e-News for Small Business Issue 2020-10

e-News for Small Business  June 6, 2020
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	e-News for Small Business Issue 10 Inside This Issue Balance Due Notice mailings: Due dates extended to help taxpayers Timely reminder: Schedule and electronically pay federal taxes due by July 15 Flowchart helps employers understand new tax credits Regulations to help businesses claim credits for carbon capture Form 1040-X electronic filing options coming this summer IRS warns against COVID-19 fraud; other financial schemes 1.  Balance Due Notice mailings: Due dates extended to help taxpayers Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As IRS operations continue to reopen, these notices will be delivered to taxpayers in the next few weeks. Some of the notices may reflect due dates that have already passed. The IRS assures taxpayers the due dates have been extended to July 10 or July 15, 2020, depending on the type of tax payment and original due date. The correct due date will appear on an additional insert mailed with each notice. Taxpayers who have questions can call the number provided on their notice. For more information, go to IRS.gov: IRS operations during COVID-19 mission critical functions continue. Back to top 2. Timely reminder: Schedule and electronically pay federal taxes due by July 15 This IRS Fact Sheet outlines all you need to know about filing and paying federal taxes due July 15. Find information on scheduling or rescheduling a payment, electronic payment options, estimated tax payments, and requesting an extension. For more information about paying taxes due July 15, see the frequently asked questions available on IRS.gov. Back to top 3.  Flowchart helps employers understand new tax credits The IRS recently issued Publication 5419, New Employer Tax Credits (PDF) to help employers understand that tax credits available to them due to the coronavirus pandemic. The one-page document breaks down the details of the Employer Retention Credit and the credits for paid sick and family leave in easy-to-follow charts. Using the document, employers can quickly determine whether they are eligible for the credits, the amount of the credits and which wages apply to the credits. Back to top 4. Regulations to help businesses claim credits for carbon capture The Treasury Department and the IRS recently issued proposed regulations (PDF) to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The proposed regulations provide guidance regarding two new credits for carbon oxide captured using equipment originally placed in service on or after Feb. 9, 2018, allowing up to: $50 per metric ton of qualified carbon oxide for permanent sequestration, and up to $35 for Enhanced Oil Recovery purposes. See the complete IRS news release: Treasury, IRS provide regulations to help businesses claim credits for carbon capture. Back to top 5.  Form 1040-X electronic filing options coming this summer The IRS recently announced that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S. Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It's also been an ongoing request from the nation's tax professional community and has been a continuing recommendation from the Internal Revue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC). See the IRS news release: IRS announces For 1040-X electronic filing options coming this summer; major milestone reached for electronic returns. Back to top 6. IRS warns against COVID-19 fraud; other financial schemes In a news release last week, the IRS cautioned that criminals are continuing to use the COVID-19 Economic Impact Payments as cover for schemes to steal personal information and money. The IRS Criminal Investigation unit has already seen scams related to the organized selling of fake at-home test kits, offers to sell fake cures, vaccines, pills and advice on unproven treatments for COVID-19. Other scams purport to sell large quantities of medical supplies through the creation of fake shops, websites, social media accounts and email addresses where the criminal fails to deliver promised supplies after receiving funds. For more information on COVID-19-related scams and how to protect yourself and your business, see the complete news release: IRS warns against COVID-19 fraud; other financial schemes. 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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