Resolve incorrect ERC claims; new online payment options; trucker deadline; disaster relief
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| Issue Number: 2024-17Inside This Issue
1. Voluntary Disclosure Program reopens to help businesses with incorrect ERC claimsThe IRS reopened the Voluntary Disclosure Program for the Employee Retention Credit through November 22 to help businesses correct improper payments at a 15% discount and avoid future audits, penalties and interest. The IRS urges businesses that received Employee Retention Credit payments to recheck eligibility requirements and consider the reopened program. The IRS also announced plans to mail up to 30,000 letters to reverse or recapture potentially more than $1 billion in improper ERC claims. Businesses with pending, unpaid ERC claims should consider the ERC Claim Withdrawal Program that allows them to remove a pending ERC claim – one that the IRS has not processed yet. 2. Business Tax Account has new options for easier paymentsThe IRS continues to expand the features within Business Tax Account (BTA), an online self-service tool for business taxpayers. With the latest expansion, an eligible business taxpayer can use BTA to pay federal tax deposits, see their balance and make a payment on their full balance due – all in one place. The account is now accessible in Spanish with more translations planned. To set up a new Business Tax Account or get more information visit Business Tax Account. 3. Reminder for truckers of tax deadline Sept. 3The IRS reminds small business taxpayers who operate large trucks and buses of the deadline for filing Form 2290, Heavy Highway Vehicle Use Tax Return, is Tuesday, Sept. 3, for vehicles used in July 2024. The usual Aug. 31 deadline is delayed until the next business day because it falls on a Saturday this year. 4. Disaster tax relief availableTax relief for Hurricane Debby victims The IRS announced tax relief for individuals and businesses in South Carolina and certain counties in Georgia, Florida and North Carolina affected by Hurricane Debby. Later, the IRS expanded relief to Vermont. Affected taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. Tax relief for Minnesota The IRS announced tax relief for individuals and businesses in 25 Minnesota counties affected by severe storms and flooding that began June 16, 2024. 5. Interim guidance: Employer matching contributions made to retirement plans related to employee student loan paymentsThe IRS issued interim guidance for sponsors of 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible student loan payments made by their participating employees. The Notice 2024-63 applies for plan years beginning after Dec. 31, 2024. The IRS plans to issue proposed regulations providing further guidance, but plan sponsors may rely on the notice until the IRS issues proposed regulations. The IRS welcomes public comments on this notice, which provides details on how to submit comments. 6. New coalition combatting scams and schemesA coalition representing the IRS, state tax agencies and tax industry partners announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems. The new task force is called the Coalition Against Scam and Scheme Threats (CASST). The combined effort will improve defenses across private and public sectors with a goal of making it harder for scammers to slip improper or false tax returns through the system. 7. Security Summit Summer SeriesIdentity theft protection highlighted Learn about the updated Written Information Security Plan designed to help protect tax professionals against continuing threats from identity thieves and data breaches. The IRS and Summit partners highlight the updated Publication 5708, Creating a Written Information Security Plan (WISP) for your Tax & Accounting Practice. This WISP is a template to help tax pros and has been updated and expanded to make data security planning easier. Simple steps to increase data security The "Security Six" protections offer a simple but important starting point for tax pros to protect their offices, computers and data as well as their clients. These best practices include using anti-virus software, firewalls, multi-factor authentication, backup software or services, encrypted drives and virtual private networks (VPNs). 8. Organizations who claim elective pay can pre-file for 2023 tax yearThe IRS urges qualifying businesses, tax-exempt organizations, and state, local and Indian tribal governments to complete the pre-filing registration process now for projects placed in service in 2023 if they plan to claim elective pay. The IRS is hosting office hour sessions to help organizations with the pre-filing registration process and the IRA/CHIPS Pre-filing Registration Tool for elective payment and transferability of clean energy and CHIPS credits. 9. Other tax newsThe following information may be of interest to individuals and groups in or related to small businesses:
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