e-News for Small Business Issue 2022-13

COVID penalty relief, quarterly taxes, important benefits, setting up a business, right to privacy

e-News for Small Business September 9, 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: Issue 2022-13 Inside This Issue COVID: Broad-based penalty relief for millions of taxpayers September 15 deadline for third quarter estimated tax payments 2021 tax extension filers, don't overlook important tax benefits September is National Preparedness Month Every taxpayer has the right to privacy Aspiring entrepreneurs: Learn the basics of setting up a business Interest rates increase for fourth quarter Other tax news 1.  COVID: Broad-based penalty relief for millions of taxpayers To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 tax returns late certain 2019 or 2020 tax returns late. The IRS is also taking an additional step to help those who've already paid these penalties by providing a refund or credit. The IRS expects to complete these payments by the end of September 2022. This relief will be automatic – there's no need to call the IRS. The COVID-related penalty relief news release provides more information on what penalties are included and what criteria must be met to receive relief. Back to top 2.  September 15 deadline for third quarter estimated tax payments The IRS reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022. Taxpayers with income that isn't subject to withholding can learn more about making timely quarterly payments, including those who: Are self-employed, investors or retirees Have income such as interest, dividends, capital gains, alimony, cryptocurrency or rental income Back to top 3.  2021 tax extension filers, don't overlook important tax benefits The IRS reminds taxpayers who've yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they're entitled and to file electronically as soon as possible. "Each year, eligible taxpayers overlook money saving deductions and credits that can help them with the cost of raising a family, daycare, paying for college, saving for retirement or making a donation to charity," said IRS Commissioner Chuck Rettig. "We want to ensure they're aware of all the tax benefits for which they may qualify." Tax tip: Taxpayers: File when ready, don't wait until October 17 to file a 2021 tax return Back to top 4.  September is National Preparedness Month With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the IRS urges everyone to develop an emergency preparedness plan, or if they already have one, update it for 2022. Taxpayers should consider six areas when updating and securing tax records before natural disasters strike. Back to top 5.  Every taxpayer has the right to privacy The privacy of America's taxpayers is paramount at the IRS. The right to privacy is 1 of the 10 rights the Taxpayer Bill of Rights gives all taxpayers. The right to privacy ensures taxpayers can expect that any IRS inquiry, examination or enforcement action will comply with the law and not be unnecessarily intrusive. Learn how this affects financial documentation, personal property and more. Back to top 6.  Aspiring entrepreneurs: Learn the basics of setting up a business New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners. The basics include: Applying for an employer identification number Choosing a business structure Choosing a tax year Back to top 7.  Interest rates increase for fourth quarter The IRS announced that interest rates will increase for the calendar quarter beginning October 1, 2022. The rate will be 6% for most taxpayers. Back to top 8.  Other tax news The following information may be of interest to individuals and groups in or related to small businesses: After disaster strikes, getting copies of important records can help people rebuild their lives IRS Appeals invites input on enhancing video conference options for taxpayers and tax professionals IRS adds new information in traditional Chinese to help with tax authorizations, part of growing multilingual effort to support taxpayers and help tax pros, third-party designees Taxpayers should be sure to have all their info before going to a tax pro 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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