e-News for Small Business Issue 2023-11

Feedback on notices and letters, trucker deadline, stock options, 3 energy credits

e-News for Small Business August 18, 2023
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: 2023-11 Inside This Issue Inflation Reduction Act: 1-year report card IRS asks for feedback to help improve its notices and letters Truckers: E-file by Aug. 31 tax payment deadline Plan sponsors: Be aware of ESOP-related compliance issues Energy credits Other tax news 1.  Inflation Reduction Act: 1-year report card One year into its modernization efforts under the Inflation Reduction Act and the IRS continues to make significant progress toward its goals of delivering world-class service, upgrading its technology and ensuring high-income taxpayers, large corporations, and complex partnerships pay taxes owed. First year progress includes: Delivering dramatically improved service during the 2023 filing season Providing improved customer callback option, which is available for around 95% of callers seeking live help Offering voice and chatbots to help taxpayers with securing account transcripts, getting answers to questions about balances due and more. Reaching new milestones in its paperless initiative by scanning hundreds of times more forms and providing taxpayers more online response options Back to top 2.  IRS asks for feedback to help improve its notices and letters The IRS Strategic Operating Plan outlines how it will use the funds received under the Inflation Reduction Act of 2022. The plan includes ways for updating IRS notices and letters, making it easier for taxpayers to read, understand and respond. The IRS is asking for stakeholder feedback on letters or notices they have received to help accomplish this goal. Anyone wanting to submit feedback or ideas on improving IRS letters and notices can do so though the wi.otc.cam@irs.gov mailbox. Feedback should include the name or number of the notice or letter, the submitter's experience with the notice or letter, and a clear explanation of how to improve the written communications. The IRS will consider feedback received by Aug. 23, 2023, in its next round of updates – but welcomes feedback after that date since the agency will be updating its notices and letters on a continuing basis. The agency will not be able to respond to each individual email, but it will share how it used taxpayer and stakeholder feedback to improve its notices and letters as the projects proceeds. Back to top 3.  Truckers: E-file by Aug. 31 tax payment deadline The IRS encourages those who have registered, or are required to register, large trucks and buses with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return, by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023. Get more information on who must file, what information to gather and filing options, and more. Back to top 4.  Plan sponsors: Be aware of ESOP-related compliance issues As part of an expanded focus on ensuring high-income taxpayers pay what they owe, the IRS warns businesses and tax professionals to be aware of compliance issues associated with Employee Stock Ownership Plans (ESOPs). Prior to the Inflation Reduction Act, more than a decade of budget cuts prevented the IRS from keeping pace with the increasingly complicated set of tools that the wealthiest taxpayers use to hide their income and evade paying their share. "The IRS is now taking swift and aggressive action to close this gap," IRS Commissioner Werfel said. "Part of that includes alerting higher-income taxpayers and businesses to compliance issues and aggressive schemes involving complex or questionable transactions, including those involving ESOPs." The IRS provides avenues to report individuals who promote improper and abusive tax schemes, as well as those who deliberately prepare improper returns. Back to top 5.  Energy credits Energy Efficient Home Improvement Credit The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers that want to claim the Energy Efficient Home Improvement Credit. Expanded credit for homebuilders under Section 45L The IRS reminds eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home. Solar and wind powered energy facilities in low-income communities The Department of the Treasury and the IRS issued guidance for owners of solar and wind powered energy facilities in low-income communities for increased energy credit under the Inflation Reduction Act.  Back to top 6.  Other tax news The following information may be of interest to individuals and groups in or related to small businesses: The IRS selects new Chief Transformation and Strategy Officer to lead change efforts under the Inflation Reduction Act; David Padrino to oversee Strategic Operating Plan work to help taxpayers, drive agency improvements Taxpayers not under examination now have easier way to electronically request relief for late-filed international documents and forms Guidance and regulations Treasury and the IRS issue guidance relating to section 5000D of the Internal Revenue Code Treasury and the IRS issue proposed regulations identifying certain monetized installment sales as listed transactions Security Summit Special summer series concludes with important security reminders Tax professionals can help protect clients by knowing the signs of data theft Remain vigilant against phishing emails and cloud-based attacks Back to top         Thank you for subscribing to this IRS email service. 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