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e-News for Small BusinessJune 26, 2023

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Issue Number: 2023-09

Inside This Issue

  1. Energy Efficient Commercial Building Deduction guidance now available
  2. Additional guidance for advanced energy projects
  3. Understand the Form 1099-K
  4. Home energy tax credits
  5. Comment on proposed rules on energy projects for low-income communities
  6. Appealing an IRS decision
  7. 2023 Nationwide Tax Forums

1.  Energy Efficient Commercial Building Deduction guidance now available

Building owners who construct energy efficient buildings or increase the energy efficiency of existing buildings by at least 25% may be able to claim a tax deduction. Read more about the Energy Efficient Commercial Building Deduction.

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2.  Additional guidance for advanced energy projects

The Department of the Treasury and the IRS issued Notice 2023-44 to provide more details for applicants seeking section 48C credit allocations in the qualifying advanced energy project credit allocation program under the Inflation Reduction Act.

The guidance is primarily of interest to owners of clean energy manufacturing and recycling projects, greenhouse gas emission reduction projects, and critical material projects.

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3.  Understand the Form 1099-K

The IRS redesigned the Understanding Your Form 1099-K webpage on to make it easier to understand and navigate.

It now separates information for personal items sold versus selling goods, renting property and providing services. It includes important information on Form 1099-K topics such as:

  • What shouldn’t be reported on it
  • What to do if it’s incorrect
  • Who gets the form

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4.  Home energy tax credits

The IRS outlined the expanded home energy tax credits in an easy-to-understand e-poster. Taxpayers can learn about the credit amounts and types of qualifying expenses. Small businesses, please print and post or share the link.

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5.  Comment on proposed rules on energy projects for low-income communities

Treasury and the IRS issued proposed regulations for applicants investing in certain solar and wind powered electricity generation facilities. Requests for comments are due by June 30, 2023.

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6.  Appealing an IRS decision

The IRS issued the following Tax Tips about appeals:

  • Taxpayers can appeal when they disagree with an IRS decision
    Taxpayers can submit a written request to have the IRS Independent Office of Appeals review a decision with which they disagree. The goal is to resolve tax disputes outside of the courtroom in a way that is fair and impartial and encourages voluntary compliance with tax law.

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7.  2023 Nationwide Tax Forums

Registration is now open for this year’s Nationwide Tax Forums, which take place in five cities. They kickoff in New Orleans on July 11 and continue in later weeks in Atlanta, the Washington, D.C. area, San Diego and Orlando. This marks the return to in-person sessions for the first time since 2019.

Sessions are filling up quickly. The IRS encourages tax professionals to view the schedule and sign up early.

  • Atlanta Tax Forum is quickly approaching; IRS Commissioner headlines speakers at this three-day event that helps tax professionals learn the latest on tax law, transformation work
  • Choose from 45 timely seminars and earn up to 18 continuing education credits
  • Four special events added to the NTF line-up including sessions focused on practice management, the taxpayer experience and cybersecurity and a town hall meeting with the National Taxpayer Advocate

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