e-News for Small Business Issue 2022-19

Get Ready for 2023, Security Awareness Week highlights, payment apps/1099-Ks

e-News for Small Business December 13, 2022
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:  2022-19 Inside This Issue "Get Ready" for 2023: What's new and what to consider when filing Highlights from 2022 National Tax Security Awareness Week Find answers to questions about payment applications and Form 1099-K Small business online learning and educational products Interest rates increase the first quarter of 2023 Guidance on wage and apprenticeship requirements for enhanced credits/deductions announced Qualified applicants sought for the Electronic Tax Administration Advisory Committee  Community and bilingual volunteers needed to provide free tax help Other tax news 1. "Get Ready" for 2023: What's new and what to consider when filing Taxpayers are encouraged to take important actions this month to help them file 2022 federal tax returns. The latest updates and what to consider when filing provides helpful information to taxpayers to make filing in 2023 easier. Some key items for taxpayers include: Reporting rules changed for Form 1099-K Some tax credits return to 2019 levels No above-the-line charitable deductions  More people eligible for the Premium Tax Credit Eligibility rules changed to claim tax credit for clean vehicles Helpful resources on filing in 2023 Checklist to help taxpayers choose a tax preparer Reviewing tax credits and deductions now helps set taxpayers up for success at tax time Bookmark the Get Ready page to receive reminders on steps for taxpayers to take to get a jump on their taxes. Back to top 2.  Highlights from 2022 National Tax Security Awareness Week The 2022 National Tax Security Awareness Week, hosted by the IRS, along with its Security Summit partners, recently concluded its five-day event focused on raising taxpayer and tax professional awareness about security issues. The event featured a variety of helpful information from protecting people from the risk of identity theft to helping protect the nation's tax system from refund-related fraud. Unable to attend? Highlights of the five-day event include: Stay safe online Watch out for fake charities Tax pros should review security plans and checklists Choosing unique Identity Protection PIN provides extra safety for taxpayers Businesses should be on guard against cyberattacks Back to top 3.  Find answers to questions about payment applications and Form 1099-K Small businesses that accept payments using a third-party payment network (online payment app) can visit IRS.gov/1099K to find answers to questions about Form 1099-K. Information on Understanding Your Form 1099-K is now available in multiple languages, including Spanish, Korean, Vietnamese and Haitian Creole. Back to top 4.  Small business online learning and educational products Online Learning and Educational Products provides a series of online training videos covering tax topics, such as the IRS Small Business Tax Workshop. These resources for both new and established small business owners are available on IRS.gov. Back to top 5.  Interest rates increase the first quarter of 2023 The IRS recently announced that interest rates will increase for the calendar quarter beginning January 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1, 2022. A complete list of the new rates can be found here. Revenue Ruling 2022-23 announcing the rates of interest will appear in Internal Revenue Bulletin 2022-51, dated December 19, 2022. Back to top 6.  Guidance on wage and apprenticeship requirements for enhanced credits/deductions announced The Treasury Department and the IRS recently announced guidance providing taxpayers information on how to satisfy the prevailing wage and apprenticeship requirements for enhanced tax benefits under the Inflation Reduction Act.  Back to top 7.  Qualified applicants sought for the Electronic Tax Administration Advisory Committee The IRS is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee. Applications will be accepted through January 31, 2023. The IRS also strongly encourages applications from people representing the viewpoints of average taxpayers, including consumer advocates and others with an interest in tax issues. Back to top 8.  Community and bilingual volunteers needed to provide free tax help The IRS is seeking community and bilingual volunteers to train for the upcoming 2023 filling season to provide free tax help across the country. Free training is available, with volunteer sites offering flexible in-person or virtual federal tax return assistance to individuals and families nationwide. Back to top 9.  Other tax news The following information may be of interest to individuals and groups in or related to small businesses: IRS video offers guidance on how to avoid tax scams and how to report tax scammers 2020 unemployment compensation exclusion FAQs updated Treasury and IRS propose regulations identifying syndicated conservation easement transactions as abusive tax transactions Connect to the IRS social media and e-news subscriptions for tax tips and resources Back to top             Thank you for subscribing to this IRS email service. 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