e-News for Small Business

Special ERC withdrawal program remains open; disaster relief; Dirty Dozen

e-News for Small Business April 15, 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:  2024-07 Inside This Issue ERC claim withdrawal program still open; recheck claims IRS reminds U.S. taxpayers living, working abroad to file tax return Disaster relief updates Guidance on clean energy efficient property and improvements Solar and wind powered energy facilities Annual Dirty Dozen series: Increase awareness of common scams Other tax news 1.  ERC claim withdrawal program still open; recheck claims The ERC Voluntary Disclosure Program expired, but the IRS encourages businesses to recheck claims and pursue the claim withdrawal process if they need to ask the IRS not to process an ERC claim for any tax period that hasn't been paid yet.  Back to top 2.  IRS reminds U.S. taxpayers living, working abroad to file tax return The IRS reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024. Taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel, have until Oct. 7, 2024, to both file and pay most taxes due. See Notice 2023-71 for more information. Back to top 3.  Disaster relief updates Visit Tax Relief in Disaster Situations on IRS.gov for all disaster-related tax information. Recent announcements include: The Wrangell Cooperative Association of Alaska Tribal Nation affected by severe storms, landslides and mudslides that began on Nov. 20, 2023. Parts of Maine affected by severe storms and flooding that began on Jan. 9, 2024. Parts of Rhode Island affected by severe storms and flooding that began on Dec. 17, 2023, and Jan. 9, 2024. Parts of Hawaii additional deadline extensions for those affected by wildfires that occurred Aug. 8, 2023. Back to top 4.  Guidance on clean energy efficient property and improvements The Department of Treasury and the IRS issued Announcement 2024-19 that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Find additional information about energy-related tax benefits under the Inflation Reduction Act such as energy efficient homes, on IRS.gov/cleanenergy. Back to top 5.  Solar and wind powered energy facilities The Department of the Treasury and the IRS issued Revenue Procedure 2024-19 to provide guidance for owners of certain solar or wind facilities built in connection with low-income communities. The Treasury Department and IRS also released Notice 2023-17 on Feb. 13, 2023, to establish the Low-Income Communities Bonus Credit Program. Back to top 6.  Annual Dirty Dozen series: Increase awareness of common scams The annual Dirty Dozen series provides individuals and businesses with information on a variety of common scams they may encounter during the peak of filing season and beyond. Check out current topics: Bogus tax avoidance strategies Scams aimed at high-income filers Spearphishing attacks Tax advice on social media Ghost preparers Fake charities Offer in Compromise "mills" Fuel Tax Credit claims promoters Scams involving online IRS.gov accounts Employee Retention Credit promoters Phishing and smishing scams Back to top 7.  Other tax news The following information may be of interest to individuals and groups in or related to small businesses: Special Saturday help is available at 70 Tax Assistance Centers nationwide. To find out more about a May 18 event near you, visit IRS face-to-face Saturday help on IRS.gov. Got an extension? These tips can still help you Check eligibility for the Credit for Other Dependent Don't forget about the Adoption Tax Credi Tax breaks for parenting expenses can result in a lower tax bill and a higher refund Things to remember when filing a 2023 tax return 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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