Wild ERC scams, service upgrades, natural disasters, green energy credits, IRS e-filing, interest rates
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| Issue Number: 2023-08Inside This Issue
1. Beware: Aggressive marketing of Employee Retention Credit scamsAs a barrage of aggressive broadcast advertising, direct mail solicitations and online promotions continues, the IRS renews an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit. The IRS advises businesses to work with a trusted tax professional, not someone promoting the credit. The IRS stepped up enforcement actions, including audits and more. It's an important pandemic-era credit and valuable if claimed properly, but it could result in repayment and substantial penalties and interest if not. Illegitimate claims slow down processing of the credit for everyone. 2. Small business owners: Improvements coming soonGood news for small business owners – improvements to IRS phone service and online options are coming. These customer service upgrades will make it easier and more convenient to file online and respond to notices. Small business taxpayers can expect to see these customer service upgrades soon:
3. Prepare for natural disasters: Protect personal informationIn recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminds businesses to protect important tax and financial information as part of a complete emergency preparedness plan. In addition to recordkeeping advice, the IRS offers tips for reconstructing records and using a payroll service provider that has a fiduciary bond in place. This bond protects the employer in the event of default by the payroll service provider. The IRS also reminds employers to carefully choose their payroll service providers. 4. Initial guidance for the Domestic Content Bonus CreditSmall business owners of green energy projects such as wind, solar and energy storage technologies should review Notice 2023-38. The notice outlines upcoming proposed regulations that will provide initial guidance about rules concerning energy storage facilities and products. It also describes a safe harbor regarding the classification of certain components. 5. IRS evaluates providing free IRS-run e-file systemThe IRS submitted a report to Congress evaluating the feasibility of a free, voluntary, IRS-run electronic tax filing system for taxpayers called Direct File. The report focuses on three areas: taxpayer opinions, cost and feasibility. The IRS is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department. 6. Building energy-efficient homes may qualify for creditContractors who build or substantially reconstruct qualified energy-efficient homes may be eligible for tax credits up to $5,000 per home. Taxpayers can visit Credit for Builders of Energy Efficient Homes on IRS.gov for more information. 7. Interest rates remain the same for the third quarter of 2023Interest rates will remain the same for the calendar quarter beginning July 1, 2023. Small businesses can find the list of interest rates for underpayments and overpayments for individuals and corporations in the news release. 8. Other tax newsThe following information may be of interest to individuals and groups in or related to small businesses:
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