Hurricane Helene, including all of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Taxpayers in these areas have until May 1, 2025, to file some federal tax returns and make tax payments. Hurricane Helene – Dyed diesel fuel In response to disruptions caused by Hurricane Helene, the IRS won't charge a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway throughout all of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. This relief is retroactive to Sept. 26, 2024, and will remain in effect through Oct. 15, 2024. Illinois and Pennsylvania The IRS offers tax relief for businesses and individuals in parts of Illinois affected by severe storms and flooding that began July 13. Tax relief for businesses and individuals in parts of Pennsylvania affected by Tropical Storm Debby is also available. These taxpayers now have until Feb. 3, 2025, to file some federal tax returns and make tax payments. Farmers and ranchers The IRS issued guidance that offers tax relief for farmers and ranchers forced to sell or exchange livestock because of drought conditions. Notice 2024-70 provides a list of the areas eligible for the relief. The list includes 41 states and other regions where drought was reported during the 12-month period ending Aug. 31, 2024. Back to top   Share refundable tax credit information with employees Businesses can share this outreach package with employees and others to help the IRS reach people who can benefit from tax credits. Many taxpayers are eligible for refundable tax credits but don't claim them. For example, the IRS estimates four of every five eligible taxpayers claim the Earned Income Tax Credit, but millions of eligible taxpayers don't claim it and miss out on this valuable credit. Back to top   Other tax news These topics may be of interest to small businesses and their partners: Filing tips Get last minute tax filing help fast at IRS.gov Extension filers: Gather all tax info before filing IRS updates frequently asked questions for the Premium Tax Credit IRS releases draft form for public comment: Form 7217, Partners Report of Property Distributed by a Partnership Volunteers needed to provide free tax services across the country; sign up now to help during the upcoming filing season Elizabeth Askey named chief of IRS Independent Office of Appeals 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.

 

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