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 State Government Websites SSA/RS Reporter IRS Social Media	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. Back to top 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. Back to top 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. Back to top 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. Back to top 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 Back to top 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. Back to top 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. Back to top 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. Back to top 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 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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