US Taxes News: April 2024

Tuesday, April 30, 2024

IR-2024-127: Treasury, IRS issue additional guidance and safe harbors for taxpayers to comply with the requirements of the sustainable aviation fuel credit

IRS Newswire

April 30, 2024

Issue Number: IR-2024-127

Inside This Issue

Treasury, IRS issue additional guidance and safe harbors for taxpayers to comply with the requirements of the sustainable aviation fuel credit

WASHINGTON – The Department of Treasury and the Internal Revenue Service today issued Notice 2024-37 for the new Sustainable Aviation Fuel (SAF) credit created by the Inflation Reduction Act of 2022 (IRA).

The Treasury Department and the IRS developed this guidance in consultation with the Environmental Protection Agency, the Department of Energy, the Department of Agriculture (USDA) and the Federal Aviation Administration of the Department of Transportation.

The SAF credit applies to a qualified fuel mixture containing sustainable aviation fuel for certain sales or uses after Dec. 31, 2022, and before Jan. 1, 2025.

The SAF credit is $1.25 for each gallon of sustainable aviation fuel in a qualified mixture. To qualify for the credit, the sustainable aviation fuel must have a minimum reduction of 50% in lifecycle greenhouse gas emissions. Additionally, there is a supplemental credit of one cent for each percent that the reduction exceeds 50%, for a maximum increase of $0.50.

Today's notice provides additional safe harbors using the 40BSAF-GREET 2024 model. DOE worked with the Treasury Department and other federal agencies to develop the 40BSAF-GREET 2024 model, including specifications for and limitations on taxpayer inputs and background inputs to the model.

The safe harbors in this notice can be used to calculate the emissions reduction percentage and for the corresponding unrelated party certification for the SAF credit.

Further, this notice provides a safe harbor for use of the USDA Climate Smart Agriculture Pilot Program to further reduce the emissions reduction percentage calculated using the 40BSAF-GREET 2024 model for domestic soybean and domestic corn feedstocks and for certifying the related requirements.

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e-News for Small Business Issue 2024-09

Small Business Week, LITC, appeals, new data book, tax filing reminders, register for Nationwide Tax Forum

e-News for Small Business

April 30, 2024

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

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Issue Number: 2024-09

Inside This Issue

IRS partners with National Small Business Week to offer entrepreneurs resources
2025 Low Income Taxpayer Clinic grant application open
Appeals forms Alternative Dispute Resolution office
IRS releases 2023 Data Book
Federal tax filing reminders
Frequently asked questions for the New, Previously Owned and Qualified Commercial Clean Vehicle Credits revised
IRS provides guidance on what is considered taxable income
Tax pros serving businesses: Register for the 2024 Nationwide Tax Forum
Other tax news

1. IRS partners with National Small Business Week to offer entrepreneurs resources

The IRS offers helpful information to entrepreneurs during National Small Business Week, celebrating and recognizing the crucial contributions America's small businesses make to the nation's economy.

2. 2025 Low Income Taxpayer Clinic grant application open

The IRS is accepting applications for Low Income Taxpayer Clinic matching grants from all qualified organizations through June 12, 2024. The funding and the period of performance for the grant will be Jan. 1, 2025 to Dec. 31, 2025.

3. Appeals forms Alternative Dispute Resolution office

The IRS Independent Office of Appeals announced its new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS's business operating divisions to help businesses and individuals resolve tax disputes earlier and more efficiently.

4. IRS releases 2023 Data Book

The IRS issued its annual Data Book detailing the agency's activities during fiscal year 2023 (Oct. 1, 2022 – Sept. 30, 2023), including revenue collected and tax returns processed.

For FY 2023, the IRS collected approximately $4.7 trillion, or about 96 percent of the funding that supports the federal government's operations — to fund everything from education to national defense.

5. Federal tax filing reminders

What to do if you missed the April tax filing deadline
Use the IRS Tax Withholding Estimator to ensure estimated tax payments and withholdings are correct for 2024
IRS Free File is still available to file federal tax return
IRS has variety of free tools and resources available on IRS.gov

6. Frequently asked questions for the New, Previously Owned and Qualified Commercial Clean Vehicle Credits revised

The IRS updated frequently asked questions in Fact Sheet 2024-14 to provide guidance related to the New, Previously Owned and Qualified Commercial Clean Vehicle Credits.

These FAQs supersede December 2023 FAQs in Fact Sheet 2023-29.

7. IRS provides guidance on what is considered taxable income

"Are you making extra cash selling stuff or providing a service?" is available to help, for more information check out other resources on the @IRSvideos YouTube channel and in the Tax Tips playlist.

8. Tax pros serving businesses: Register for the 2024 Nationwide Tax Forum

The IRS encourages tax professionals to register for the 2024 IRS Nationwide Tax Forum, coming this summer to Chicago, Orlando, Baltimore, Dallas and San Diego.

This year's agenda features more than 40 sessions on tax law and ethics, and hot topics like beneficial ownership information, cybersecurity, tax scams and schemes, digital assets and clean energy credits.

9. Other tax news

This information may interest individuals or groups related to small businesses:

Tax Tips
- Taxpayers could settle federal tax debt with an offer in compromise
- Missed the deadline to file a federal tax return, the IRS can help
- Debunking common myths about federal tax refunds
- Filing a federal tax return when not required could mean an income tax refund
- Taxpayers have the right to pay no more than the correct amount of tax
- Direct deposit is best way to get federal tax refund
- Options for taxpayers who need help paying a tax bill
Treasury, IRS issue corrected census tracts for Qualified Alternative Fuel Vehicle Refueling Property Credit for home or business.
Treasury, IRS issue guidance on the credit for the production of clean hydrogen
Treasury and IRS announce new regulations on corporate stock repurchase excise tax

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Tax Tip 2024-41: What people need to know when starting a business

IRS Tax Tips

April 30, 2024

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Issue Number: Tax Tip 2024-41

What people need to know when starting a business

The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.

Here are some tips for new entrepreneurs.

Choose a business structure
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:

Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more people.
Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited Liability Company: A business structure allowed by state statute.

Choose a tax year
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:

Calendar year: 12 consecutive months beginning January 1 and ending December 31.
Fiscal year: 12 consecutive months ending on the last day of any month except December.

Apply for an Employer Identification Number (EIN)
An EIN is also called a Federal Tax Identification Number. It's used to identify a business. Most businesses need one of these numbers even if they don't have employees.

It's important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form.

Have all employees complete these forms

Pay business taxes
The form of business determines what taxes must be paid and how to pay them.

Visit the state website
Prospective business owners should visit their state's website for info about state requirements.

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IR-2024-126: IRS seeking applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program grants

IRS Newswire

April 30, 2024

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Contact My Local Office

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Frequently Asked Questions

Issue Number: IR-2024-126

Inside This Issue

IRS seeking applications for Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program grants

WASHINGTON- The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants, which allows eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.

Grants.gov is accepting applications from May 1, 2024, through May 31, 2024, for the TCE and VITA grant opportunities. The application packages and guidelines below are available on IRS.gov. In 2024, the IRS awarded 45 TCE grantees $11 million and 300 VITA grantees $40 million. Last year, grant recipients from the two programs helped taxpayers file more than 2.1 million tax returns nationwide.

The IRS established the TCE program in 1978 to provide tax counseling and return preparation to persons that are generally 60 years of age or older. The IRS delivers training and technical assistance to senior communities across the nation. For more information visit the IRS VITA and TCE grants webpage on IRS.gov.

The VITA grant program was established in 2007 to supplement the VITA program created in 1969. VITA provides free tax filing help to underserved communities. The grant program enables VITA to extend services to underserved populations in the hardest-to-reach urban and non-urban areas to increase the ability of targeted taxpayers to file returns electronically, to enhance training of volunteers and to improve the accuracy rate of returns prepared at VITA sites. For more information visit the IRS VITA and TCE grants webpage on IRS.gov.

More Information:

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